In this article, we’ll show you how to use the gfknewron Predict Promote Product page.
The Promote Product page allows you to review performance for the whole market, take a closer look at specific models and their competitors, review priority Promotion KPIs, analyse trends vs previous period or same period as last week last same week last year or previous week and identify patterns to gain a deeper understanding of what’s driving performance.
Let’s get started.
1. Navigate to the Product
Once you’ve logged into the gfknewron Predict platform, click on ‘Promote Products’ in the left-hand side menu to navigate to the Product leaderboard.
2. Configure your Promote Product view
You’re able to configure your Promote Product view to unlock data and insights based on your brand(s), competitors, time frames, channels of interest. Decide what is more relevant for to analyse the change - absolute change or percentage change and easily toggle between them.
2.1 Select Brands and competitors that are most relevant to you
The default brand is your own brand(s) –. Select the competitors that are most relevant to you.
2.2 Select focus timeframe and comparison period
First, use the top menu to set a focus timeframe. You have the option to set your focus week and the comparison period of your choice so either previous period or same period last year.
2.3 Select channels of interest
Drill down into channels of interest by applying the channel filter.
You then see the Promotion and other KPIS performance for this channel and the selected channel is displayed. On top you still can see on top of this specific channel performance the total Panelmarket. This enables your to benchmark the Promotion activity of the channel overall vs the Panelmarket.
3. Analyse product data according to KPIs or features
To configure the promote product data according to KPIs that matter most to you, click on the orange highlighted ‘Customise” button situated at the top right above the table.
On top of the KPIs you know from Market you can also see the specific Predict KPIs (ticked in screenshot below) on Price and Promotion (TPR). TPR refers to a Temporary Price Reduction where the price of a product is reduced by at least 10% for no more than four weeks. TPR reflects promotions based on the selling price of a product during a specific week in an outlet, allowing businesses to evaluate the impact of short-term pricing strategies on sales.
Then, select the KPIs or features you’re interested in.
Get granular product performance insights by assessing the following product performance KPI measures:
- Revenue
Sales revenue (in your selected currency) for the model.
- Units
Total units of the model sold.
- Revenue/units share
Revenue/units sold for the model shown as a percentage of total revenue/units sold of all models.
- Average Price
A weighted average sale price (in your selected currency) for the model.
- Selling shops
Total stores who sold at least one unit of the product in the focus period.
- Active numeric and weighted distribution
Active Numeric Distribution is the percentage of eligible stores who sold one or more units. Active Weighted Distribution reflects distribution quality by accounting for the revenue importance of each store within the product category.
- Average units per shop
The total units sold for the model divided by the number of selling shops for the model.
- TPR Units Uplift
- Definition: TPR Units Uplift represents the additional units sold as a direct result of temporary price reductions (TPR).
- Calculation: This figure is derived by subtracting the baseline sales from the TPR Units. Baseline sales are the average sales of a model at a shop level over the last four weeks. The current week is excluded from the calculation. At model/shop level, past weeks, where we observed a TPR at model/shop level are excluded. Sales are corrected for seasonality and outliers are removed before calculating the average.
- Example: If 50 units are sold during a TPR and the baseline sales are 10 units, the TPR Units Uplift is 40 units. Or stated differently: Given TPR Units of 50, the brand (product) would have sold 10 units (baseline sales) even without running a TPR.
- TPR Units
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- Definition: TPR Units refer to the number of units sold at a temporary price reduction (TRP) during a specific period.
- Context: The count of TPR Units provides insights into the volume of sales affected by temporary price reductions. Note, TPR figures for the last four weeks are provisional until those temporary discounts can be confirmed. Some TPR figures are note reported in gfknewron in order to comply with retailer confidentiality agreements.
- Example: If 50 units are sold at a discount of 10% or more, this is recorded as 50 TPR Units.
- TPR Efficiency
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- Definition: TPR Efficiency measures the financial effectiveness of a temporary price reduction, comparing the additional revenue generated to the incremental costs incurred from the TPR.
- Calculation: This ratio is calculated by dividing the revenue uplift (the difference between actual and baseline revenue) by the incremental costs of the TPR. Incremental costs are the price reduction given in total for all units sold with a TPR. Values greater than 1 indicate, that the price reduction generated more incremental revenue than it costs the retailer, values smaller 1 indicate the opposite.
- Example: If the revenue uplift is 3.5 times greater than the cost of the price reductions, the TPR Efficiency is 3.5. Phrased differently – Incremental revenues of the promotion were 3.5 times higher than the price reduction given on all sales units.
- TPR Elasticity
- Definition: TPR elasticity is a coefficient that quantifies how sales volume responds to changes in price during temporary price reductions.
- Context: The greater the TPR elasticity figure, the more sales respond positively to temporary price reductions.
- Example: An elasticity of 3.2 suggests that a 1% decrease in price during a promotion leads to a 3.2% increase in sales units (non-linear relationship).
- Price Reduction
- Definition: Price reduction is the average price discount offered during a promotion.
- Calculation: It calculates the average percentage discount provided during a TPR, comparing the promotional price to the baseline price within the same week.
- Example: If a product's baseline price is $100 and it's sold for $82 during a promotion, the price reduction is 18%.
- Price Elasticity
- Definition: Price elasticity measures the responsiveness of sales to changes in the price of a product that do not classify as temporary price reductions (Price increases, price decreases lasting longer than 4 weeks and price decreases below 10% lasting up to 4 weeks).
- Context: This coefficient helps predict how sales will react to pricing strategies. A negative elasticity indicates that higher prices lead to lower sales, and vice-versa.
- Example: The greater the price elasticity figure (in absolute terms), the more sales respond to a change in price. An elasticity of -1.7 means that increasing the price by 1% is expected to reduce sales by 1.7%.
4. Export your data
Exporting data from the Promote Product page is easy. Simply select Export, then choose to download your product analysis data as .xlsx file.