In the rollercoaster ride of the last year, CPG e-commerce has had its moment of digital reckoning: the way consumers shop will never be the same.
Close on the heels of this realization is the recognition that better business intelligence is the foundation of success. CPG companies that are unable to move quickly and be nimble in the way they respond to consumer trends and market pressure will struggle. It’s that simple.
Moving quickly and being nimble hinges on gathering and analyzing data. And not just any data: actionable, valuable data that drives better decision-making.
This is the power of business intelligence—and Line Item unlocks it for CPG e-commerce. Line Item is a performance analytics platform that enables insight into e-analytics and product attributes to drive revenue and profitability. It’s packed with five essential business intelligence tools that can help CPG brands grow sales and boost profitability in a turbulent and competitive market. Let’s take an in-depth look at each of these business intelligence tools and why they matter.
1. Better search engine optimization strategy.
Consumer behavior and preferences are changing faster than ever before, sometimes even day to day. In such disruption, it’s not enough to “set it and forget it” with your SEO strategy. CPG companies need to be responsive to changes in the market and ensure that their brands and products are ranking in search results. Without this kind of SEO business intelligence, competitive edge is lost.
Line Item is the answer to better SEO strategy. It analyzes whether or not your brands or products are ranking on page one, across search terms and platforms. This is important as the elephants like Amazon and Walmart.com aren’t only retail sites, they are also where (increasingly) shoppers are doing product research. With Line Item, you can understand which search terms are working as well as which your competitors are using. Line Item also ensures that your product titles, descriptions, and images are complete and consistent, closing the gaps that can cost you page rank and sales, ultimately affecting your bottom line.
2. Superior insight into pricing.
There’s a reason that pricing is one of the “four P’s” of marketing: it’s the lever that drives profitability. Price your products too low and you’re leaving money on the table. Price too high and competitors will win your sales.
In a market where demand and preferences fluctuate so wildly, though, business intelligence on pricing becomes a complex challenge. This is where Line Item comes in. With it, you can verify item pricing, selling price, and list price across your portfolio and across platforms. You’ll have better business intelligence to price your products correctly and competitively to protect your profitability.
3. Third-party activity monitoring.
The CPG e-commerce market is many-layered and complex. Third-party sellers account for significant sales activity, but consumers aren’t often aware that they’re not purchasing from you directly. To protect your brand, you need better business intelligence to monitor online activity.
Line Item gives you the visibility you need to monitor unauthorized selling activity on the web, or to determine whether third-party sellers are undercutting your price. This helps you protect your brand and the bottom line.
4. Deep dive into product attributes.
Do you know what’s really driving product or category value? Without powerful business intelligence, it can be impossible to truly tap into why consumers are choosing one product over another.
This is where Line Item really stands out. Line Item can analyze all similar products in a category, item by item, to determine all relevant attributes. These could include brand, form (liquid, powder, or capsules, for example), package type and size, scent or flavor, natural or organic ingredients, and other attributes. Think whitening or foaming agents for toothpaste, sensitivity for personal care products, and more. This robust business intelligence can help inform product development, packaging, marketing and promotions, personalization and much more, across your portfolio and your brand. It gives you an advantage in meeting the market at the right moment with the right product.
5. Promotions analysis.
Are your promotions paying off? This may be a simple question, but it’s difficult to answer in this accelerated and disrupted market.
If your promotions aren’t, you’re wasting marketing spend, and you need to know why. Line Item can tell you if your campaigns are working, which keywords your competitors are using, if long tail keywords are worth investing in and more. When your campaigns are driving your bottom line, you know they’re working—and Line Item makes it possible.
CPG brands can’t afford to be working with yesterday’s tools. Better business intelligence is fundamental to a better bottom line. Line Item is your lifeline to more profitable e-commerce.
About Ironbridge Software
Ironbridge Software was founded in 1989 by Mike Dickenson. Mike’s unparalleled expertise and passion for technology led him to create the first-ever analytical solution for the Consumer Packaged Goods Industry.
The post Five Business Intelligence Tools to Save Your Bottom Line appeared first on Global Trade Magazine.
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