Monthly market update reports are a key tool for monitoring whats going on in your FMCG category across the market. It can be the catalyst for the following conversations.
Product development
New product ideas or concepts can be identified or be inspired by emerging trends or changes in consumer preferences identified in the report. It can spark focus on different and new flavours, formats and pack sizes.
Channel strategies
Understanding how different channels are performing and having conversations about how to better reach consumers where they are shopping.
Competitive analysis
Discussing the performance and activities of competitors, particularly If they are outperforming the market and your own business performance. What could you learn from them? How can you differentiate your own products and efforts in response? What does the wider team know about why the competitor is doing so well?
Distribution strategies
Changes in distribution channels might lead manufacturers to discussing how they can adapt their own distribution efforts to take advantage of new opportunities or address challenges. It can bring to light where competitors have lost distribution which your business could target to try and fill.
Market pricing
Finally pricing, this is the most common conversation in the middle of record inflation. Where does your pricing sit versus the competition and is it changing at the same rate? What could or should you do about this?
Does your monthly report give your business the right information to have internal and external conversation about whats happening in the market? Most importantly are you able to identify actions on the back of the information?
If you're interested in learning more about improving information and insight in your business
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