New item introductions are on every packaged goods manufacturer’s short list. And rightly so, as growth becomes more challenging with each passing season. Consequently, the number of new items introduced in 2015 will reach an all-time high. Willard Bishop, using advanced analytics and big data, improves the success rate for new item introductions. Specifically, Willard Bishop data mines its customer purchase database, which has more than 2 billion transactions, to determine critical performance elements such as price sensitivity, price-item velocities, consumer decision trees, and localized purchase propensity. By doing so, clients achieve net gains on new item counts, while optimizing their product portfolios by sales, profit, and assortment.
Online shopping for food, beverage, health, and personal care products is expected to increase by as much as 60% over the next four years. But the time to start understanding the nuances of eCommerce is now. Willard Bishop helps consumer goods companies separate the media hype from the solid business practices required for capturing market share in an omni-channel environment. Willard Bishop, with tools like its eCommerce SuperStudy™, helps manufacturers capture more share of wallet in the world of click-and-mortar retailing. Insights include determining the optimal product assortment versus endless aisle offerings, online purchase behaviors, and program assessment. Willard Bishop also helps manufacturers design and implement digital strategies that increase consumer engagement mobile apps, social media, eCouponing and geofencing.
Willard Bishop uses a proven, staged approach for channel expansion and for developing trade programs within each channel. The expansion process scorecards more than 50 attributes in order to determine consumer perceptions, competitive position, opportunity gaps, and resource requirements. These findings are then aligned with the requirements of each key retailer, which is then prioritized in order to accelerate market entry and increase ROI.
Willard Bishop helps branded goods manufacturers develop private label strategies and programs that augment the category and minimize margin erosion. Private Label, often called National Brand Equivalents (NBE), have become an integral part of the retailer’s product mix, as they are frequently used to communicate value and provide competitive differentiation. Manufacturers, once threatened by private label goods, are working with Willard Bishop to create private label strategies, and integrate them with their branded products, in order to maintain their volume, reach new consumers, and provide influence over the category.