Next, you’ll need to start asking some questions about your data and begin your analysis. These questions can be split roughly into four different categories: pricing, portfolio, promotions and, finally, retailers. It’s a lot to get through, but don't worry, if you need some extra time to digest all of these questions, they’re included in the lesson pack, which can be found in the resources.

First up, pricing. What questions should you be asking to best understand how well different price points are working for you?

Well first: are you competitive, both in terms of your everyday pricing and your pricing on promotion? Does your competition match your pricing structure, or disrupt it? In fact, are your competitors doing anything that might put your pricing strategy at risk? You might also choose to look to the future - for instance, should you be taking inflation or changes in foreign exchange rates into account?

You should also consider questions around pricing status. What are your current retail price targets, and are you achieving them? Are you monitoring consumer feedback on your brand to help you determine what an acceptable price target is? Do you have any product innovation coming soon that would deliver improved performance and value and, in turn, allow you to increase your prices?

Don’t forget that pricing rules and regulations vary across different countries, and, in most cases, pricing will be at the sole discretion of the retailer. So, it’s important to keep this in mind as you and your team come up with your pricing strategies.

Once you’ve done a thorough assessment of your pricing, think about your portfolio. Do you have a complete portfolio that lines up with market and category trends and meets consumer needs? If the answer to that question is ‘no’, then do you have sufficient plans in place to achieve this? Which brands and SKUs are growing share and winning the market - and which, if any, aren’t quite hitting the mark? And lastly, is the competition bringing any innovation to the category that might impact your plans?

Next, consider your promotions. Promotions are a huge expenditure for suppliers, so you should be taking as many steps as possible to ensure that the promotions you do run are as effective as possible. Are you sufficiently supporting your base business, as well as new innovation? And are you measuring your return on investment to ensure you’re bringing in more money than you spend?

Finally, think about your retailers. Now, this isn’t one of the key levers, but you should be considering your retail partners in your plans - after all, they’ll be helping you to get your products in front of consumers.

You need to assess your brand’s ability to drive profit for retailers. Is the category growing, and are you leading that growth? What, and where, are the new pockets of growth? Are you creating or expanding new consumer usage? Essentially - are you delivering satisfactory retailer profit? And, is there perhaps an opportunity to enhance retailer profits and, in turn, gain more support and business from retailers?

Asking Questions of Your Data