What is Product Insights? Importance for Principals and Distributors?
What is Product Insights?Product insights is the total demand of products from consumers to the company or its distributors. These days many companies still use traditional processes such as collecting excel sheets from various principals and distributors. However, this process is time-consuming and not always accurate, so managers and supervisors end up drawing the wrong conclusions at times. There are also many others who are still running their daily operations without taking the time to analyze these metrics because the process is too complex. Product Insights Analysis System can visualize data in graphs objectively and accurately because the system tracks and synchronizes all data from various sources in real-time. This process can reveal more important insights and eventually help the company design a more effective product sales strategy.
Importance of Product Insights for Distributors
1. Review Brand Leader ProductMany distributors sell products from different brands. For example, a distributor that sells personal care products, for toothpaste alone, there can be 10 brands that the distributor markets. With so many SKUs, sometimes this process becomes too complicated to do manually and often ends up being ignored. Product insights can show the brand leader for a product quickly and accurately. Distributors can develop the right sales strategy to push other brands’ sales.
2. Price Optimization
For distributors, pricing is the most important thing for margin optimization and increasing overall profits. So far, many distributors have been too focused on selling products from brand leaders. By using this strategy, distributors often overpriced their brand leader products. However, doing so can exhibit an image for customers that the overall product of the distributor, including other brands, is too expensive.
That whole branding issue can be easily avoided by using a product insights analysis. Now, distributors can develop a more dynamic and optimal pricing strategy because they are supported by accurate data and strong digital technology.
3. New Stores Acquisition
Price optimization isn’t only for sales to end consumers, but also for distributors. The cheaper product price from distributor can be a selling point to attract the attention of the store owner. If a distributor offers a lower price for a brand leader in a certain area, the shops will definitely prefer that distributor.
Importance of Product Insights for Principals
The benefits of the Product Insights Analysis for distributors above can also be experienced by the Principal. In addition, Product Insights can help companies in production planning.
1. Production Planning
Production planning involves many processes, starting from the allocation of employee resources, raw materials, and production capacity to making the products according to predetermined schedules.
By knowing the demand for products in the market, Principal can conduct production planning at the right time because the data used is in accordance with the real-time consumer demand in the market.
Product Insights in the form of a Dashboard
Dashboard is an analytical tool that gives companies a way to view and share all of their most important insights. Analytics on the dashboard allows teams to see the most important data from a period of time so that teams can focus more on KPIs and avoid irrelevant information. At a glance, management can find out total sales, employee performance, to the best selling SKU products.
Advotics Product Insights Dashboard
Explore detailed metrics of each SKU and in-depth analysis of each product’s performance with pinpoint accuracy with the Product Insights module on Advotics Dashboard. Get full transparency for making important decisions and strategies on a product-by-product basis.
In addition to providing an overview of SKU performance, principals and distributors can also open the Product Insights Dashboard to filter reports for specific products (per product category, SKU or brand) with a specified Unit of Measurement (sales revenue, sales order value, fulfilled quantity or scarcity level).
Other benefits of the dashboard:
- In-depth but easy to digest summary of information.
- Real-time information update for the most accurate data display.
- Share information easily to other team members.
- Easy to generate export reports for offline analysis