Picture of Success: A Key Concept for FMCG CompaniesContent moderator
If you work in the fast-moving consumer goods (FMCG) industry, you know how important it is to have a strong presence on the shelves of supermarkets and other retailers. You want your products to stand out from the competition, attract the attention of shoppers, and generate sales. But how do you measure and improve your performance at shops and supermarkets? That’s where the concept of picture of success comes in.
What is picture of success?
Picture of success is a term that describes the ideal execution of your commercial and branding strategy at each POS. It defines the standards and goals that you want to achieve in terms of product availability, visibility, pricing, promotion, merchandising, and shopper experience. It also helps you align your trade investments with your business objectives and optimize your return on investment (ROI).
Picture of success is not a one-size-fits-all solution. It should be tailored to the specific characteristics and needs of each market segment, channel, and region. It should also be flexible and adaptable to changing consumer behaviors and preferences, as well as competitive dynamics.
Why is picture of success important?
It is a powerful tool that can help you improve your commercial performance and increase your sell-out at each POS. By setting clear and realistic targets, you can monitor and evaluate your execution and identify gaps and opportunities for improvement. You can also use picture of success to motivate and train your sales force and merchandisers, as well as to collaborate with your retail partners.
It can also help you enhance your brand image and reputation in the eyes of consumers. By creating a consistent and appealing presentation of your products across different POS, you can increase your brand awareness, recognition, and loyalty. You can also influence the purchase decisions of shoppers by offering them value-added solutions that meet their needs and expectations.
How can you implement picture of success?
Implementing picture of success requires a systematic and data-driven approach that involves several steps:
- Segment your market according to relevant criteria such as product category, consumer profile, purchase occasion, channel type, etc.
- Define your optimal portfolio for each segment, based on your market share, growth potential, profitability, etc.
- Determine your primary and secondary placements for each product, based on the shelf space, location, visibility, etc.
- Design your planograms for each placement, based on the product assortment, facings, adjacencies, etc.
- Establish your pricing and promotion strategy for each product, based on the market conditions, consumer demand, competitive actions, etc.
- Select your point-of-purchase (POP) materials for each product, based on the message, format, size, etc.
- Allocate your trade investments for each segment, based on the expected ROI, trade terms, incentives, etc.
- Monitor and measure your execution against your picture of success standards using tools such as audits, surveys, photos, etc.
- Analyze your results and identify areas of improvement using key performance indicators (KPIs) such as availability rate.