Category management at Label Insight The first part of this year focused on validating the hypothesis that Label Insight high-order attributes (HOAs) could be useful for Category Management (CatMan) professionals. We attended the CMA Conference in February, where we talked to Category Managers, validating that there is a future in using HOAs for Category Management. Throughout the spring and early summer, we then set to complete a full category review using our HOAs and worked closely with Gordon Wade, industry veteran in Category Management. The end goal was to publish a white paper on “Innovating in Category Management,” demonstrating how HOAs are essential to the next generation of the practice.
E-comm & Omnichannel at Label Insight: Here at Label Insight, we have been working with retailers to manage their product data since our founding in 2008. Recently, we expanded our offering to include solutions that leverage LI high-order-attriibutes (HOAs) to power search and filter tools that increase engagement in omnichannel experiences.
SmartLabel at Label Insight As 2018 comes to a close, we are reflecting on what we have accomplished in our product development of the Publisher platform. Our customers have spoken and we have listened, and we acknowledge the need for continued iteration cycles and hope to release updates in Q2. In the beginning of the year, we heard the need to have more workflow tools. We added in the thumbs up/thumbs down feature for reviews, which over 90% of our SmartLabel customers use. We also added robustness to the change log to make auditing easier.
Label Insight, the market leader for transparency, today revealed the top three trends for 2019 based on the consumer mandate for transparency. As discovered in a recent study by the Food Marketing Institute (FMI), shoppers are demanding greater transparency and a closer connection to their food. Seventy-five percent of consumers are more likely to switch to a brand that provides more in-depth product information, beyond what's provided on the physical label. That sentiment is driving significant changes through the food retailing industry.
The final phase of the the category management plan is creating the Tactical plan and implementation schedule. Following the last phase of outlining the strategy and the category scorecard based on the category assessment, it is critical to wrap up the CatMan 2.0 process by detailing the tactics by which the strategy is to be achieved, and to schedule the timeline. Tactical Definition and Purpose Category management involves 5 types of tactics, which are the 5 kinds of actions one may take to realize a strategic objective and build business. Those 5 tactics are: Assortment - change SKUs in the current array Pricing - change the price of an item or segment Merchandising - change how or where the items are presented to shoppers Promotion - change the type, size or frequency of incentives offered to shoppers Service - change the level or method of personal service to shoppers for certain categories (e.g. service deli) Tactics are created to deliver strategies. Therefore, we have selected specific tactics to meet each strategy.
After completing the Assessment "what" and Assessment "why" phases of the CatMan 2.0 process, it can be tempting to jump straight into the tactics and implementation of all of the existing things you've learned. However, it is critical that category managers take their time at this stage, to document the Strategies and Scorecard that reflect the go-forward strategy for the category. The tactics and implementation of category management review findings can be far reaching and involve resources from across the company. Therefore, it is fundamental that the Category Strategy and Scorecard be completed as a quick resource to ensure alignment across implementation and over time. What should a Category Scorecard DO? Monitor progress to ensure that you’re going to accomplish the strategic objectives in the category plan Include regular reviews of the business that includes key performance indicators (KPIs) Measure how your organization is doing against pre-defined goals or targets What Category Scorecard should NOT DO? Your category scorecard is NOT the same as corporate monthly reports that measure overall business results. Below, we'll summarize the category review with an example Category Strategy & Scorecard for Jones Grocery's ice cream category.
Are you in the holiday spirit yet? We here at Label Insight sure are! We decided to take a look into our database to see just how winter spirited we are. So grab a mug of hot chocolate and cuddle up by the fire as we dive into Label Insight’s product database.
Following the Assessment "what" phase of the CatMan 2.0 process is assessment "why." In the previous phase, we identified 5 findings that will go on to inform the Ice Cream category scorecard for Jones Grocery. The assessment "why" phase of the process is a recent addition to the CatMan 2.0 process, which captures the need to include the perceptual and attitudinal analysis to the category. In essence, the assessment "why" phase of the category management process should answer the question, "Why is the category bought?"
Assessment WHAT Perspectives Once the Category Role has been defined and the retailer and category management partners are aligned the next phase is the assessment phase. Generally, the assessment phase is broken in to the assessment "what" and assessment "why" phases. This stage is where the CatMan 2.0 process differs significantly from CatMan 1.0. In the latter, the assessment phase was largely limited to "shopper facts", a behavioral assessment of who, what, when, where, and how is the category bought? In CatMan 2.0, the assessment phase leans much more towards "shopper insights" and includes attitudinal & perceptional assessment - effectively answering the question "why" the category is bought.
In October, the U.S. Food and Drug Administration (FDA) released a statement about the concern of growing sesame allergies in the U.S. Today in the U.S, sesame is not one of the “Big 8” food allergens which include egg, fish, milk, peanut, shellfish, soy, tree nuts, and wheat – which currently require labeling. Sesame is, however, a major food allergen in countries such as Canada, Australia, New Zealand and all member countries of the United Kingdom and the European Union, and therefore require explicit labeling of sesame in products sold there.