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Sales performance tracker on newly launched products

ABOUT THE CLIENT- A leading natural healthcare company

Our client is a leading natural healthcare company in Australia. They develop high-quality healthcare products and services based on a natural approach. They are passionate about introducing new products that help people invest in their well-being.

BUSINESS OBJECTIVES

After so much speculation on time and funding for R&D, our client is ready to launch new products to market. Generally their expectations for a new product are always high, but sales performance is quietly hard to predict. They need a expertise team to troubleshoot the issue, identify the cause(s), and recommend and implement a solution. So they approached prowesticss, our data-driven approach makes strategic decisions based on data analysis and interpretation. With the help of our approach, they can stay away from the pitfalls of launching in a new market and improving the brand’s visibility.

KEY CHALLENGES- Maintainance of data structure

In order to track the sales performance of newly launched products, we need a proper data structure for an automated system to track all sales activities and provide sales analysis reports to assist in managing their sales program. However, we lack data structure and data quality, which are critical components of a precise performance tracking strategy.

Challenges we faced at the data level,

  • Data Inconsistency.
  • The data was quite complex.
  • Difficulties faced in loading/retrieving data.
  • Extracting data from multiple sources in multiple formats.
  • Lack of maturity in data collection, data sharing, and aggregator quality standards.
  • Manual intervention in the data feed
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PROCESS METHODOLOGY

We have implemented Post-launch assessment methods that include evaluating both quantitative and qualitative metrics and offer valuable insights that can drive new product sales. We focused on making the data more sensible by analyzing them to spot broad trends on smaller granular changes by region, product classification, and target consumers.

By using diagnostic analytics, companies can gain insights into the causes of patterns they’ve observed in their data. Our Diagnostic analytical methodology provides insight into the below measures.

  • Product Spotlight at SKU level
  • Apportionment of sales by innovative classification
  • The proportion of target achievement on each product from the launch time
  • Innovation contribution to overall sales tracking on a specific timeline

THE OUTCOME

Our customizable BI solution provides a strong platform to make a routine to track and review their key performance metrics from the very beginning of a new product launch which helps to predict market trends, resulting in higher revenue and ROI. Our solution helped them in identifying the products where sales are under-performing overall and help them to find innovative ways to reach customers to increase their CLV . With increase in CLV they can acquire new customers and retain existing ones while maintaining profit margins.