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KPI’s (Key Performance Indicators) act as the guard rails that keep everyone on track. They help ensure flawless retail execution when combined with scorecards. KPI’s benchmark & make uniform all-important customers facing success elements of your brand

Welcome to Day 26: How To Develop Performance Indicators To Maximize Results

The Retail solved Blueprint to teach you everything you need to know to confidently grow and scale your brand, build a connected community of loyal evangelists, and multiply your brands impact, sales, and profits.

If we are meeting for the first time, my name is Dan Lohman. I’ve had the privilege of mentoring and working with hundreds of brands from pre-revenue to multi billion dollars in sales. This a culmination of the best strategies that are working today. I’ve spent years testing and perfecting them to save you valuable time and money while giving you the edge you deserve.

If you haven’t done so yet, download the free 30 Days To Prosperity Workbook at RetailSolved.com/30DayWorkbook to help you get the most out of this brand-building series. Go back and listen to all of the episodes in this masterclass to that you don’t miss a thing. The strategies build upon each other in the order of the series. Please share these and help me raise the bar in natural.

I want to take a moment to recap the last episode - How To Ensure Flawless Execution Using Scorecards

Topic: How To Develop Performance Indicators To Maximize Results
Key performance indicators (KPI’s) are the guard rails establish them for everything

Throughout this entire series we’ve been talking about the importance of retail execution and how you can gain a tremendous advantage just by simply performing better at retail than other brands. This episode gives your tactics and strategies to do exactly that, interested?

Most brands can point to a super sales person who has a huge win at one retailer. While impressive, those are typically the exception and not the norm.

This is your opportunity to differentiate yourself and stand apart from the crowd. This is were you begin the reap the rewards from following the tactics and strategies we’ve been covering in the 30 day’s to prosperity challenge, on my podcast, the free webinars, and throughout all my content.

Remember that this is also where you build momentum and your wins begin to stack and amplify your results. But none of this will be possible if you do not execute flawlessly at retail. This is where key performance indicators (KPI’s) play an important role in your success.

Consider this, you launch a new item and you tell your internal sales team and your broker to get it on store shelves and they do. You sit back expecting a huge bump in sales only to find that the item is failing in several stores and customers are complaining because they can’t find it where they shop. Sound familiar? I see this all the time.

Remember that it takes a lot of time to correct a merchandising problem like this and you have already alienated and upset a lot of potential customers. It’s likely that you will not recoup the sales lost as a result. I share a real life story just like this on podcast episode 104. On that episode:

A robust set of KPI’s would have helped you avoid this catastrophe in the first place. You should have KPI’s for everything that is customer facing at a minimum. For example,
distribution - 30% ACV in tier 3 retailers, 70% ACV in tier 2 retailers and 100% in tier 1 retailers
Merchandising guidelines - the item is to be merchandised to the right of brand “x” at eye level
Pricing guidelines - the item is to priced 10% below brand “x”
Promotion guidelines - the item is to be promoted four times with 20% TPR, etc

I’ve included several examples and of KPI’s in the video version of this episode that you will want to check out on the 30 Days To Prosperity challenge page. You can view it at RetailSolved.com/30daychallenge Scroll down to day 26.

KPI’s make it easy for your retailer and customer facing sales teams to execute on your behalf and they can ensure that shoppers can easily find and buy your brand wherever they shop. They also make it easy for the retailers. You don’t want to be a burden to them. Anything you can do to help drive sales leveraging the strength of your brand is a win for both of you and its something your competitors overlook.

If you want to dig deeper into KPI’s and how to effectively use them, there is a dedicated module in my Effective Broker Management course. You can learn more about it at: RetailSolved.com/EffectiveBrokerManagement. .

For additional inspiration listen to podcast episodes:
SECRETS 160 How To Reach Your 2020 Vision For Your Brand, Dan Lohman With Brand Secrets And Strategies
SECRETS 174 How To Future Proof Your Brand In Uncertain Times, Dan Lohman With Brand Secrets And Strategies
SECRETS 177 How To Plan And Forecast Sales In Uncertain Times, Dan Lohman With Brand Secrets And Strategies. Predicting sales is both an art and a science. Balancing between excess inventory and out-of-stocks can be a struggle in ordinary times for any brand. Simple mistakes can be extremely costly. Learn creative strategies in Trade Marketing Essentials. KPI’s can help simplify planing and forecasting by making things more p[predictable. SECRETS 177 How To Plan And Forecast Sales In Uncertain Times
SECRETS 218 Retail Horror Stories - How To Avoid Problems That Derail Brands, Dan Lohman With Brand Secrets And Strategies. All brands struggle and go through growing pains, even established big brands. Hear about real-life brand marketing & execution failures. Learn how to avoid the pitfalls & dangers to give your brand a significant sustainable competitive advantage. SECRETS 218 Retail Horror Stories - How To Avoid Problems That Derail Brands

Tip of the day: KPI’s act as the guard rails that keep everyone on track. They help to ensure flawless retail execution.

I’ve recorded the video which has illustrations and additional information I can’t share on an audio podcast. You can watch the accompanying video on on the podcast webpage and you can get there by going to RetailSolved.com/Session252. In tomorrows show we’ll talk about Master Story Telling, The Power Of A Unified Voice.

This episode will build on today’s conversation. Thanks for listening and I look forward to seeing you in the next show.