How can I improve my promotional demand forecasts?
Forecasting demand for promotional offers is notoriously difficult for consumer goods retailers and suppliers. Some promotions fail miserably whilst others wildly exceed expectations. Most, however, perform within broadly predictable bounds and ALL benefit from a dual approach to planning and execution:
- Plan realistic outcomes based on an accurate understanding of past performance
- Monitor execution attentively and react quickly to shopper response
The rest of this article will consider the first of these; how to plan realistic outcomes for your promotions.
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