Black Week Mistake 4: You're not identifying and working on your internal KVIs

Before Black Week there is a lot to think about, both what to do and what not to do. Last year, awards expert Martin Granberg shared his blacklist of seven classic Black Week mistakes. This year, he goes even more thoroughly and takes a closer look at each of the classic mistakes. Here is the fourth article in the series. You will eventually find all.

Before Black Week there is a lot to think about, both what to do and what not to do. Last year, price expert Martin Granberg shared his blacklist of seven classic Black Week mistakes. This year, he goes even more thoroughly and takes a closer look at each of the classic mistakes. Here is the fourth article in the series. You will eventually find all seven articles about Black Week errors here.

Key Value Indicators (KVIs), are basically your key figures for success if you use them correctly. There are a number of different internal KVIs, there may be products that work well online and/or in store, there may also be those products that drive high average order values, etc.

But how do you work today to identify them and how do you work with them in your pricing strategies?

Your KVIs are like a map showing you what is working right now, these may change over time, but right now by analyzing these you can identify your most profitable and important products and tailor your offers to maximize sales.

To use a well-worn expression, it's about working smarter, not harder . If you work within different channels, you can also base your KVIs on channel, which will provide useful insight into customer behaviour.

A product that is an A product ("High runner") in store is not necessarily so online. I tend to use the example of perfume (fragrance) where the first purchase of a new fragrance, often for natural reasons, takes place in a physical store, while follow-up purchases can advantageously be made online.

Depending on how customers shop and which products work in different ways, you can offer a better offer to the customer.

#Tip 1: Identify what your ABC articles are both as a whole and in their respective categories. It can be ABC goods based on volume, or a marginal share of sales.

#Tip 2: By looking at different time periods, you can both pick up trends and sort out seasonal variations. 30D, 90D and 12M are good measurements to start with.

#Tip 3: Look at which of your items are largely a "first in cart" product, and how you can influence sales by promoting these. Don't forget to measure the results.