Famed management expert Peter Drucker once affirmed that “the essence of management is to make knowledge productive.” In that spirit, we have outlined four key questions that every business manager should be able to answer quickly and confidently:
When I buy and sell, do I grow the business, make more money, both, or neither?
Salient joins sales and purchasing facts with related product and store information to connect results with your planning decision process. The result is a continuous monitor of which categories, product lines and SKUs are over- and underperforming and why.
When I promote one product, how does it affect the overall product mix?
See graphically how profits and growth are affected by promotional discounting, volume buying, product mix, and seasonality. Salient provides a clear view of price elasticity, price point effectiveness and category lift so decision makers can alter display footage for maximum sell-down while reducing inventories.
Which vendors, products or deals are worth it and which aren’t?
Get a continuous visual feedback loop that enables managers to test different merchandising and pricing strategies with minimal risk. Immediate feedback allows in-time corrections.
Which stores, categories, products, or employees are producing?
Track employee performance metrics from headquarters, to district, store, manager and sales associate at register level. Capture overall sales, sales per hour, sales by register, sales by associate hours worked and shrink to identify top performers as well as those who need improvement. Integrate traffic counts and ring counts with sales data to determine conversion rates, individual average transaction (IAT) and seasonal product peaks for immediate insight into relationships of traffic to labor, volume and profit.
Salient’s retail solutions rapidly decrease the time between retail curiosity and retail satisfaction. We take you from the “I wonder whys ….?” to the “Now, I know why and I can…!” faster than ever before. The answers to these questions help you know where to focus time, resources and money. Salient provides a deeper understanding of important relationships between sales and other activities.
Contact us today to learn more about how Salient can help provide clarity on the key questions your business needs answers to.