Cost of Living : Five things Category Managers can do to stay close to the market.

The current trading environment is challenging, the newly coined term of permacrisis sums the situation up succinctly. In order to stay close to the market and maintain the competitiveness of products, it's important for to be proactive and have an up to date understanding of consumer behaviour and market trends.

Five things that can help Category Managers stay close to the market:

Get close to and review sales data: Reviewing actual sales data regularly can provide valuable insights into consumer behaviour and market trends. Spotting changes in sales is the first step to understanding whats going on as you’ve identified a need to understand more.

Monitor competitors: Keeping an eye on the competition is essential. Track their product offerings, pricing, and marketing campaigns. Taking note of how any changes your competitors make a the reaction of shoppers can help your own strategies.

Engage with your customers: What are your usual consumers saying about what's going on in their world? And what does that mean for your products? If you can run focus groups, or add questions so surveys great. You can always head to store and speak to shoppers.

Analyse market trends: If you see a change, spend time analysing whats going on. Delve into market data and sales data. Stay up to date on news and opinion pieces in trade articles. Industry reports and publications can also give you added insight.

Maximise your monthly report: Makes sure your reporting is focusing on the pressing issues in your market. Does it look at changes in pricing? Does it track recent changes in volumes? Are you sharing the contents widely with key stakeholders?

Staying close to the market in the cost of living crisis is crucial for FMCG Category Managers. By reviewing sales data, monitoring competitors, engaging with customers, analysing market trends and maximising your monthly report you'll be well placed to stay informed and on top of whats going on.