Sticky Learning Lunch 48: Increase Your Category Opportunities
Today's topic, Increase the Number of Category Opportunities Landed Part 7.
73% of your Category Opportunities Never Make it to Store.
You will learn: - Each of the 7 parts of the MBM Category Management Funnel. - How each part is essential to creating an effective Category Management approach. - Various tools and techniques to support each stage of the process.
You Can Read the Full Transcript Below:
Nathan Simmonds:
Good afternoon, sticky learning lunches. Welcome to Monday. Really great to be here. Really great to see you even in the virtual. We're just gonna give it a few more seconds while we're waiting for the rest of the people to arrive in the room. Just gonna have a mouthful of drinks. Gonna make sure we're getting ourselves set up for the day. A few more seconds. Good to see you, Colin. Thanks for being here. Darren, always a pleasure.
Nathan Simmonds:
Fabian, great to see you here again, Joe, lovely to see you. John, thank you very much for being here. First time attendee, I believe. Thanks very much for taking the time to invest in yourself in this session for today. Just as we're waiting for those last people to arrive, let's make sure we are setting ourselves up for success. So, first things first, before we even get into the introductions, let's zero out the distraction, a hundred percent attention.
Nathan Simmonds:
Let's get the little airplane lit up. So we haven't got our WhatsApp, Twitter, our pings, buzzes, beeps or whatever, distracting us from what we're spending our time doing here today. Making sure that you've got a fresh sheet as well. Fresh sheet, fresh thinking. So you wanna make sure you've got a nice clean page in your notebook. And at the top of this, you're gonna write keepers and keepers are the things that you want to remember that you wanna remind yourself about.
Improve your category opportunities
Nathan Simmonds:
And when you reread that, it's gonna reignite that thinking. So when you come back to this learning from today and from our previous sessions, that you can go back, go back into that thinking and create some new ideas that are gonna help you deliver a better result in your business. And as you've just seen me with my drink, making sure that you have hydration.
Nathan Simmonds:
Make sure you are hydrated. Keep your brain lubricated so you can make this learning stick. I think we're good to go. Let's dive into today's session. Actually, before we do that, if you have not already registered for tomorrow's session, I'm gonna put a link in the box at the bottom there in the chat box for everyone. If you have not registered for tomorrow's session, now is the time to make sure you've got a copy of that link so you can get prepared for tomorrow.
Nathan Simmonds:
Tomorrow we're looking at the first stage of evoc, the self-evaluation, part of the leadership model that is in the chat box. Now, if that's gonna be beneficial for you, sign up for tomorrow's session. It's four part module of system. We'll be running through Tuesday, Wednesday, Thursday, and Monday next week. If you know anyone else that would benefit from that, share that link with them as well.
Nathan Simmonds:
Get 'em involved. There's gonna be some great content in there. I'm gonna be delivering the first stage of our leadership coaching model. It's gonna really help you take your game to a whole new level, Andy. Ready? I'm ready. Good. So look, welcome to today's sticky learning with me, Nathan Simmons, senior leadership coach and trainer for MBM Making Business Matter, the home of Sticky learning. And we are the soft skills and leadership development provider to the UK grocery and manufacturing industry.
Nathan Simmonds:
Idea of these learnings is to give you 20 minutes of micro learning to help you be the best version of you in the work that you do, whether that be from home or returning back to the office. Today we are covering part seven of the category management funnel, also lovingly known by MBM as the 73% funnel. 'cause what we, we have calculated is that 73% of your opportunities never make it to store. No, sorry, never make it to the store. And we want to help you improve that quite significantly. Andy, welcome to today.
Andy Palmer:
Thank you, Nathan. Good to here. Can't believe we're on day seven already,
Nathan Simmonds:
Day seven. And as you said before we hit go live on this, it's gone super quickly. We've covered some really decent content, you know, not even at the depth that we know that we can go to. There have been some absolute nuggets though, for people watching.
Andy Palmer:
Absolutely. I thinking, uh, picking up on what you've just said there about someone, uh, attending stay that hasn't attended the previous sessions, thank you for being here. Um, I'd also had some contact from people last week, send the missed sessions. So I'm thinking, right, I've got this right. That link that you've just put up, Nathan, will also allow people to view the sessions that we've run, those other previous six sessions that we've ran over our funnel. Um, if you haven't picked up on those or you wanna watch those again or watch 'em for the first time, they're, they're gonna be in that link as well.
Nathan Simmonds:
Absolutely. Click through, go and have a look. Well worth it. What are coming today,
Andy Palmer:
Nathan, we are colleagues in the circle on our funnel. Um, so we previously talked about agreeing category targets, understanding the shopper, understanding our channel, turning data and analysis into insights and recommendations, selling those opportunities and landing those opportunities. We're now gonna go all the way, all the way back round with evaluating, improve the key, key part to any project or anything that we ever do. Yeah, it's so often overlooked because we're on what we class as the PowerPoint treadmill that we just jump straight off one project or straight out of one presentation into another.
Andy Palmer:
So I'm gonna share just a one tool with you today, um, of how you can evaluate more effectively. Um, somebody can just take away and and do. So we're gonna get into that in a moment. The other bit I'm gonna ask for right now is we've got some more time today to spend on questions, uh, challenging me, probing me appropriately, um, on category management, on any of the seven stages that we've, uh, gone through. So if people have got questions now, maybe, uh, start to consider them, get 'em in the chat box when we get to that in maybe 10, 15 minutes time.
Andy Palmer:
Um, Nathan can start sharing those and we can hopefully just bring this topic to life even more. Um, and at the same time answer some questions that you may have, um, again, take away and add continued value.
Nathan Simmonds:
Absolutely. So any questions that are coming up because we're getting into that evaluation, evaluation stage. I get my words out today. Any questions that are coming up for you today from this funnel from previous or any other category management challenges that come up today to day to follow those questions in? I think so we can start looking at those.
Andy Palmer:
Absolutely. Now we've covered a heck of a lot and I've realized I've got a really busy whiteboard behind me. But that's largely some of the things that we pulled out. There's been loads of three letter, uh, things to hang our, uh, hack, hang our hats off. We'll come back to those maybe in a little while. But today is really about evaluating and improving. And of course I've got maybe not by design, another three letter tool to share with you.
Andy Palmer:
So Nathan, I'll ask you to slide down just a couple on, on the slides. Um, I wanna share this tool with you. That was perfect. Um, PMI typically, as I said, we'd move from project to project, presentation to presentation, maybe not taking that time to figure out what good, great, better, could have been worse, getting those kind of learnings. We are all about continuous improvement.
Andy Palmer:
We think this is a terrific tool that you can use in the moment for pretty much any situation. So for example, our category category management. Um, we could use this to evaluate, um, a cell when we've been in sort of see the buyer and we're putting our recommendations. We could then do this quick evaluation afterwards, or we could do it right at the top and say, right, let's, let's have a quick look at our, uh, agreeing category targets. What was, what can we learn from that?
Andy Palmer:
So this tool works very, very simply, but yet super powerfully by saying what was positive? What was the things that were really good, we can take, make some notes on what was good, got the category, target came up with it really, really quickly. It's tangible, it's smart, and we can start to pull all those positive learnings out.
Andy Palmer:
We can look at then from a minus point of view, what was not so good? It took us a long time to get there. Actually. We had to, we had to kind of go round circles a few times next time, let's not do that. Let's, uh, start with our end in mind first and work backwards. And again, we're listing all the things that weren't so great that we want to do differently next time. The last part I for interesting, those things that you just didn't see happening could be maybe down in the, uh, the sell part of the funnel when we're presenting to the buyer and the buyer says, ah da, go, oh, that was really interesting.
Andy Palmer:
Didn't see that coming as a curve. Didn't see that coming as a question. Didn't see that coming as an opportunity. Again, let's capture that 'cause it's worth being aware in future, something similar could come up. Yes, we can get into big evaluations, we can organize meetings, we can get a bunch of people in a room. We can create all sorts of 120 step, uh, review points.