What Do Category Management Consultants Do?
Retail businesses face challenges of understanding the type of customers that they are serving. Lack of deeper knowledge about what they want, where they hangout from, and what makes them sleepless is a challenge that retail businesses need to address before they can position their product as a solution. Sometimes businesses lack the required expertise to define, analyze, evaluate, plan, and implement sales strategies that will foster increased sales.
Category Management advisors help retail businesses to determine and establish goals, mission, and objectives of a firm’s procurement and marketing activities. He defines the marketing strategy. Further still, the consultant offers product range planning. He assesses a firm’s product offering and leverages them to your marketing activities. He further assesses your product portfolio against the competitors offering to weed out the differences.
Most In-Demand Services of Category Management Consultants
Why Hire Category Management Consultants?
The role of a Category Management consultant is twofold. He streamlines procurement processes in order to ease the procurement process. He also strategically focuses on consumer needs in order to optimize sales. Reasons for hiring a Category Management specialist are:
Control of the Procurement Process
Sometimes, owing to receiving of high orders, the procurement process may get out of hand. The disorganization that comes with these high orders may bring about confusion and may lead to loss of track. For purposes of reorganizing the procurement process, you need an expert to break down the process into manageable sections as below:
The consultant will identify, define, and categorize items to purchase together. He analyzes trends, business goals and objectives, anticipates demand, and stakeholder’s interests.
With his wealth of specialized experience, the consultant undertakes deeper analysis to study the trends, carries out market analysis and a breakdown of costs that relate to each group.
You need an expert to evaluate your likely suppliers and set yardsticks to evaluate supplier performance. The specialist helps your company to evaluate supply chain risks associated with a particular supplier. The Category Management consultant also plans for procurement processes, and evaluates the time, and documentation requirements. Using the available documentation relating to need identification and requisitions, the consultant helps organizations to determine the order time, as well as the delivery time.
Finally, the consultant monitors the progress of the procurement process. He rates management practices in relation to measurement of cost and time saving.
Control of the Sales Process
Businesses need specialized services to solve vendor management, pricing, marketing and inventory processes. The Category Management consultant uses customer centric management practices to achieve the following:
The consultant undertakes research to find out more about the customer and their needs. By placing the customer at the center of the sales drive, the strategist endeavors to understand who the customer is, what his biggest fears are, what keeps him awake at night, where he spends his time, and positions the product as the sought after solution. He also researches the competition in order to determine product differentiation.
The expert uses the available data to develop strategies to implement long-term developments. He collaborates with the marketing department to determine the positioning, pricing, and promotional drives that resonate with the target.
In order to increase sales and profitability, the consultant helps organizations to create long-term strategies for product categories. He advises on promotions, pricing, and product positioning that secures visibility. They also develop and keep favorable vendor relationships in order to secure better quality of the products at a favorable price.
Since they deal with product categorization to group together similar products, they make important decisions concerning placements and promotion of certain products, and discontinuing unsuccessful product lines.
The presumed value addition that a business derives from category management calls for an experienced professional. Consultant’s pool of experts brings you valuable skills to handle your category management requirements.
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