PUMA’s “Forever Faster” mission encapsulates the brand’s promise of delivering fast, innovative products. To do so, the team needs to be able to react quickly to trends, make decisions and solve problems rapidly.
With a priority to be more data-driven in their decision making, it’s the Business Operations team’s responsibility to unpack what that means for the wider business and how it impacts their day-to-day processes.
“You can have a thought or idea and you can put it into practice and change how we fundamentally work,” says Danny Brown, PUMA UK’s Business Operations Manager.
Previously at PUMA gathering market insights was an extremely manual and time-consuming process of either in-store visits or trawling through websites looking for relevant products and data. To expedite this process, the PUMA team uses EDITED’s real-time global data to quickly find these insights to analyze and make better decisions accordingly.
Get launch dates right and drive full-price sell-through
Football boots are one of the most competitive, yet lucrative product areas – so getting the launch dates right is crucial. Brands tend to market them within a small time frame, but there’s so much more to it than just getting your product out first.
“We launched on a key partner’s site first and it sold well, but not as anticipated. I wanted to understand why this was,” said Brown.
Using the EDITED Visual Merchandising tool to investigate what was going on at the time, the PUMA team discovered that the boot launched on its partner’s ecommerce homepage when the sale was the main focus of the site’s messaging. This meant the boot didn’t appear until the back end of the week. With little to no timeline, his insight provided the proof PUMA’s Strategic Account Analyst needed to refine the marketing strategy with this particular retailer to find a more optimal time to relaunch the product.
Spot gaps in your assortment and optimize in-season trading
Spotting gaps in your assortment at key retailers is very important when it comes to maximizing sales in-season.
Brown says, “EDITED allows you to get your assortments right. You need to act as soon as you see something evolving. The trends that we spot in EDITED go into our rapid response packs.”
While working with the Special Makeups team, which develops custom shoes and apparel for key accounts, the Business Operations and Merchandising teams used EDITED to spot gaps in the PUMA assortment within specific price points at a major retail partner. Consequently, three new shoes were created for that retailer. With a stock turn-over of thousands of units per week on these shoes, this decision directly contributed to increased sales with this key account, where one design became a PUMA UK top 10 footwear best seller.
Get full visibility of your brand in the market
A common challenge for many brands who sell through third-party retailers is a lack of visibility across the market.
“As a brand that sells into hundreds of retailers, it can be quite common to only get data back from 20% of them,” says Brown. “What about all the rest? What’s my discount in the market at the moment? What’s my average selling price?” The PUMA team uses EDITED data to create a comprehensive brand positioning report that combines external market insights with internal data to gather these insights.
These reports drive discussions about everything from pricing products correctly in the market to acquiring more marketing budget to help drive an increase in the average selling price (ASP). Danny and his team were able to confirm a hypothesis that PUMA’s UK running business needed to be repositioned price-wise to drive a higher ASP across the products concerned.
Drive local feedback to central global product teams
With the increasing importance of localized product offerings, local market teams must provide insightful and actionable feedback on a central team’s global range of products.
Since best-selling products differ between regions, PUMA UK analyzes EDITED data to figure out the right colors to capitalize on. Previously, the team would solely rely on internal data and would prioritize a neutral black or grey color in key categories. With the EDITED Market Analytics tool, PUMA UK was able to analyze the breakdown of best-selling colors in the market, where the team noticed bright colors outperformed neutrals in particular categories.
“It gives you access to data you’d never be able to get by manually searching. This allows me to make decisions on a local level and share with the wider global team,” said Brown.
Getting your price right in a saturated market
Since the UK is a saturated market, it presents a big challenge to formulate a successful pricing strategy. It’s important to identify the sweet spot that encourages high sell-through, but doesn’t negatively impact your margin.
With EDITED, PUMA’s team analyzes the pricing architecture of competitors and the positioning of its range to identify that sweet spot. For example, an overprice of £5 can impact sell-through by up to 70%. So by using EDITED to understand how prices differ in local markets, the PUMA UK team can ensure that they’re pricing their products correctly.
Understanding trends globally and how it affects your market
For PUMA, it’s really important to get the right product to the right places from both a sales and logistics perspective. When selecting from a global range of products for a particular market, it is critical to understand the nuances of trends between regions.
“At the moment, France is a leading market when it comes to identifying footwear trends,” says Brown. “So analyzing trending products in the French market with EDITED helps the PUMA UK team to identify trends that are likely to impact the UK and the rest of Europe later in the year.”
With the world’s largest retail data source, the EDITED Retail Market Intelligence Platform tracks global data on more than 3.5+ billion SKUs, helping retailers like PUMA get that micro perspective they’re looking for. So what advice does Danny have for other brands out there looking to incorporate market intelligence into their processes?
“Bring everyone onboard, don’t just silo use of data to one team. Anyone that makes big product decisions should use it.”
If your team wants to start driving the same great outcomes that the PUMA UK team has by using EDITED contact us here.