May 03, 2015

The Easiest And Most Actionable Table You'll Produce This Month

This is not a hard table to create.

Identify the first year an item was offered to customers. Then, measure sales for that item by year. Each row in the table represents the first year the item was offered.

Read the "intersection" cells in the table ... items introduced in 2011 and how they sold in 2011, then items introduced in 2012 and how they sold in 2012, you get the picture, right?
  • 2011 New Items = $6.4 million.
  • 2012 New Items = $7.2 million.
  • 2013 New Items = $7.7 million.
  • 2014 New Items = $5.9 million.
  • 2015 New Items = $3.8 million.
What did this business do?

Well, this business killed growth, didn't it?

New items mean everything to a business. It is far more likely that your business is failing because your merchandising team failed to properly manage new items than it is that you are not embracing a digital omnichannel strategy. 

You manage an ecosystem. Ecosystems need new life, or they die. You need new merchandise, or your business is going to struggle.

80% of my Merchandise Forensics projects outline this specific problem, FYI. It's a big deal. You can run this table in under fifteen minutes and figure out if this is a problem. What is stopping you from creating this table?