It’s been a year and a half since I wrote here about how we use magazine sales decay data to drive our in store activity for weekly titles. Sales decay data shows the fall in daily sales over the seven day on sale period. This data stopped us giving over valuable space in-store to weekly titles when we were not likely to get a return on the promotional space.
For example, we sell 60% – 75% of Take 5 and That’s Life on a Wednesday and a further 15% – 25% on a Thursday. So, we focus our in-store effort on Wednesday and Thursday rather than the whole week. These are the low hanging fruit days – the best opportunity for sale growth.
Focusing on the decay data in this way enables us to use promotional; space over the course of seven days for a range of titles and thereby maximise the return to us and suppliers.
The problem with this approach is that it goes against what some publishers want. Their goal is for us to promote titles on an aisle end or elsewhere for a full week. Often the sales data for the title does not support that real-estate investment. This is where we have to rely on our store specific sales data and make the decision which is best for us and for the title.
Sales decay data is a great way to uncover low hanging fruit in a newsagency. Reasonable quantities of weekly and some monthly titles are purchased on impulse. This means we need to promote these titles on the specific dates in their shelf life cycle which will give us the best possible return. Being able to easily compare sales decay data for a title between two date ranges helps me track the success or otherwise of efforts to grow sales of the title.
Mark,
Forgive me but would not your reaction to the sales decay then become a self fulfilling prophesy? i.e. if you front the magazine up for the two to four days you mention then put it back on the shelf you are going to create that same sales decay. How often do you run a ‘check program’ to make sure your historical data remain accurate?
I find that day one of the magazine is a feeding frenzy and then there is a gradual but inevitable tailing off. I do, however, still sell titles on its last day, obviously to those who don’t regularly buy. All of the ‘big’ magazine titles spend the whole period on front counter display right under the second ISI drawer and right in the face of passer by’s.
Brett,
I looked at data from several years beforfe pursuing the top selling days. I also tested with two titles whole of week promotions and compared this with two two days promotions. The latter delivered a far better return on time and space.
Not all stores will see the type of decay of which I write – this is why newsagents need to look at their own data and dran their own conclusions. In my store and others I have worked with this decay focus has developed beyond average growth.
Mark