What indices do you use to assist in your category development?
Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc
What indices do you use to assist in your category development.
Often you can build your own CDI from data contained in many indices that are available via the web such as the Consumer Price Index or CPI, Gross Domestic Product or GDP and The Purchasing Managers Index or PMI that we discussed yesterday. Elements of each my find their way into your own custom Index od Category Development Index.
A Category Development Index, or CDI, is a trend analysis that indicates the turnover of sales of a given product category in a specific area. The CDI can give vital data for marketers to allocate advertising to specific areas maximizing product category knowledge and profit. The category Development Index is often used in conjunction with the Brand Development Index or BDI.
At SafeSourcing we often use a variety of indices in the development of our client-driven eRFI, eRFP and eRFQ or Reverse Auction strategies.
SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers. To learn more, please contact a SafeSourcing customer services associate.
