Prelaunch forecasting with Simporter saves you countless spreadsheet hours and increases your forecast accuracy by +22%. That leaves you to focus on finding the ideal promo plan to maximize your upcoming launch’s sale. We felt badly about asking our partners to go back to their spreadsheets–so we decided to invest months of time and energy to fix that.
We are proud to announce our latest tool: the AI Promo Simulator.
The AI Promo Simulator is a vital add-on to our Pre-Launch Forecasting software. After forecasting sales for a new launch, you can use the tool to understand how additional price promotional support will influence on basic sales of your new product launch. It lets you plan price promotional activities for any new product at both the channel and region level.
With the AI Promo Simulator, new product teams can predict promo KPI’s, including the revenue change, units change, Return on Investment, and Promo share. So your team doesn’t need to switch back and forth between different tools, only to get mismatched forecasts. Instead, different departments can share the same tool with just the click of a button (the “Share Session” button).
Our world-class design team has made it as easy as possible to use.
After forecasting a new product launch, a user just selects the product that they want to simulate different promotions with and the forecast updates in real time. Just input the basics, including when, how much, and where the promo occurs and immediately view key simulated metrics like incremental sales. With the tool, you can estimate if your promo KPIs align with your brand’s goals.
How does this new tool work?
The promo simulator’s AI extracts price elasticity at the attribute-level from historical sales data, down to the attribute-region-channel level. Instead of using price elasticity models that depend on you guessing what similar products to benchmark again, the tool removes human bias and its Machine Learning algorithms.
After a user inserts promo details, the price elasticity index specific to your new product launch is identified by Machine Learning and the software calculates your key simulated metrics in less than 3 seconds.
Want to learn more?
We are happy to help. Just sign up for a free demo [here] or our newsletter [here] to learn more.