Retail Intelligence: What Do You Know About Your Own Sales?
In the retail industry, we all need to know how our brands are performing – if we don’t, budgeting and forecasting can become a nightmare, and the ability to correct any issues becomes a veritable impossibility. But that’s only half the problem. What if your numbers just don’t seem to support the efforts you’ve put forth? What if the current stats don’t match last year’s sales? If your brand isn’t performing as well as you’d like, do you know why? If not, perhaps retail intelligence is the answer.
Start by asking yourself these questions:
- Are customers getting the answers to questions they have about your products?
- Are your products where they are supposed to be?
- Are the planogram designs being followed?
- Is your pricing correct? Is placement?
- What about your competitors – what is their pricing like? Their placement?
- Is POS inventory data correct?
Can you answer all of these questions? You should be able to. Knowing how well a product is performing, and why, is the only way to accurately predict future sales or to correct issues.
The benefits of covert retail intelligence are numerous:
- Competitive cost/placement analysis
- Planogram compliance
- Monitor store conditions
- Measure employee responsiveness/knowledge/endorsement
- Sell more!
This can lead to:
- Improved customer retention
- Improved relationships with your brand (brand loyalty)
- The ability to correct any deficiencies
Retail intelligence can also help you better identify customer wants and needs to help you target your marketing more effectively. We all know that a marketing campaign catered to the needs of all is never the best approach, and thus retail intelligence can help you create a strategy to hit several groups with even a few simple changes.
Here’s an example from out own experience. A few years ago we conducted a project for a cosmetic company that had just launched a new long-lasting lipstick to the market. They were finding that they were not getting the sales lift they had seen from previous product launches in this category. The mystery shop method was to ask the cosmetician about the type of lipstick you were looking for and what they recommended. If the product was not recommended, a second recommendation was requested. Once the two endorsements were provided, the mystery shopper revealed themselves and asked why they did not endorse this new product. The results were telling. The cosmetician had not tried the product as no free samples were given prior to the launch of the product, yet the competition was providing free samples so the cosmetician could try the product and endorse based on their own personal experience. The marketing (POP) materials created for the store did not identify that the product was long lasting. These were two key areas that could be, and were, easily fixed!
At Storesupport, we have years of experience helping brands gather retail intelligence. We know how important it is to have the right team on the job, asking the right questions, in a way that is both subtle and effective. We know the best recipe for collecting the most information, information that you can then use to benefit your bottom line.
If you feel as though you are missing some vital information about why your products are performing as they are, it might be time to call us – we can help. 1-877 421 5081.« Back to Blog