Retail Intelligence: What’s Your Brand Performance IQ?
If you are a brand located at retail you know how tough it can be to ensure performance when maintenance and compliance are out of your hands. When you place your confidence in a retailer, you are trusting them to do what you would do if given the chance. Can’t seem to get a handle on why your numbers are the way they are? Step back for a moment and test your brand performance IQ – this may help you better understand what you do and do not know retail intelligence wise.
What’s your brand performance IQ? Think about these questions – do you know the answers?
- Is your product stocked or is product in the storeroom but not on the shelves? In a perfect world, shelves would restock themselves – but in today’s retail marketplace you have to rely on employees to ensure your product makes its way to the shelf whenever stock gets low. If a customer can’t find your product chances are fairly high that they will just choose the next best thing – never a good thing for brand recognition or customer retention.
- Are employees at the retail location able to answer customer questions about your product? If a customer has a question about your product that an employee can’t answer, think about how this might impact their decision to buy. Or, what about if the customer has to ask for the location of your product and that employee is unsure of its whereabouts within the store? These things need to be remedied as soon as possible, but if you don’t know that the problem exists, how can you fix it.
- Are your products priced correctly to reflect sales, promotions, etc.? If your product is on sale and marked accordingly, this can positively influence an individual’s choice to try or buy your product for the first time or return to it if they have recently switched to another brand. However, if you have let the store know about an item you want priced at a certain price point but the sales tag does not reflect this change, how can you determine the impacts of a change in price (or worse, influence them to purchase)?
- Are displays set up the way that you intended them to be? You spend the time and resources creating and designing displays to attract customers – but what if your product is not the only one reaping the benefits? Customers will remember those displays that peak their interest or stick with them long after leaving the store, so if your display isn’t just displaying your product there is no way to ensure that it is your product they are thinking about!
- Are planograms executed according to plan? Again, you spend the time and money to develop a planogram that will best meet the needs of both your brand and your customers – don’t let compliance issues compromise the impact. If a planogram is not implemented the way that you want it to be there is no way to ensure the intended results.
The answer to all of these questions should be yes if you want your brand to perform at its best. If they are not, perhaps it is time to think about having a method in place to get the retail intelligence necessary to ensure that they do.
Need some help with retail intelligence? Storesupport can send out those people who can get the answers you need. Contact us today at 1-877-421-5081 or visit www.storesupport.ca.
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