Whether you are a retailer or a brand, knowing what takes place with regards to your competitors is a constant challenge. As a brand, being fully aware of what your competitor is doing is also essential in order to strive. A retail audit is the best way to get the data that allows you to make decisions regarding how to better perform in-store.
A retail audit is, simply stated, an audit of activity taking place in-store. Essentially, the purpose of an audit is to gather information on pricing, sales volume, shelf placement, promotional activity, and stock levels. How much of your annual budget goes towards visual merchandising, planograms, and in-store marketing? As is the case with most brands, it is probably a significant amount. You likely negotiate and pay for premium shelf space. These things come as a result of research and strategy – two things that probably took a fair bit of time and money.
That being said, as important as this information is (and it is very important), it is also important to keep tabs on what your competitor is doing. Operating in isolation from those in your same category is never going to get you the best results. In order to compete, you have to know what the competition is doing.
What type of information are we talking about?
- Competitive pricing audit. For many customers, price is a big factor in their decision to make a purchase. Knowing how your competitors are pricing their own products as well as what promotions they are running can help you better meet the needs of your current base. It gives you the ability to compete in the same price category.
- Store placement analysis. When you pay a premium for shelf space, you need to know where your competitors are located and how much real estate they own. This can directly impact your sales and thus is an important thing to consider when it comes to your own strategy.
- Brand messaging. What’s your competitor telling customers? What’s their overall brand message? How do you compare? Use this information to review your marketing strategies to better meet customer needs.
By having a retail audit conducted by a retail merchandising company, you don’t have to worry about coordinating anything. You just sit back and relax (well, as much as your busy schedule will allow), and the results will be sent right to you.
Retail is constantly changing, and that means you have to do everything you can to compete. With a retail audit you can gather the essential data that gives you more control.
Want to find out what your competitor is doing? Storesupport can help. We’re the retail audit specialists. Call us today to find out more: 1-877-421-5081.