Knowledge is Power: How Do You Handle Retail Intelligence?
In the consumer packaged goods industry, knowledge really is power. Knowing what your customers want, and delivering the goods (literally), is a major part of the retail game. So, do you really know what’s happening in the store? For brands in the retail environment, retail intelligence has become a vital source for information about how your brand is performing, and why.
Retail intelligence is a really critical part of any marketing and merchandising strategy. Garnering customer feedback and analysing and responding to this feedback is essential, but retail intelligence goes well beyond this. What are we talking about here? Here are just a few examples of the types of retail intelligence you should be considering.
- Competitive pricing. Is your product at the right price point? Is your competitor’s product priced lower than your product, even when not on sale? If you are seeing a drop in sales, this information may prove incredibly useful in understanding why. On the other hand, if your product is priced significantly lower than the competition, this may symbolize an opportunity for increased sales.
- Employee behaviour. Is your retailer’s staff engaged with your brand? Are they knowledgeable about your product, or are they endorsing your competitors product? These questions are really important when it comes to brand loyalty and brand reputation.
- Quality assurance. You work hard to create great in store promotions and retail displays based on consumer analytics – so you have to make sure that these displays are being located correctly on the store floor, stocked well, regularly, and only with your product. Are prices accurate, are promotional items visible and available? This knowledge can help you to ensure that your deliverables are all being met.
- Adjacency studies. Not only do you want to know what your product is doing in-store, you also need to be up-to-date on the competition. Getting information about where your brand is located on the shelf in relation to your competitor’s, what is their brand messaging is, and how their brand is treated can really help increase your own positioning.
When it comes to locating your brand at retail, make sure that you are aware of exactly what is going on on the store floor. Not only is this an intelligent way to ensure you are targeting consumers correctly, it also helps to ensure that your brand is receiving the treatment it needs.
For more about a retail intelligence campaign please contact Storesupport Canada by calling 905.847.6513.« Back to Blog