3 KEY INSIGHTS TO CAPTURE FROM STORE VISITS
Since stores exist, store visits have always been critical to maintaining a strong in-store presence and ultimately making sales.
One will emphasize enough how effective store visits can drastically impact the face-to-face between a Brand and its customers.
Here are 3 Key Insights to Capture from Store Visits:
1. The 2 sides of Product Availability
Having products in stock and on display allows customers to buy them instantly. If the product is not available, they will shop elsewhere or buy something else.
Product availability also means having a well-managed inventory in order to avoid overbuying, and overselling. A well-managed inventory entails;
- Stock Level: Optimize inventory management, improve cash flow, indicate the need for new marketing and pricing decisions, reduce the risk of spoilage, and plan for the future of the business
- Service Level: Three essential metrics that allows brands and retailer to continually improve.
Monitoring these essential metrics requires the team to agree on a common definition of service level metrics in order to know the current level of service, and identify overstocked and understocked items.
2. Sales Performance
Analyzing Sales Performances and Market Share in every store will give the comprehensive overview of the business level of achievement in each location; where the business currently stands compared to where it wants to be (Let’s not forget that the Performance of the Brand is the sum of its performance in each store across all channels). Which will help acquire the visualization of the gaps between the current performances of a business and how it should be performing, plus where the gap is coming from, and how the gaps came to be. All this will enable Sales Teams to take better decisions and execution.
All Brands know the importance of having promotions. They also know that it can come at a cost and can be quite tricky at times in order to get profitability form them. But having an effective promotion means gain in attractiveness, which leads to getting new customers and keeping the ones you have. Aside from having a special offer with a limited time under specific conditions in order to communicate the right message to customers. Click here to see our previous article on promotions.
Constantly keeping track of promotions, of both yours and the competitors, enables a Sales Teams to better understand what customers are keen to purchase and which items they aren’t, which means better understanding what drives sales, and so the business. Promotions can help a brand see their own ranking compared to competitors whether by comparing promotion sales performances or promotion frequency.
From Store Insights to Action – Better Be Fast
This an important step worth mentioning for better in-store executions.
Continuously identifying in-store challenges and opportunities in order to find solutions, and improve the business, is a priority for each and every Sales Team to stay ahead of the competition and achieve targets.
This is the most obvious and important step in a business. This must be done quickly for a fast execution of plans. This means having a clear detailed report, followed with a “to do” list, and send them immediately to teams involved.
The best tool to help you Fast Track and Execute in-store productivity in the HPT Ariane mobile app. Get quality data of both your business and competitors to gain speed in decision making. Check it out now in Myanmar , Philippines and Malaysia
HPT Ariane is a leading Retail Collaboration Platform. We accelerate Retailers and Suppliers sales and market share growth in Myanmar, Philippines and Malaysia