02 Oct Don´t rely on the crystal ball: Define your retail strategy based on feedback from retailers
Most companies rely on thorough feedback from consumers. A standard controlling cycle has been established:
Feedback from consumers can be provided as syndicated data, e.g sell-out data or information from a household panel provider, KPIs from a website etc. Of course: when it comes to Usage & Attitude, most companies conduct own research in order to be able to get the exact information they are looking for. This is a standard procedure in most marketing departments of branded goods or services companies.
most of the same companies believe that a sales/ retailer related strategy can be defined and executed without the feedback from the target audience. Instead of a „outside – in“ process as described above, they think that an „inside – out“ approach, based on individual perceptions of own and competitors´ performance, is the right choice.
The Sales management team takes some time off to think about what their customers, the retailers might need. Everybody involved has some individual perception of what their customers need and how the company is doing from a retail perspective. However the entire process lacks of reliable and actionable input from the target audience. Of course, no one in the team would provide critical feedback from their customers as this might cause trouble and leads to new tasks on their to-do list.
Therefore all managers involved remain on a level of educated guessing.
Just imagine Marketing would not involve consumer feedback in the planning process – impossible.
Furthermore, retailers must rely on their suppliers not only in the sales team, but also in supply chain, customer service, trade marketing, category management and the suppliers´ (=brands´) marketing.
So: defining a customer centric retailer strategy is more complicated and – considering the budgets in the above mentioned departments – too important and shouldn´t be left to the crystal ball wizard…
…supports brands in defining a customer centric retailer strategy: the Retail Barometer© provides quantitative and qualitative feedback from retailers from all sales channels, identifies brand individual competitive strengths and weaknesses and provides recommendations for the „pain points“: brands get all the feedback needed in order to establish the same customer centric processes for the retail strategy as in Marketing and thus avoid expensive guessing.
Read more about the Retail Barometer© here.