7 Tips and Tools to Dominate Today’s Retail Execution
Consumer goods companies remain on the lookout for how to improve sales, and with mobile data collection and retail execution apps, business leaders are building strong and successful in-store retail strategies. Here are our top 7 tips and tools to help you dominate today’s retail execution.
- Real-time data is paramount. A clear, accurate picture of what’s happening in the field now is imperative. Modifications to planograms and changes to merchandising strategies will make an immediate impact if—and only if—the data you use represents what’s currently taking place. Real-time data is also crucial when you’re responding to the competition. Reviewed data should alert you if a competitor presents more favorable pricing, packaging, or promotions, otherwise your sales are at risk. The faster you respond to the competition, the more available opportunities to protect—and boost—sales.
- Support your data with rich media. The optimal mobile data collection tool must have the capability to take photos to support findings from the field. Photo-verified information reduces the risk of data input errors and analysis ambiguity.
- Strengthen your data with GPS. Save time and give your data enhanced clarity with location specific services. As is the case with photo-verification, GPS-enabled capabilities reduce ambiguity and input errors. A strong mobile data collection tool should come equipped with GPS—offering end users the opportunity to automatically attach location specific details.
- Ensure proper and desirable shelf placement. Your product’s presentation should enhance the work put in during production. Make sure that the basics are covered—Your products are facing the right direction, have the correct tags, and are properly stocked. A robust mobile data collection tool should offer data input fields for all of this information.
- Know your competition as well as you know yourself. As the saying goes, keep your friends close and your enemies closer! The best way to well position yourself in a crowded and competitive marketplace is to know what you’re up against. Who is the competition? How do their products differ from yours? What is their retail strategy? Gather as much intelligence about your competition as possible. A mobile data collection platform is the perfect way for field teams to collect and share this type of invaluable data.
- Product pricing should reflect a deep understanding of your retail partner and customer. Putting the right price tag on a product can be challenging. You need to make a margin; your retail partner wants to turn a profit, and the consumer wants to feel like he’s paying a fair price. Take the time to understand your retail partner’s business, and make an investment in generating consumer insights. Data gathered in the field about consumer shopping behavior and purchase decisions will help.
- Make sure your mobile data collection tool is cutting edge. It’s crucial to keep up with the trends in today’s unpredictable marketplace. A strong mobile data collection tool for retail execution will reflect the industry’s current dynamics. An outdated tool will undoubtedly hold you back.