Why Retail Execution Is Important
Retail execution includes all tasks that lead to a correct application of strategy during the point of purchase. It is the combination of activities that guarantee that the brand is on the correct channel, with the right customer base in the best place in the store. It involves designing and executing effective product introductions and promotions, using retail data to drive merchandising, predictions based on shopper demand, and increasing product visibility by bringing it directly onto the shelf. Retail execution proves to be very important and the reasons why will be discussed in this article.
You want your product to always be available on the shelves in the stores. This is because when the product the customer is looking for cannot be found in the shelf, they might either go to a different store or maybe even come back some other time hoping to be luckier then. Mostly though, they just settle with the current brands available. Retail execution will help you avoid this unruly situation. Your sales reps should have the tools to monitor inventory levels and take new orders knowing lead times for when your products are due to arrive.
It helps you think of special in-store promotions that can make your product more visible than others. It is important that you make sure to never fall behind in comparison to your competitors. Also, your products should be your customers’ first choice. Retail execution will help you have more sales and higher revenue.
You can effectively communicate new in-store promotions to your field sales staff with the help of a retail execution software. You are able to share information about the latest promotions quickly and easily to all your staff at the same time. Thus, each retail customer will be provided with relevant promotion information.
They help you out by making sure that your products are where they should be. Furthermore, the available agreed compliance information is provided to your sales reps’ devices helping you monitor your products.
Retail execution brings your products into the spotlight and gets your customers’ attention. You can increase customer loyalty by increasing interaction with shoppers and learning about their likes and dislikes.
In order to fully execute retail execution, it is important that you should first define what your objectives are. Conduct a meeting with your employees in order to get ideas. In addition, you must make sure that they are measurable for you to easily identify if they are effective.
The next step is to design a strategy and take it into action. If there is a geographic region or a particular store chain where your product doesn’t seem to sell well, you should focus on improving that. In addition, discuss among yourselves how your brand will be displayed on the retail stores. Then your field service can execute the plane.
Finally, you must evaluate the result of your retail execution. Find out which one works for you by experimenting on different concepts.