retail never stands still, so whilst its important to always operate to best practice standards, just because “things are always done this way” doesn’t mean a retail business should not be constantly looking to improve and evolve the customer experience
when a business stops looking at innovation and new initiatives in its own market and beyond then it risks becoming “stale” and being left behind in a competitive market place
What can we do for you?
- how well do my stores continually compare to best practice?
- are my stores behind the latest delivery mechanics of competitors?
- are we missing important events and seasonal dynamics?
- do competitors have a stronger more attractive promotional calendar?
- are we slow at following and communicating market trends?
This is how we help…
7. “Undercover Expert-ease” – ongoing competitor benchmarking
“How do I continue to assess & monitor my customer experience against market trends, competitors and best practice?”
Periodic analysis and comparison of client touchpoints against a selected number of market competitors
- agreed number of touchpoints consistent across client & competitor stores
- traffic light comparison levels of maintenance across competitors and client stores
- comparison of seasonal event delivery common to all
- comparison of use of different store elements and touchpoints
- comparison of touchpoint seasonal trends/product categories across client/competitors
- prioritising and score competitor innovations against relevance to client brand – “Innovation Indexing!”
- Identify and compare the ongoing quality of store delivery in direct comparison to the quality of store delivery of competitors
- Identify the comparative level of delivery of common events & touchpoints
- Identify differences in seasonal focus between client and competitors – weaknesses and future opportunities
- Identify new store delivery elements and touchpoints
- Identify the most relevant innovation to the client brand
- Visits to selected client & competitor stores on an ongoing monthly, seasonal basis
- Visits linked to specific important seasonal periods
- Checklist findings and take images of good/poor practice in client and competitor stores
- Traffic light stores/competitors and important touchpoints
- Creation of the “new touchpoints” competitor analysis documents
Aggressive actions (from a potentially long list):
- put in place an innovation team to respond to new trends and practice
- develop a test store and control store environment
- identify each season priority innovations to develop based on “Innovation Index” priorities
- implement in test stores, monitor, measure, develop & implement
For more information on how “undercover expert-ease” can help.
Please get in touch. We’ll be happy to help & advise…
+44 (0)7967 609849