Jun 21, 2018 Guest Author

5 Steps to Flawless Retail Execution

Ramping up your in-store action plan is more than just opening doors and having product in place—it’s creating a robust, multi-faceted approach that pairs analytical insights with dynamic on-the-ground support. To achieve flawless retail execution—and drive sales in the process—follow these five steps for success:

Step 1: Tell your story through merchandising and asset management

Consistency, clarity, and compelling displays are key when it comes to effectively showcasing your product. Ask yourself: 

  • Are my shelves, hangers, and/or display cases properly stocked?
  • Do we have more product ready to go in back?
  • Does my signage tell an interesting story?
  • Do my demo/test products suit the audience?
  • Is there any damage to my assets, or any missing pieces?

Remember, your display and stock are the first things consumers will see. If you’re low on product, have missing assets, or have damaged displays, you risk shoppers passing your products by. 

Step 2: Have the right people in the right places (at the right times)

When you have on-brand, in-store agents, you greatly expand your sales and marketing presence when (and where) it matters most. Not only do you gain direct visibility into what’s happening on site, but you can collect instant store reporting, see what your consumers are saying, educate your associates on key product features, and so much more. 

Whether you have an existing full-time team, need to bring in a dedicated field force, or decide on a balance between the two, being fully staffed on the floor will help you drive sales and key consumer engagement.

Step 3: Educate your associates on what matters most

Did you know that 78%* of consumers rank sales associate product knowledge as their top desire?

From product features and industry trend tips, to comprehensive training and development programs, offering education opportunities builds stronger brand loyalty—not just for your associates, but for your consumers as well.

And it doesn’t stop there: having training and learning programs also strengthens the relationships between store managers, leads, and associates, creating a cohesive team effort that supports your marketing efforts and drives sales.

Step 4: Keep robust analytics at your fingertips

What better way to gain actionable insights than to have real-time access to key metrics? Daily sales numbers, store opportunity scoring, associate engagement data, and merchandise fill rates are just the tip of the iceberg—and by providing your in-store and corporate teams with these insights, you can create targeted action plans that tackle specific in-store issues and goals.

Step 5: Create powerful action plans that drive results

One-size-fits-all strategies are nice in theory, but don’t hold much water when you’re comparing the traffic and dynamics of a small store in the rural Midwest with a flagship store right in the middle of a major Northeastern city.

With the right insights, you can hone your strategy store-by-store, allowing for the right combination of in-store service and analytical software allocations. Identify the opportunity in each of your stores, and then make personalized action plans to see the best sales results.

* PWC Total Retail Key Findings Study

Interested in learning more about how ThirdChannel can help your brand? Request a free demo now!

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Published by Guest Author June 21, 2018
Guest Author