This is part three of a four-part series covering tips and tricks for conducting a retail audit for your business.
Optimally we would have a statistic to show you how often new retail outlets open and how often they go out of business, but there isn’t a place that keeps a comprehensive list of that information. The lack of information about store locations can make a region increasingly difficult for business operations.
The age-old saying a picture says a thousand words holds true today. When you need to learn about different environments your business is operating in a photo can provide a great deal of insight. Information about a location can provide an extra edge to business intelligence.
A retail audit is one of the best ways to understand your goods in the market. Retail audits collect information for suppliers about the health of a brand’s products at targeted retail outlets. It’s critical to not only collect data in-stores but to capture the surrounding context.
Collecting demographic information about your locations can be very helpful for gaining a fuller picture of where your products are being sold. Collecting this data can help you develop more robust and comprehensive strategies. This information can help you understand the different areas in which your product is being sold and at the what type of location.
Collecting photos of the outsides of retailers can provide insight into the experience a consumer has when shopping for your product. It can help you understand surrounding businesses and other potentially complementary data. Additionally, by pairing tasks like this with sentiment questions you can learn a great deal about shopper habits that may have previously been unknown.
It might also be of interest for your brand to collect information about the size of the outlets selling your products, the condition of the outlets, and the hours of operation. This type of information allows you to better serve your customers and understand any roadblocks they might face to purchasing your product.
With a better understanding of the places shoppers may visit in the real world, marketers gain a more comprehensive view of the consumer path and can improve their advertising, product recommendations and in-store experiences. Digital engagement can often be triggered at a nearby location for consumers to take action at a retail location.
When data collection such as this is done through crowdsourcing you are able to collect a vast amount of high-quality data quickly. Premise’s network of local Contributors can present unique insight since they are local citizens, and potentially your target consumer.
To learn more about how Premise can help you crowdsource retail audit data, or to learn about our other solutions contact email@example.com.