Retail Strategy
Creating & Refining your Retail Strategy
Retail is a large and ever-changing environment to sell to consumers. Whether you are new to retail or have sold products in the space for some time, creating and refining your retail strategy is critical to growth.
Today, retailers and manufacturers operate in a retail environment where:
- Omni-channel retail is a key to success. Your retail strategy should link brick & mortar, e-commerce, social media and direct customer communication.
- Consumers expect the convenience of fast delivery
- Detailed product information is available instantly to everyone (consumers, manufacturers, and retailers)
- Retail partners expect supplier partners to understand the nuances of their market, systems, and metrics
- The most successful companies develop direct relationships with their customers
Who can benefit from Total Retail Group’s Retail Strategy services?
- Foreign companies who manufacture outside the U.S. and are considering the U.S. retail market as a channel for expansion
- Companies who currently sell B2B and are considering expansion into the channel
- Start-up companies looking to sell their products and services into the marketplace for the first time
- Established brands seeking to move into new markets or new retail outlets
Our Process
Total Retail Group approaches each retail strategy engagement with a proven comprehensive methodology where we explore each of the following elements:
1
Your Business (Discovery)
What are your company’s current and planned future product offerings? How does your company measure success? What are your strategic initiatives? What unique advantages does your business present, and where do you need to improve?
2
Channel Analysis
Which retailers are players in your product category? Where is your product sold outside of retail? What are their strengths and weaknesses relative to your product? What are their expectations of a supplier? By identifying key attributes such as market share, volume, and profitability, we can focus your retail expansion in places where you have the greatest opportunity for retail success.
3
Competitive Landscape
Who are your competitors? What are their unique advantages and disadvantages? How does your product assortment compare to the competition? Total Retail Group defines both the end customer and purchasers to understand why they purchase. Understanding market size, market share among retailers and manufacturers, trends, and forecasted demand. This phase typically includes our Market Assessment deliverable as well as a Consumer Insights study.
4
Profit Analysis
Understand the business model and profitability of each applicable product category. Based upon your cost structure and data from the existing retail marketplace, we analyze retail SKU profitability and define the real cost to service customers in retail. Total Retail Group’s eCompShop tool is a vital resource to estimate sales volume of key category SKUs, allowing clients to make informed decisions when chasing opportunities in the retail market.
5
Goal Setting
Determine business goals by product category, then set priorities and targets across all applicable retailers, taking into account the needs of your business and the retailer’s goals.
6
Business Plan Development
Develop an action plan to achieve retail targets at each applicable retailer. Identify required investments as well as resource and organizational needs for inclusion in the retail business plan. Preparation for Business Reviews / Product Line Reviews also occurs in this phase.
