Insights

How Market Research Firms can Help Brands Revive Same Store Sales Growth?



In a world of intense competition and frequently changing consumer tastes & preference, a lot of stores experience declining sales. It is quite common that a brand has some stores reaping good sales year-on-year while others becoming stagnant or declining.

Channelplay can help test the following hypothesis around declining same store sales growth:

  • Changing consumption patterns: A general consumer research which answers the following questions can help test this hypothesis:
    • Demand size – Frequency & quantum of consumption
    • Change in consumer tastes & preferences
    • Change in macro environmental factors – Political, Social, Economic or Technological

It is essential to conduct such research covering all stratas of population / consumers in a city.

  • Competition benchmarking: There are chances that over time a brand’s products have lost their appeal or quality or customers have started finding other brands more value for money. This would have resulted in our target consumers switching to competition brands and this hypothesis can be tested by way of a consumer research at the exit of competition brand stores delving into areas like:
    • Brand awareness: There can be scenario when a brand is new and is not investing enough to establish salience among target consumers.
    • Brand perception: Once the TG is aware, how do they perceive different brands – value for money, trend setter, innovative, young, sophisticated, mature, fun, status symbol etc.
    • Consideration & purchase: Why does our TG buy competition brands and why not our brand?

 

  • Store experience: There might be chances that a consumer have had a bad last experience at the store or may have visited the store but didn’t bu anything. A consumer research can be conducted with one-time visitors who haven’t bought anything and the consumers who have not gone for a repurchase. Additionally, a mystery shopping exercise can also be conducted to assess the store experience on the lines of:
    • Customer greetings
    • Staff attentiveness
    • In-store staff product knowledge
    • Staff need assessment, solutioning & selling skills

Channelplay helps various brands in testing various hypothesis around declining sales performance and help them seller better. In case of any requirement, please fill the form at the bottom of this page or visit our website.

Topics: Market Research