Most of the brands strive to achieve a two-tier objective of higher growth and market share. One of the inputs to achieve either or both of these is by increasing the penetration in the market which is largely possible today by increasing the number of channels through which a brand sell. In a view to increase selling channels, multi-brand retail has become the order of the market and competition traction, hence predominantly defines the growth & market share for a brand.
Channelplay conducts Mystery Shopping & Audits for brands to provide meaningful information around competition and help brands formulate relevant strategies or execute corrective action at retail. Following are the types of operational elements and relevant services to assess competition traction:
- Competition Share of Visibility | Through Declared/Mystery Audits: Majority of brands typically operate through multiple retail formats like exclusive & multi-brand outlets. In unorganized industries like building material, sanitaryware, tyres etc., there isn’t a pure brand exclusivity and retailers have an arrangement with brands where they are required to maintain a minor proportion of competition products. Channelplay, through a declared audit can assess the adherence in terms of proportion of space occupied as well as location of placement of competition branding.
In a multi-brand retail format, Channelplay through a mystery audit, can assess the location & placement of brand fixture and share of competition visibility in terms of external and internal branding elements like signage, wall branding, standees, danglers, brochures etc.
- Competition Share of Shelf | Through Declared/Mystery Audits: Brands always compete for share of shelf in a multi-brand retail format. Channelplay through a mystery audit, can assess the share of shelf as well as stock facings occupied by competing brands. For semi-exclusive formats, Channelplay can assess adherence to competition brand stocking guidelines provided by the brand through a declared audit.
- Competition Objection handling by Sales Promoters | Through Mystery Audits: Once the brand availability & visibility has played its role and made the brand register in the consideration set of consumer, it comes to sales promoters to deliver a positive dialogue and close the sale. Hence, it is important that the sales promoters can evaluate own brand with competition and handle any objections raised by the customers. Channelplay through mystery audits, can help brands assess sales promoters product knowledge & competition objection handling readiness.
- Competition Brand Recommendation | Through Mystery Audits: Some brand promoters/semi-exclusive dealers recommend competition in lieu of favorable incentives from competition brands. Channelplay through a mystery audit, can assess the same & validate dealer’s loyalty towards the brand. An assessment of reasons for competition recommendation would also suggest improvement areas in terms of better selling margins or relationship building with the dealer.
If you a brand with similar business concerns listed above, please feel free to fill the form at the bottom of this page or visit our website.