Knowledge is Power. That Means We’re Powerful.
In retail, knowing your customer is essential. Everything else is secondary. Is your product answering a need? Which products and/or features will be most successful on shelves — and why? What about in-store and online pricing, placement and promotion? Are you keeping tabs on trends to use as inspiration? Answering these questions will help you optimize your assortment, innovate new products, tailor the shopping experience, and drive sales.
But many retailers and manufacturers simply don’t have the answers. More importantly, the symbiotic relationship between consumers and the retail environment is easily overlooked. For example, your offering may be better than the competition, but consumer perception — and their actions — may not reflect this. You may have a game-changing product innovation, but a merchant wants data to support a change to their assortment. Consumers may be willing to pay more for your brand, but without data to justify your brand selling at a premium price, a merchant may choose to include a lower cost brand. Shoppers may be looking for the solution that your product offers, but retail sales associates may not be recommending your product.
Consumer and shopper insights can help uncover the “whys” and “why nots” to these questions — and Premium’s Consumer Insights team is best equipped to give your company answers.
How our clients use consumer and shopper insights to drive sales:
- Derive consumers’ real preferences for product attributes such as warranty, size, packaging and brand while identifying their willingness to pay for those preferences
- Innovate new products that address and eliminate consumer pain points or respond to market trends
- Pinpoint where consumers learn about products when shopping in order to make profitable marketing decisions
- Understand path to purchase such as shopping online versus in-store, use of demonstrational videos, and impact of customer reviews
- Test new concepts to determine purchase probability
- Strengthen in-store selling techniques through research
- Provide valuable market and consumer information to retailers which reinforces supplier-retail relationships
- Use data to support retailer buying decisions
- Gain insights into rate of recommendation by retail store associates to identify opportunities (such as training and sales incentives) to improve product promotion
Premium invites you to review a sample Consumer Insights presentation.