Laying the Foundation for Success
Are you new to the retail channel and considering it as a way to grow your business? Or are you currently selling products at retail but not in the Home Improvement channel? Make the leap with Premium. We’ll help you determine whether a move into a specific retail channel is a good fit, identify extra profit opportunities, and create an action plan to make it happen.
But before it all happens, we break the process into a sequence of strategy building blocks where we investigate and conduct research on your behalf in systematic phases.
Which retailers are included in the home improvement retail arena? What are their strengths and weaknesses relative to your specific product? By identifying key attributes such as market share, store size, profitability, we put you in places where purchases are more likely to happen.
Key Success Factors for Retail
What will it take for you to be successful in retail? Retail channels can be very different from familiar wholesale, distribution, and OEM channels.
Define Retail Landscape for Specific Product Categories
Who are the primary suppliers? Define purchasers and end customers and why. Define market size, trends, and forecasted demand. This phase typically includes Premium’s Market Assessment deliverable as well as a Consumer Insights.
Channel Profit Analysis
Understand the business model and profitability of each applicable business segment. Analyze retail SKU profitability, based upon cost structure and existing retail marketplace, while defining the rate to service customers. This step is crucial in developing a retail growth strategy.
Determine business goals by product category, then set priorities and targets across all applicable retailers.
Business Plan Development
Develop an action plan to achieve targets at each applicable retailer. Identify required investments, resource and organizational needs to be included in the retail business plan. Preparation of capabilities and standards for Product Line Review also occurs in this phase.