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Getting into Retail > Retail Strategy

Retail Strategy

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 Big Box channel? Make the leap with Premium. We’ll help you determine whether a move into the Big Box world is a good fit, identify extra profit and growth opportunities, and create an action plan to make it happen.

Home Center Retail Strategy

With our office in Atlanta, GA staffed by industry veterans focused on the Home Center Channel, we are uniquely qualified to assist with developing and executing strategy for Home projects. Our clients currently sell over a half of a billion dollars into this channel.

Walmart, Mass and Consumer Electronics

Looking for a partner with experience growing sales in toys, home improvement, consumables and consumer electronics? Our offices in Bentonville, AR and Minnesota allow us to drive sales opportunities in the mass channel, thanks to our team. Premium is the right choice for you.

Our Process

But before it all happens, we break the process into a sequence of strategy building blocks where we investigate and conduct the following across subsequent phases:

  1. The Retail Space— Which retailers are included in the specific 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.
  2. Key Success Factors for Retail— What will it take for you to be successful in retail? The retail channel can be very different from familiar wholesale, distribution, and OEM channels.
  3. Define Retail Landscape for Specific Product Categories— Who are the primary suppliers? Define purchasers and end customer and why. Define market size, trends, and forecasted demand. This phase typically includes Premium’s Market Assessment deliverable as well as a Consumer Insights study.
  4. 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 cost to service customers. This step is crucial in developing a retail growth strategy.
  5. Set Goals— Determine business goals by product category, then set priorities and targets across all applicable retailers.

Business Plan Development Develop an action plan to achieve retail 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.

Hear it for Yourself

“…The Premium team was able to provide in store sales support, real-time customer feedback and product training that was invaluable to understanding the performance of the program and driving sales at the store level. Not only did they engage hundreds of contractor customers on our new offering, they captured names and contact information for these customers so that we can build an ongoing relationship. They also made sure our end cap was up and trained hundreds of associates. The program delivered excellent short term benefits…but the long term dividend of this…will be huge!”

-Lithonia Lighting Vice President of Retail Sales, Lithonia Lighting

“As our high season approached in 2012, using [Premium’s] QTrax POS, we discovered that some of our historically top-selling SKUs were underperforming forecasts in key retail locations. We had some ideas as to what the cause of the problems might be, but Premium helped us to quickly confirm the issues consumers were encountering in our high priority stores. They also rectified the problems with spot packing down product, organizing our space and updating our on hand counts to be accurate. As a result, we were able to quickly recover and drive more than 50% sales increases in the visited stores.”

-Rain Bird National Account Manager, Rain Bird

“The market research from Premium was absolutely essential to our successful launch at retail. Not only did it help us refine our approach to the market including pricing and packaging, the data was critical in convincing the merchant to move forward.”

-PF WaterWorks President, PF Waterworks

“Premium’s creativity and market research capabilities set them apart from other consulting agencies in the industry. They have helped us conceptualize and market test ideas that will help us dramatically grow our hand tools business.”

-JS Products, Inc. President and CEO, JS Products, Inc.

“Premium was able to help us identify and size a completely new market for growth and turn our thinking 180 degrees on which channels to target.”

-Origin Point Brands VP Sales, Origin Point Brands

“The analysis was so compelling that Home Depot’s merchant team doubled their opening order right there in the meeting,”

-Lighting Science Group General Manager, Lighting Science Group

“I have been working as a vendor to retail for a long time at Black and Decker, Emerson and a couple of other large manufacturers. Our ability to react to what is happening in specific stores for specific SKUs is one of the most powerful retail tools that I have ever seen. On a monthly basis it drives real sales opportunities for us and for our retail partners. It also makes us a more valuable partner to the retailer and allows us to differentiate on something other than pure cost.”

-Lighting Science Group Vice President of Retail Accounts, Lighting Science Group