Market Research
Accurate and up-to-date data is critical to effective strategic planning. From customer attitudes and behavior to competition and market factors, the first step in any retail analysis project is collecting the data necessary to make informed decisions. ROIC analytics provides the necessary tools and experience to help you effectively capture the facts and opinions that impact the success or failure of your retail real estate, operations, and marketing projects.
Customer data and survey research
Over the past decade, retailers have begun to harness the power of consumer data. Loyalty cards, membership clubs, point of sale data, and social media have all allowed retailers to better understand their customers and serve them better. Better site decisions, increased customer loyalty, lower advertising costs, and improved store operations are just a few of the areas positively impacted by the use of customer data.
The problem with data garnered from shopping programs is that it is typically limited to the shopper's address and purchase behavior. Extremely valuable data in its own right - especially when tied to demographics and lifestyle data - but shopper data is limited in scope. To truly understand their customers, more and more retailers are turning to survey research.
Online Surveys (Web Surveys)
Web surveys are highly effective at capturing both customer attitude and opinions, but can also be implemented to capture the non-customer. Although there is inherent bias in all types of surveys, Online surveys are currently the most accurate, comprehensive, and cost effective method for capturing consumer opinions. Online surveys are also an effective way to measure employee satisfaction and to learn and share best practices.
Intercept Surveys (Customer Source Surveys)
Intercept surveys, aka customer source surveys, are an alternative to web surveys. Intercept surveys involve placing an interviewer in a position to "intercept" store traffic in order to ask survey questions. Intercept surveys make sense in areas where participation in a online survey is expected to be low, or in areas where it is challenging to reach potential survey participants.
Site Characteristics Surveys
Site characteristics surveys allow your company to collect factors about your existing stores. The findings from these studies provide valuable insights that allow you to make informed decisions during site selection. How does ingress/egress affect store performance? Availability of parking? Traffic? Type of shopping center? Exterior condition of the store? By determining the site characteristics that drive high performing stores, a company can implement a process that consistently returns high quality retail sites.
At ROIC analytics, we have implemented numerous successful survey programs and welcome the opportunity to work with you on your project. Our surveys include:
Professional questionnaire design standards and practices
Statistical sampling to ensure that survey participation and results are representative of your audience
Compliance with all state and federal laws and CASRO code of standards
24x7 monitoring of survey to ensure participant issues are resolved quickly
Data analysis techniques and experience to find the "story" in the survey responses
Whether you are a business intelligence expert with terabytes of consumer data and wish to mine your market basket data for opportunities to improve your marketing promotions, or are beginning the process of data collection and simply want to understand your customer better, we can help.
Customer Segmentation
Consumer analysis is important to all areas of the business. Understanding your customers' demographics, lifestyle and life stage, buying habits and preferences is key to making informed corporate decisions.
Real estate executives know that quality site selection and forecasting requires models that are built with the customer in mind. Customer segmentation fuels marketing and advertising decisions, from determining the optimal marketing mix to achieving the best ROI from your direct mail efforts. Operations has a front row seat from which to view the customer, but can benefit greatly from a big picture view. Many companies are aware that they don't know their customer as well as they should, but refuse to take the necessary steps to remedy the situation, either out of pride or confusion as to where to begin. Meanwhile, their competitors are implementing processes to better understand the consumer and increase loyalty.
Your customers want a shopping experience that is tailored to them. If you can't serve them effectively, they will shop somewhere else. We can help you turn your data into actionable intelligence for effective decision-making, build loyalty, and remain relevant in an increasingly competitive marketplace.
Underperforming Store Analysis
From grand opening on, you expect your stores to grow sales. If a store's sales are trending downward, or a previously profitable store is now showing signs of trouble, the logical move is to diagnose the problem and fix it. We can help.
We have successfully evaluated countless underperforming stores and made recommendations for improvement. We'll look at factors such as: Are customers happy? How do consumers view your store versus your competition? Is your store priced competitively? What areas need improvement? How well does the store's location match your customer profile? The results can help you decide when it's time for a remodel or relocation, improvements in operations, or simply additional training for your management and staff.
Need to objectively prioritize stores for remodel? Wish to determine which stores in your chain need to be relocated, closed, or re-merchandised? Need to budget for capital improvements but don't know where to start? Asset Rationalization by ROIC analytics is a comprehensive program for evaluating and segmenting your stores to ensure that your capital is invested in the right areas of the business. Asset Rationalization is tailored to your needs, your goals, and your business rules. Asset Rationalization takes the emotion out of difficult decisions and leverages best practices across the enterprise.
Before you close another unprofitable store, remodel a facility simply because "it's time", or spend an hour in another budget meeting, give us fifteen minutes to show you how leading retailers are embracing analytics to maximize their Return on Invested Capital.
