How can I use retail benchmarking to understand differences in branch performance?
Many organisations fail to understand the true drivers of significant differences in the performance of their outlets. One reason for this may be a traditional approach to management information and business intelligence lacking a geographical element.
Geographic data visualisation enhances a retail benchmarking exercise, enabling you to see trends and relationships not visible any other way. Identify and capitalise on opportunities to improve profitability.
Put performance figures in a local context
When Tech4T carry out a retail benchmarking exercise, we display many of the results on maps to give greater clarity into insights gained.
More importantly, we put performance figures into a local context, taking account of store catchment areas, the numbers of your target market in them, the road network, centre attractiveness and “pull”, the impact of new centres, whether an area is in decline or becoming more upmarket.
We blend and analyse all these factors, delivering conclusions and recommendations on customers, products and locations. For example, does your product range match the aspirations of the local population.
Retail benchmarking will make visible true under-performance in stores and enable you to identify best practice from different discrete groups of stores. You may be surprised to find stores previously considered to be star performers are actually under-performing relative to the size of opportunity within their catchment area.
Often small and medium sized organisations do not have the analytical capability to undertake complex database mining and statistical analysis, particularly with the current focus on cost efficiencies. Tech4T’s retail benchmarking service is particularly beneficial to such organisations wanting to understand the true drivers of store performance.
Whether your objective is to gain market share or a pure focus on profitability, Tech4T’s analysis services coupled with our powerful geographic information software (GIS) can bring your data alive to improve performance management of your network and deliver your growth and profitability objectives.