How Retail Audits Help Brands Outperform Competition

Brands are constantly seeking ways to drive higher growth and expand market share. One proven strategy is boosting market penetration by diversifying selling channels. With multi-brand retail formats emerging as a key battleground, brands are increasingly leveraging mystery shopping and comprehensive audits to stay ahead of the competition. In this blog, we explore how these audits can optimise retail performance and drive business success.

The Power of Multi-Brand Retail in Today’s Market

As brands strive for increased visibility and stronger customer engagement, multi-brand retail has become the new norm. Unlike exclusive outlets, these retail formats allow consumers to compare multiple brands side by side. This environment challenges brands to not only secure prime shelf space but also excel in display aesthetics and customer interaction.

Key benefits of multi-brand retail include:

• Enhanced Visibility: Exposure alongside competing brands forces a brand to stand out through strategic placement and innovative in-store displays.
• Improved Market Penetration: Diversifying retail channels enables brands to reach broader audiences.
• Competitive Benchmarking: Direct comparison with rivals drives brands to improve on every front—from product presentation to sales interaction.

Channelplay’s Innovative Approach to Mystery Shopping & Audits

To navigate this competitive arena, Channelplay offers a suite of mystery shopping and audit services designed to provide actionable insights on competition traction. These audits help brands identify strengths, spot weaknesses, and develop targeted strategies to enhance their market position.

How Channelplay Assesses Competition Traction

Channelplay’s audits cover several key operational elements that directly impact a brand’s competitive edge:

1. Competition Share of Visibility

• Declared & Mystery Audits: Brands often operate across various retail formats, including exclusive and multi-brand outlets. In sectors like building materials, sanitaryware, and tyres, retailers are required to allocate a portion of shelf space to competitors.
• Assessment Focus: Channelplay evaluates the proportion of space occupied by competition products and the strategic location of these placements. This includes a detailed review of external and internal branding elements such as signage, wall displays, standees, danglers, and brochures.

2. Competition Share of Shelf

• Shelf Competition Analysis: In a multi-brand setup, the battle for shelf space is fierce. Through mystery audits, Channelplay assesses both the overall shelf share and the number of stock facings allocated to competing brands.
• Adherence to Guidelines: For semi-exclusive retail formats, declared audits help ensure that retailers are complying with brand-specific stocking guidelines.

3. Sales Promoter Objection Handling

• Critical Role of Sales Promoters: Once a product captures consumer attention, sales promoters are crucial in converting interest into sales.
• Audit Insights: Channelplay’s mystery audits evaluate the readiness and product knowledge of sales teams. This ensures that promoters are well-equipped to handle customer objections and confidently position the brand against competitors.

4. Competition Brand Recommendation

• Dealer Loyalty Checks: Sometimes, sales promoters or semi-exclusive dealers may recommend competitor products due to attractive incentives.
• Assessment Outcomes: Through mystery audits, Channelplay identifies instances of competitor recommendations and provides insights into potential areas for improvement, such as enhanced selling margins or better relationship-building strategies with dealers.

The Competitive Edge: Why Mystery Audits Matter

By leveraging Channelplay’s mystery shopping and audit services, brands can gain a comprehensive understanding of their retail performance. This insight is invaluable for:

• Strategic Decision-Making: Data-driven audits help pinpoint areas where corrective action can significantly boost sales.
• Competitive Benchmarking: Regular assessments allow brands to monitor their market position relative to competitors.
• Enhanced Consumer Engagement: Improving in-store experiences through better product placement and proactive sales support can drive customer loyalty and repeat business.

If your brand faces similar challenges and aims to optimize its market presence, Channelplay’s detailed mystery shopping and audit services might be the solution you need. Our expertise not only uncovers competitive gaps but also provides the strategic insights required to navigate today’s dynamic retail environment.