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IGA's Business Optimization Program
How well do you know your marketplace?
Afterall, neighborhoods—in even small communities—change fast. And if the perception of your marketplace is based only on the customers coming through your door, it’s easy to lull yourself into believing that what you see is an accurate reflection of the whole area.
So how do you make sure you’re making accurate decisions for your business based on what you know, rather than what you think you know?
It all comes down to data.
And that’s why over the course of the last several months, members of your IGA National Retailer Advisory Board Executive Committee have been working with ADvay Media Group, a national company helping retailers better understand their competition and customer base—and ultimately increase sales and margin—through data collection, analysis, strategy planning, and execution.
So how does IGA’s new Business Optimization Program combines shoppers’ demographics and behaviors with your own store-specific sales data to help you make educated business decisions for everything from advertising, marketing, and merchandising to long term planning goals?
It's a seven step process:
1. Trade Area Evaluation
Know Your Marketplace
Analyze how your market varies between a 5-minute drive time and a 10 to 15-minute drive time from your store. This step will analyze a sales surplus or leakages and it's effect on your store.
2. Weekly Print Ad Review
Focus Your Advertising
See how effective your print advertising is and identify ways to save. 85% of all ADvay Print reviews find savings and 10% of all reviews find media coverage holes.
3. Competitive Analysis
Know the Strength of Your Competition
Identify how strong are your local Wal-Marts, Dollar Stores and other grocery competition within a 5, 10 and 15-minute drive time.
4. Key Categories to Grow Market Share
Know Your Market's Consumer Spend and Potentials
Identify the category benchmarks of consumer spend and food at home within a 10-minute drive time and see how your market index compares to a national average.
5. Develop a Marketing Strategy and Plan
Define Your Action Plan
ADvay will identify your strengths and weakness and partner with you to develop a strategic and executable merchandising and marketing plan to be implemented within the next quarter.
6. Implementation of Key Findings
Launch and Execute Your Action Plan
ADvay will assist with key elements of your personalized Action Plan while you execute at store level.
7. Assessment of Sales
Know Your Results
Once your action plan has been implemented, retail sales are tracked at category and sub-category levels. Results are reported monthly with a quarterly review.
Have questions? Contact ADvay's Leigh Engelbrecht at leigh@advaymedia.com
Have questions? Contact ADvay's Leigh Engelbrecht at leigh@advaymedia.com.