A product line review is designed to help you validate that your merchandising plan aligns with the overall goals of your organization. Comprehensive, data-driven metrics are essential for ensuring the accuracy of your line review. Here is a look at 5 key metrics to watch closely in your next product line review.
Online vs. In-Store Shopping and Buying
One of the key purposes of a line review is for retailers and manufacturers to understand how consumers shop for their products. Naturally, this makes understanding where your customers buy essential. Online retail is growing increasingly popular with the convenience and ease it provides. However, it still cannot overcome the key benefits of buying in-store, such as the ability to try products in real-time, avoiding shipping costs, and having immediate access to consumer purchases.
The constant tug of war between online and in-store buying makes this metric a key point to watch in your retailer line review. By better understanding where your customers are buying, you can assure retailers that consumers find the products they’re looking for in the places they’re most likely to look.
This metric can also help you appeal to new retail markets and ensure your product is featured where customers shop the most. For example, say your line review reveals customers are most interested in buying your products online. You can use this information as leverage to expand your share of the digital market and highlight your value to online retailers.
Brand & Retailer Market Share and Sales
How does your business stack up against the competition? Knowing your market share and sales—as well as your competitors’—can help you better make the case that you and your products have a valuable place on retail shelves. As you use your line review to help inform essential business decisions, this can also help you gain market share in your industry.
Why Customers Buy
Uncovering why customers buy products or services in your industry can help you appeal to that purchase motivation. As such, it is essential to explore purchase motivation in your line review. Some common purchase motivators include price, brand loyalty, availability, features, and more. When you clearly display the customer need that your product meets, you give retailers a reason to prioritize your product on their shelves.
Product Feature Trends
Are you keeping up with the latest trends in your industry? This line review metric can be one of the most revealing in terms of your projected success. Consumers often want the latest and greatest products available to them. If your available features are falling behind, you will need to compensate in another area of buying motivation—such as price. Otherwise, you will find your business relying entirely on brand loyalty.
Retailers want compelling products to attract and retain customers. By keeping track of product feature trends in your line review, you can ensure your products fill unmet needs. Being unique and progressive can make your business an asset to retailers while keeping you ahead of the market.
Line reviews are designed to help you retain your place within retail stores and to defend potential competitor threats. Before you can protect your business from trouble, you have to identify where that trouble is coming from. That is where a line review comes in. Line reviews can help you measure and track:
- New brands encroaching on your sales
- Competitive pricing threats
- New competitors entering your retail space
- And so many others
Once you identify these threats, your line review will help you create a data-driven plan of action to keep your business ahead. How is your business different from the competition? What helps you stand out on in-store and online retail shelves? You can improve and hone in on these benefits your business holds and communicate them clearly to retailers in your industry.
Prepare for Your Line Review with TraQline
Preparing your line review is easy with the right information on your side. TraQline offers all of the metrics, data, and insight you need to prepare for your line review. We provide some of the top businesses in the country with market share data, research, and statistics. Ready to get started? You can schedule a free TraQline demo or contact our professionals to learn more today!