How to Conduct Comp Shop for Black Friday
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The document outlines a strategy for conducting competitive shopping analysis for Black Friday, emphasizing the importance of observing competitors' product offerings, pricing, and marketing practices. It suggests visiting competitors consistently and analyzing store environments, shopper behavior, and promotions to gather critical insights. The document also highlights the need to conduct a SWOT analysis and collaborate with peers to refine product strategy and differentiation.
How to Conduct Comp Shop for Black Friday
- 1. How to Conduct Comp Shop for Black Friday Joan Braatz Vice President Merchandising
- 2. Why Shop Competition? To gain competitive insights on product, price, presentation, promotion, and placement. This presents opportunity to develop differiention in product strategy.
- 3. Where to start? Consistent visits to key competitors observing best practices and merchandise strategies will yield valuable insights. By making a special trip on Black Friday key competitive insights will be found. 3 Who are the key competitors for this category? Where is the competitor located? What are competitor’s strengths? What are competitor’s weaknesses? What is the competitor’s product assortment? What is their pricing structure? What is the company’s marketing activities? Who are the company’s key suppliers? Is the company expanding? Cutting back? What stands out?
- 4. Observe the Environment 4 Digital “Find more” on-line signage or QR codes for product information; BOPIS, curbside Customer Service Attentiveness and product knowledge of sales associates; ease of check out As a merchant, product will always be the focus of a visit. Take the opportunity to view the store through customer lens. Navigation Way finders and adjacencies of like products for impulse & cross shopping Experience Store environment, mood music, interactive displays, discovery & exploratoration
- 5. Focus on Promotions 5 Assortment Monitor frequency of new launches and replenishment of core. Study clearance racks. Promotions Visit on peak and non-peak selling days to assess what promotions are utilized for each time period. In-stocks Check sizing integrity. Look for depth in sizes or colors indicating best sellers. Repetitive trips to the same locations will give contrast of change in product, placement, promotion, or pricing strategy. With this foundation ask, “What’s changed for Black Friday?” “What stands out?”
- 6. Shop E-commerce + Digital • Website landing page • Feature banners • Product highlights • Left hand navigation • On-line only promotions • Shipping methods. 6
- 7. Record Observations At Store Site Greet and talk to sales associates Observe shopper behavior (browse and buy) Discreetly take notes at the store Collect any catalogs or fliers available Inconspicuously take photos Front of store and/or store windows Off shelf presentation In-aisle displays Disruptive signing Product innovation Promotional pricing Back at the office Review all store notes for commonalities Study website for congruency to store Join forces with peers on their discoveries Reach out to suppliers to validate obersvations Connect with store operators to gain perspective Record key findings in document with date • SWOT analysis • Price and ease Add a footer 7
- 8. Complete a SWOT Analysis 8 Strengths Weakness Opportunities Threats
- 9. • Create clarity of focus with questions • Observe environment and store traffic • Be consistent with frequency and location • Examine the 5 P’s important to every merchant • Find inspiration in the aspirational • Survey website for congruency • Summarize and record key findings Summary 9 Competitive shopping reveals the potential to develop differiention within your company’s category strategy.
- 10. Thank You 10 Reach Me Joan Braatz Vice President Merchandising Retail | B2C | B2B [email protected] 214-733-9677 https://www.linkedin.com/in/joanbraatz/ https://joanbraatz.com/