Get To Know Your Competition

15 Jun Get To Know Your Competition

Do you know what your competition is doing? What do you do after your products hit the shelves?

Competition Research

I like to visit the stores a couple of weeks after the merchandise is placed. This way I can see how and where my products are situated and talk to the staff in the stores. By gathering information from those responsible for merchandising and selling the products (both my own and the competition’s) it keeps me clued in to what the customers are buying and gives me an edge in this very competitive industry.

Your merchandisers should also be doing regular store visits to stay abreast of what is going on in the market, new competitions, styles, collections, brands, price points, etc…   Reports should be made each time to use as reference when in the development process.

Knowing your competition is essential in creating a successful product category or collection.

What are they doing?

• Have I missed a style, colour or new innovation?
• How much “real estate” do they have compared to me?
• Why do they may have more shelf space than I do?
• Are my products placed at eye level?

Having a good rapport with your vendors allows you to glean important information about what the average customer looks for. I like to ask the following questions when I am in a store:

• What are the comments from end users on my product?
• Is my product easier to sell than others?
• Would more product knowledge help to sell?
• Are promotions being offered on my competition?
• Very important, how do my prices compare?

Now you are armed with valuable information to help create, build and design saleable product that will also be very helpful in preparing for your sales meetings.  It allows for focus during the design and development stages so that valuable time and money are not wasted.

This exercise should be done on a regular basis as part of the development and sales process but it can also be done casually throughout the year when you are out shopping socially.

Please contact Apple and Pear Design for a free ½ hour consulting session.

Knowledge is Power!