Is your company carrying out a retail audit? This type of in depth assessment can be a great way to learn more about your performance, but only if it is done correctly.
A retail audit is a very important assessment carried out on a retail outlet that measures the sales trends, effectiveness and sales volume of a product or a brand within the retail outlet. The audit will give an accurate picture of the events at a retail shop and will help to carry out improving measures at the time. Retail audits can be carried out for a wide range of businesses, including grocery stores, restaurants, retail shops, cinemas, health and wellness shops and much more.
The retail audit can allow you to monitor products and check on compliance with agreed procedures and standards. You will also be able to gain insight into what is happening within your store and you will be able to see interactive charts that allow for a quick interview. Retail auditors will also take quality photos during each visit, which gives you the ability to see a full picture of your store.
Retail audits can be very effective, but only if they are done right. If they are not carried out effectively you can miss out on a lot of the benefits of this powerful tool. So, how can you make the most of your retail audit and what mistakes should you avoid?
Not Making a Plan
Failing to plan is a big mistake that will compromise your success right from the very beginning.Outline a plan from the start that will make sure that your time for the retail audit is spent wisely.
Figure out what is most important to focus on during the audit and make a plan for making the most of your time. You might even want to make a list of the most important aspects that you want to focus on with the retail audit, so that you can make sure that they are being covered when you are carrying out the assessment.
Put Information in an Easy to Understand Format
You don’t have the time to read a report that is longer than War and Peace, so instead you should put together the data in a dashboard that will highlight your key metrics. If you are working with a professional retail audit company they will likely have a system like this already set up which will make analyzing data as easy as possible.
Not Using Images or Video
If you are not using images to document any aspect of your retail environment then you are missing out on a valuable aspect of your retail audit. Photos are an objective measurement of improvements and degradations and they can be stored and then “scored” at a later time.
Video is another powerful tool and it uses the same properties as images. It can capture richer information and can give snapshots of customer traffic and behavior.
Too Many People Involved
Sometimes when it comes to handling a process such as a retail audit, the saying “too many cooks spoil the broth” comes to mind. When you have many people working on this project there can be a lot of confusion and contradiction and less gets done as a result. It is best to have a small team that is in charge of managing the retail audit.
Better yet, you can hire a professional retail audit team from a field marketing services company who will be experienced in carrying out this time of audit for a wide range of organizations. Also, another advantage of hiring a retail audit team is that they will be able to give you an outsider perspective and spot some issues that you might not have noticed without looking at the situation with fresh eyes.
These are just a few of the major retail audit mistakes that many businesses make when they are trying to assess their retail performance. When done correctly an audit can be a great way to learn more about your company and identify your strengths and weaknesses. If you are carrying out a retail audit make sure that you keep these tips in mind and avoid making these mistakes in order to achieve the best possible result.