TROY, MI -- Location-specific sales analysis is as valuable to micromarket operators as it is to any other retailer, according to 365 Retail Markets.
The micromarket provider noted that operators must contend with "an overwhelming amount of information" on consumer preferences. It's easy to take the simplest way out, just stocking products that appear to be selling well at a local convenience store or that are listed on one or another "top 100" list. The difficulty is that this strategy wholly ignores the individual location's "unique ecosystem."
The first step in maximizing the sales at an account is to draw up a planogram, 365 suggested. This will include the physical layout of the location, a starting or baseline assortment of products to be carried, and a diagram of where they will be displayed.
A database assembled from day-to-day sales records will, when enough information has been collected, show which products are most popular and which are slow sellers. At this point, the operator can begin to modify the baseline menu.
"By analyzing your sales data and comparing it with your baseline, you can easily see what works in your market," 365 observed. "As you experiment with products that increase your bottom line, you can revise your planogram to reflect what is profitable. Through continual revisions and listening to your customers, you can understand their needs and work towards meeting them while increasing the profitability of your market."
There is a great deal of information online about planogramming, 365 reported. A good place to start is with General Mills at generalmillsconvenience.com/categorymanagement.aspx.