Market performance data must be collected on an ongoing basis in order to have a clear and up-to-date picture of the market. To achieve this, a panel of retailers can be used. Retailer panel
This analysis provides a frequent pulse on the performance of the market in terms of volume and value, product range, sales, prices, available places, investment in promotion, etc. You can follow the performance of your own products and that of the competition. With this information you can create effective strategies to achieve your business goals.
Let’s learn more about the characteristics of a panel of retailers and how it works.
What is a panel of retailers?
A panel of retailers is an alternative to a point of sale audit that can be used to generate routine information on market performance and structure.
Unlike a consumer panel , a retailer panel is used to find out the other side of the coin, that is, the behavior and why of the decisions that sellers make.
They are based on obtaining a representative sample of points of sale, to continuously apply surveys to those in charge of stores or establishments and obtain key information, for example, on market volume, sales, product distribution, promotions and types brands and variants available. These indicators provide market agents with a “pulse” of the market to facilitate decision-making. Retailer panel
When to use a panel of retailers?
By using market research to understand retailer behavior, you can get to the bottom of what customers really want and need in order to deliver a first-class experience that sets them apart from the competition.
A panel of retailers is useful when you want to keep track of sales and distribution data at points of sale.
In some countries, collecting data from third parties may be difficult, there may be little coverage of the product of interest in the market or a large informal sector; In cases where it is not possible to make use of existing data, but where information about the location of the points of sale can be obtained, the application of a panel of retailers may be an option.
Steps to create a retailer dashboard
Consider these steps if you want to create a dashboard to obtain information from a retail establishment:
- Select the place where the surveys will be applied, according to the location and type of audience you want to reach. Retailer panel
- Remember that in a survey panel the questionnaires are applied periodically to detect trends, market evolution and make a better analysis.
- You must form a team responsible for the study and give them all the tools and facilities so that they can go to the establishment where the research will be carried out.
- The questionnaire to be applied must be defined according to the objectives and the data that need to be collected.
Advantages of a panel of retailers
Using a pre-recruited panel full of people who want to participate in market research is another sure way to find high-quality participants.
Recruiting through a panel is a quick and easy way to reach people you already know who want to participate in a market study, and it is also a great way to reach participants with specific criteria that might be difficult to find otherwise. Retailer panel