What is Store Check: Competitor Analysis

Have you heard of Store Check? It is an effective tool in the field of market research that not only helps improve the sales of a company, but also offers a great competitive advantage. Knowing its phases and its benefits will help you decide if it is also an excellent resource for your hardware company.

Store Check: What it is and what it is for

Store Check is defined as one of the most effective methods when it comes to improving sales and market positioning. Based on research and analysis, this method pursues the following objectives:

Market research

As a tool within market research, it allows us to know how users move. And what are the best distribution channels, as well as segmentation or market niches.

Competitor analysis

From the analysis of the competition updated at the moment, data as relevant as which are your best-selling products, or your most effective strategies are obtained.

Advantages of the store check

Store Check has the following advantages for the company:

  • It allows you to analyze what direct or indirect competition does in your strategic points of sale.
  • Store check favors the choice of a correct distribution. It is not a matter of being in as many points of sale as possible. But in those where our target audience is really located.
  • Another advantage of Store Check is that it helps position yourself ahead of the competition. By knowing their strategies, we can deduce their strengths and weaknesses.
  • It helps to position the brand in the market and in the minds of consumers by making them see us as a reference.
  • At the same time, it is very useful to design marketing strategies focused on the distribution of products.
  • It is also very useful when introducing a new product to the market. By evaluating competitor products, we will be able to set our price and distribution channels.


How to perform a step-by-step Store Check

The research process begins with visiting competitor outlets to try to evaluate the products. But on paper it is necessary to define the following aspects.

The objectives

What is the goal of this research? It would not be the same to know the price of the competition, their distribution channels, or the rotation they make of the articles.

How is consumer behavior

In this aspect, it would be very helpful to look at the opinions of customers or the suggestions they make to the competition through the different communication channels.

Sales study

Do you advertise? Who are your target audience? And what about promotions? The more data we have, the better we can do field research.

Evaluate your own business

The final step of Store Check is to observe and evaluate our own business. More specifically, compare our products with those analyzed by the competition and determine aspects such as the space we dedicate to a specific article. The lighting of the store, the promotion, or the price. And all this with the aim of improving and thus, increasing sales.

Would you bet on Store Check as a tool to improve your business?

What you can be sure of is that what works best when it comes to successfully managing your imports of furniture and construction hardware from China is to have IBMH. We are the partner you need to increase the profitability of your imports. Contact us today!