What are the best ways to measure the success of your winter merchandising efforts?

1 Set SMART goals

Before you start measuring your winter merchandising results, you need to have clear and specific goals that align with your overall business objectives. A useful framework to set your goals is the SMART criteria, which stands for Specific, Measurable, Achievable, Relevant, and Time-bound. For example, a SMART goal for your winter merchandising could be: Increase sales of winter accessories by 15% in December compared to November, by creating attractive displays and cross-selling opportunities.

2 Use key performance indicators

Once you have your SMART goals, you need to choose the key performance indicators (KPIs) that will help you track your progress and evaluate your outcomes. KPIs are measurable values that reflect how well you are achieving your goals. Some common KPIs for winter merchandising are: sales revenue, conversion rate, average order value, customer satisfaction, and return rate. You can use various tools, such as point-of-sale systems, web analytics, customer feedback surveys, and mystery shopping, to collect and analyze your KPI data.

3 Compare with benchmarks

To understand how well your winter merchandising is performing, you need to compare your results with some benchmarks. Benchmarks are standards or references that help you assess your performance relative to others or to your own expectations. You can use different types of benchmarks, such as: industry averages, competitor data, historical data, or budgeted targets. For example, you can compare your sales revenue of winter accessories with the industry average, or with your sales revenue of the same period last year.

4 Identify strengths and weaknesses

After comparing your results with your benchmarks, you need to identify your strengths and weaknesses in your winter merchandising strategy. Strengths are the aspects that are working well and contributing to your success, while weaknesses are the areas that need improvement or adjustment. You can use a SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats, to evaluate your internal and external factors that affect your winter merchandising performance. For example, a strength could be your innovative window displays, while a weakness could be your low inventory levels.

5 Implement action plans

The final step to measure the success of your winter merchandising efforts is to implement action plans based on your findings and insights. Action plans are specific and realistic steps that you will take to improve your performance, address your weaknesses, and leverage your strengths. You should also assign responsibilities, deadlines, and resources for each action plan, and monitor their execution and results. For example, an action plan could be: Order more winter accessories from the supplier by next week, and offer a 10% discount for customers who buy two or more items.

By following these steps, you can measure the success of your winter merchandising efforts and optimize your strategy for the winter season. Remember to keep your goals, KPIs, benchmarks, and action plans updated and relevant, and to communicate your results and feedback with your team and stakeholders.