What should you consider when choosing a benchmarking tool for retail management?

In my experience the prime benchmark parameters should be Sales per square feet, Margin per square feet, Customer conversion, ATV, ASP, ABQ, Growth over previous period, Sell through, Number of days cover, Fill rates & operational cost vs revenue. These parameters must cover all the basics

Además de investigar y comparar cosas fundamentales como la satisfaccion del cliente, la calidad del producto, los costes, etc. deberíamos incluir benchmarking para recursos humanos, que usado correcta e inteligentemente puede transformar una empresa, empoderándola debido a su fuerza laboral. Y eso influirá notablemente en las ventas y el beneficio final. ?Os imagináis como mejoraría una empresa con un proyecto de ventas para cada trabajador basado en un benchmarking de performance e interno? ?O por ejemplo os habéis parado a pensar en medir sostenibilidad y como podria impactar en nuestras ventas, imagen de marca o beneficios?

When selecting a benchmarking tool for retail management, it's crucial to tailor your choice to specific needs. This involves considering the retail category, market maturity, and focusing on customer-centric metrics. Key aspects to evaluate include customer loyalty, frequency of repeat visits, tracking of lost customers, and the Net Promoter Score (NPS) which gauges customer satisfaction and loyalty. Additionally, assessing the Lifetime Value (LTV) of each customer and their profitability, whether they purchase at full price or with discounts, provides valuable insights into consumer behavior and business performance. Selecting the right tool involves a nuanced understanding of these metrics in the context of your unique retail environment

In my experience on the internal side we should be competitive on improving the processes and the motivation and trainning of the team. In the general scope of the market, the best is to be open and flexible, learn from success but always innovate, take the risk, and respect the consumer bringing a wide range of products, with a different approach , high quality, cool designs and good prices. Be focused on the sustainability should be a priority.

In my experience is very important to be clear of the objective of the benchmarck you will do and what will you do with that info. Imagen that you spend a lot of money or resources doeing the benckmarck and the results doens't gives you the info you need for the purpose you are seeking. First your objective, then how and ho will you will do it!

When considering a benchmarking tool for retail management, it is crucial to prioritize the quality of data and the reliability of data sources. The accuracy of the information obtained significantly influences decision-making processes. Opting for a tool that ensures up-to-date, relevant, and representative data is essential. This approach guarantees precise comparisons and analyses, enabling informed decision-making to enhance overall business performance and competitiveness in the market.

Ao escolher uma ferramenta de benchmarking para varejo, considere a confiabilidade, atualidade, fontes dos dados, e as medidas de seguran?a e privacidade.

Depending on the purpose you should consider, what you want to compare. Is it your internal Sales Network, do we talk about your customers or even customers of the competitive brand. Therefore I would start with your internal SME (subject matter experts), where your company data is hidden or available. Sometimes you will find it very fast and sometimes it’s a long way to go, through different silos or departments. Anyway check the points we the data are created, gathered and modified, to find reliable data records you can trust. For external data sets you will find some open (government) source data, otherwise you should focus on industry experts with trusted, buyable data sets. You should be always able to explain the source and the story.

Al seleccionar una herramienta de benchmarking, es crucial considerar la calidad de las fuentes de datos y cómo la herramienta aborda la privacidad y seguridad. Busca una herramienta que obtenga datos confiables, se asegure de su precisión y se actualice regularmente. Además, prioriza aquellas que protejan la privacidad y seguridad de los datos contra accesos no autorizados. En resumen, la fiabilidad, actualización y seguridad son aspectos fundamentales al elegir una herramienta de benchmarking.

Choose a benchmarking tool that pulls data from various sources, including your internal operations and industry benchmarks. Ensure the data quality is high by validating and updating regularly, as accurate information is essential for meaningful comparisons and effective decision-making in retail management.

As we know, it is the detail, where you find the truth. Think about your KPIs, also for the detail level of a KPI, eg. if you are talking about interest rates, which one we are talking about? With discount, without discount, effective, nominal - this is exactly the point, where you should have a clear description and understanding of your KPIs. In the past there was often the case, you raised a KPI, but what are the levers to impact those KPIs, or better what parameters you can influence to simulate and make it real to get a increased KPI. Think about your KPI driver tree, which numbers, actions, lead to one or more KPIs and how you influence them in positive and easy way.

In Business Analytics, tools such as Tableau, Power BI, Python, R, Excel, Google Analytics, and Qlik Sense are used. The choice of each tool depends on the complexity of the analysis, the data source, and the analyst's familiarity with the tool. The combination of several tools is also common to address different aspects of the benchmarking process.

We should always seek ways to optimize processes, making things easier for everyone in the organization. Sometimes, there are things that managers may not see, yet the workers using the tools daily know the errors these tools present. Occasionally, a compilation of staff opinions and complaints should be conducted to improve benchmarking tools.

Al elegir una herramienta de benchmarking, es clave analizar sus características. Busca una que se ajuste a tus objetivos y sea fácil de usar. Considera la compatibilidad con tus sistemas. Por ejemplo, si te centras en ventas, elige una que genere indicadores clave. Para comparar el dise?o de la tienda, selecciona una que permita probar distintos dise?os. En resumen, la herramienta debe facilitar tus comparaciones de manera efectiva. ?Elige sabiamente para mejorar tu rendimiento!

Ao escolher uma ferramenta de benchmarking, é crucial que ela ofere?a recursos específicos para seus objetivos, seja avaliar o desempenho de vendas com indicadores-chave ou experimentar layouts de loja. A ferramenta deve ser intuitiva, compatível com seus sistemas existentes e flexível, facilitando uma análise eficaz e eficiente. Selecionar uma ferramenta que se alinha bem com suas necessidades e processos é essencial para um benchmarking bem-sucedido.

The cost benefit analysis is very important . However the benefit can be evaluated in multiple ways . The tool has to give a good ROI without compromising on quality while focussing on productivity and profitability .

For achieving cost-effectiveness and value, it’s essential to assess the pricing structures of benchmarking tools like Tableau, Power BI, Python, R, Excel, Google Analytics, and Qlik Sense. The choice among these tools should align with the budget, resource availability, and expected returns on investment, considering factors such as subscription models, licensing fees, or pay-per-use options. This ensures that the selected tool not only meets analytical requirements but also aligns with financial considerations, delivering tangible benefits such as enhanced efficiency, productivity, profitability, or customer loyalty.

All depends of the business size while small Companies may prefers something affordable for standard results, biggers may choose something reliable and high scored when several options are around the market.

En todo proyecto se debe evaluar el famoso costo-beneficio. Esto también aplica para la implementación de una herramienta que sea capaz de ofrecer lo mínimo requerido, con valores agregados que potencien la toma de decisiones, el análisis del mercado, la rapidez con que se mueve el mercado y que además permita realizar cruces de información, comparar segmentos, territorios, competencia, tendencias, tecnologías y todo que aquello que aporte para rescatar los mejores resultados posibles. La herramienta debería de ser amigable también para poderse adaptar a las necesidades de la compa?ía, compatible para integraciones con otras herramientas y que permita el flujo rápido de la información.

Cost-benefit analysis helps assess the potential benefits of the pivot, such as increased market share or revenue, against the costs involved, such as rebranding, repositioning, and marketing expenses. It ensures the pivot is financially feasible and aligns with the organization's objectives. Value analysis is a set of techniques, knowledge, and skills used to improve the value of a product by eliminating unnecessary costs or improving its functions without compromising its quality, reliability, and performance. It involves understanding the components of a product and related costs.

Strategically choosing benchmarking tools is crucial to align with business objectives. My experience highlights the effectiveness of tools like Tableau, Power BI, and Python for impactful analysis and visualizations. Integration should consider the complexity of analysis and adaptability to data sources. Cost evaluation should balance features and financial impact. Responsive and expert support is crucial for project effectiveness and success. The choice should consider technical functionality, financial viability, and the backing of robust support for ensuring positive and sustainable outcomes.

Tener un buen soporte en una herramienta de trabajo es la clave para cubrir las necesidades básicas de un buen funcionamiento. Para que el servicio sea excelente el proveedor del soporte tiene que ser fácil de contactar para poder optimizar el tiempo a sus clientes y ser eficaz en resoluciones de problemas o incidencias.

It is difficult for me to imagine a business model that is not based on a value proposition that includes customer service and support. Unless of course you care little about recurrence as a tool to consolidate the value of your business.

El servicio y soporte al cliente en las compa?ías minoristas es fundamental para brindar una experiencia positiva a los consumidores. Cuando las empresas minoristas se centran en ofrecer un excelente servicio al cliente y un sólido soporte postventa, no solo aumentan la satisfacción del cliente, sino que también construyen lealtad a la marca. La capacidad de resolver problemas de manera eficiente y brindar asistencia personalizada puede marcar la diferencia en la percepción que los consumidores tienen de una empresa minorista. Es crucial que las compa?ías minoristas inviertan en la capacitación de su personal para garantizar un servicio y soporte de alta calidad, ya que esto puede influir significativamente en la reputación y el éxito.

Um bom suporte é crucial para otimizar a ferramenta, solucionar problemas e garantir a satisfa??o do usuário. Capacidade de resposta, treinamento, e atualiza??es constantes s?o essenciais para o sucesso da ferramenta.

Project management requires review, qualification, and application of improvements. and restart the cycle. No project will be managed as such without this step in its execution.

Es muy importante la opinión de las personas más experimentadas en el área , no sólo dependemos de las teorías para llevar a cabo la alimentación de una herramienta, sino que las lecciones aprendidas documentadas nos darán un plus referente al conocimiento del trabajo que realizamos.

Well this is one of those important things to considerate, maybe on old times, why? Because the reviews and ratings, they were do it only between families or small nets of friends, now is not like that I mean you can read reviews and ratings from persons from any part of the world, even videos not just text, so this generate to the companies to have the important care on his services or products because it is an key factor for the success.

Por qué incluir sostenibilidad en nuestro benchmarking. En general los fabricantes piensan que los retailers pueden mejorar sus planes y estrategias de sostenibilidad tanto a nivel de relación comercial como de servicio. Además, consideran que hay mucho margen de mejora en proyectos conjuntos en pro de la sostenibilidad. La optimización logística es un aspecto prioritario. Aunque se ha hecho un esfuerzo para optimizar estos procesos, aun queda mucho por recorrer. Además los fabricantes creen que sus clientes deben estar al día de las tendencias del mercado, entre las que se incluyen las de sostenibilidad. Todo esto contribuye sin duda a mejorar la imagen de la empresa, sus procesos y a medio plazo sus ventas.

Sometimes the best tool for benchmarking is yourself and your team. I’m my experience the best way to define what kind of tool you need (or if you really need a tool) is to put yourself into the job. Once you’ve analyzed the process, the information and the results you’ll have enough background to take the best decision based on the above parameters.

When choosing a benchmarking tool for retail management, consider factors such as compatibility with your retail software, scalability to accommodate future growth, ease of use for your team, the comprehensiveness of performance metrics provided, and the tool's ability to offer actionable insights for improving retail operations. Additionally, cost, customer support, and the tool's track record in the retail industry should be taken into account to ensure it aligns with your specific business needs and goals.

Importante distinguir entre benchmarking y evaluación comparativa. La evaluación comparativa es sólo una parte del necesaria y relevante, pero insuficiente: la mejora de la empresa exige la implementación de un plan de acción. Si no, podriamos encontrarnos con una ausencia de dirección una vez obtenidos resultados de nuestra investigacion/comparación. El benchmarking está dirigido a la acción o cambio, lo que implica aprendizaje, gestión del conocimiento y adaptación de prácticas excelentes. No se trata de copiar las mejores prácticas, sino más bien de aprenderlas y aplicarlas mediante la adaptación, creación y redise?o de nuestra empresa.

Além de comparar-se com outros processos e organiza??es você deveria considerar se essa é a única, ou a melhor, fonte de informa??es para o seu processo. Investigar os clientes muitas vezes é a melhor fonte de informa??o. Eu particularmente gosto de pensar nas formas e situa??es em que temos oportunidades para "irritar nossos clientes". Ests forma de pensar e investigar acaba gerando muitos insights sobre o que precisamos melhorar.