Getting to Know Your Market
Orgill’s Market Driven Retailing (MDR) is a comprehensive study that provides measurable data about your market to assist you in guiding your business. Its primary objective is to provide insights about how your store is positioned compared to others in your market.
Your Orgill sales representative will guide you through the MDR study. The first step is for
Orgill’s store planning team to coordinate an on-site visit to conduct an audit, as well as visits to selected competitor locations for analysis. The
audits are focused on benchmarking your price image, the breadth of inventory you offer and the customer services you and your staff provide.
During this time, the Orgill team also begins its first steps in planning a new store design, including taking store measurements, studying local demographics and analyzing data from the study.
You can also use this market-specific data to determine what measurable actions you can take to enhance your image as the go-to store in your community.
The MDR study is applicable to all retailers, whether you’re adding a new store, expanding to a new location or just want to ensure your store is still relevant to your local market.
In fact, a new location benefits greatly from the MDR study, which can help reduce the risk of trial and error when opening a new store, simply because it helps you understand exactly what the local market is looking for.
A Three-Pronged Attack
The research that is conducted serves as a foundation for a business plan for success.
This business plan addresses the three key competitive areas of your business that are at the heart of cultivating a more profitable operation:
- Assortment
- Price
- Service
But just like any plan, a strategy for your business can only be successful if you have the tools you need to achieve the goals it outlines. That’s why Orgill’s commitment to helping you improve your profitability through the MDR process doesn’t end
when the research is complete, a new floor plan has been designed and a plan has been presented.
Orgill also provides the tools and systems needed to address these three key areas, with Focused Assortment Planning, Market Specific Pricing and Strategic Customer Service programs.
Focused Assortment Planning helps you address your store’s assortment by building the right product selections in the right categories. It's supported by the Hardware 101 category analysis program. Proper assortment planning means you maximize inventory performance, satisfy the needs of your current customers and identify new market opportunities in your trading area.
Market Specific Pricing directly targets your
operation’s pricing to improve your price perception in the market and help you earn a greater return on investment. MSP is based on the pricing challenges you face in your market, and it provides a pricing strategy for all products you purchase from Orgill’s warehouse.
Strategic Customer Service is a complete program that provides you with insights into your consumers’ shopping expectations. It includes everything from store design and retail services to local advertising. You will have all the tools you need to keep ahead of the competition.
For more information on Orgill's Market Driven Retailing Studies, contact John Martin at
1-800-347-2860 EXT. 5407 or jmartin@orgill.com
