In any field of quantitative research, the numbers can be hard to interpret. 67% of shoppers want improved prices. So what? How can this be interpreted? Where insights are gained is when we can see if for any category or brand, shoppers are unusually satisfied/dissatisfied. Only the relativity tells us something useful and important.
Benchmarking is the art of making comparisons to drive change.
Applied in the sphere of Shopper Research, benchmarking has three dimensions:
- First to compare one retailer to another. If one retailer is performing less well than another that is clear and important insight for growth.
- Second comparing one category to another, or to all others. Each category has a unique experience to offer its shoppers. Understanding if we are doing better or worse than others is powerful information. Being able to see whether our category is working harder for the store than all others tells us what our recommendations should be about.
- Third, tracking over time. Benchmarking from year to year tells us about changes in the market place, trends in shopper needs and measures whether the changes we are making are achieving their desired goals.
Shopper Intelligence is the only benchmarking system measuring the direct voice of the shopper. The largest program of its kind in the world, it’s a unique source of comparison and hence insights about any category, the total store, or shoppers in your market.