The procedure for forming a trading matrix
Posted: Wed Jan 29, 2025 7:05 am
Drawing up a product matrix allows you to take into account what income each product position can bring and what the costs will be. This makes it possible to minimize losses and increase profits. It does not matter how the management structure of the retail facility is organized. There are certain rules for the process of forming a matrix. The latter includes seven steps performed one after another and should lead in the end (if everything is done correctly) to the opening of a store.
Step #1: Create a Strategic Plan
First, you should decide on the hotmail email list format of the future retail facility. Much depends on the available premises and their size, financial capabilities, and location. In addition, do not forget about the economic and social situation in your region. Having studied all the details, you can decide whether it will be a self-service store, a supermarket, or a point with a narrow specialization, an expensive boutique or a discounter, etc.
Download a free selection of tools for calculating KPIs and increasing marketing metrics
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
Read more posts on my personal blog:
Over the past 7 years, we have conducted over 23,000 comprehensive website audits and I have learned that all of us as leaders need clear and working algorithms for our marketing and sales.
Today we will share with you 6 of the most valuable documents that we have developed for our clients.
Download for free and implement today:
Step-by-step guide to creating marketing KPIs
Template for calculating KPIs for a marketer
9 Examples of Universal Selling Commercial Proposals
Upgrade your CPs to close more deals
How to make KPI for the sales department so that profits grow by 20% or more?
Step-by-step template for calculating KPIs for OP managers
Checklist of 12 main indicators for website promotion
Find out what metrics are needed to properly optimize your website
40 Services for Working with Blog Content
We have collected the best services for working with content
How to define your target audience without mistakes?
A proven guide to defining a company's target audience
Download the collection for free
pdf 8.3 mb
doc 3.4 mb
Already downloaded
153414
Once the format has been decided, you can develop a strategy and start an advertising campaign to attract the target audience. Let people imperceptibly get used to the fact that a certain product can be bought in a given store.
Step #2. Forming a portrait of the target audience
It is necessary to perform so-called segmentation, that is, conditionally divide potential buyers into groups depending on their age, gender, social status, requests, etc. This will help you understand what your target audience looks like, what its needs and behavior are.
Step #3. Analysis of competitors’ activities
It is clear that, most likely, your store will not be the only one of its kind. It is necessary to analyze the work of competitors, identify their strengths and weaknesses. To do this, select several (three to five) similar format retail facilities that offer approximately the same products as yours, at approximately the same prices. Study their nomenclature and find out what pros and cons it has. Compare prices. Try to predict how likely it is that more stores like this will open in the near future.
Similar retail outlets are direct competitors, but there are also so-called indirect ones. They offer a product that is not similar to yours, but something different, because people themselves decide what is more important for them: to go on vacation (and buy new suitcases and clothes) or to make repairs (and spend money on building materials).
Step #4. Pricing
Before you start shopping, you need to decide what product groups and price categories you are going to work with. That is, will it be the average market price, higher or lower. Start from the requests and solvency of the target audience.
It is logical to locate a grocery store with essential goods in a residential area. The price is average market price or even slightly higher. If we are talking about a supermarket where many people come to shop, then it should have a wide range of products at low prices. Are you opening a retail facility in a student town? Keep in mind that semi-finished products (with average market price) will be in demand here. The product range matrix is built in accordance with consumer demands.
As for prices, try to fill the store with different goods. In the same discounter, you can sell similar products that differ in quality and cost by 10-15%.
Step #1: Create a Strategic Plan
First, you should decide on the hotmail email list format of the future retail facility. Much depends on the available premises and their size, financial capabilities, and location. In addition, do not forget about the economic and social situation in your region. Having studied all the details, you can decide whether it will be a self-service store, a supermarket, or a point with a narrow specialization, an expensive boutique or a discounter, etc.
Download a free selection of tools for calculating KPIs and increasing marketing metrics
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
Read more posts on my personal blog:
Over the past 7 years, we have conducted over 23,000 comprehensive website audits and I have learned that all of us as leaders need clear and working algorithms for our marketing and sales.
Today we will share with you 6 of the most valuable documents that we have developed for our clients.
Download for free and implement today:
Step-by-step guide to creating marketing KPIs
Template for calculating KPIs for a marketer
9 Examples of Universal Selling Commercial Proposals
Upgrade your CPs to close more deals
How to make KPI for the sales department so that profits grow by 20% or more?
Step-by-step template for calculating KPIs for OP managers
Checklist of 12 main indicators for website promotion
Find out what metrics are needed to properly optimize your website
40 Services for Working with Blog Content
We have collected the best services for working with content
How to define your target audience without mistakes?
A proven guide to defining a company's target audience
Download the collection for free
pdf 8.3 mb
doc 3.4 mb
Already downloaded
153414
Once the format has been decided, you can develop a strategy and start an advertising campaign to attract the target audience. Let people imperceptibly get used to the fact that a certain product can be bought in a given store.
Step #2. Forming a portrait of the target audience
It is necessary to perform so-called segmentation, that is, conditionally divide potential buyers into groups depending on their age, gender, social status, requests, etc. This will help you understand what your target audience looks like, what its needs and behavior are.
Step #3. Analysis of competitors’ activities
It is clear that, most likely, your store will not be the only one of its kind. It is necessary to analyze the work of competitors, identify their strengths and weaknesses. To do this, select several (three to five) similar format retail facilities that offer approximately the same products as yours, at approximately the same prices. Study their nomenclature and find out what pros and cons it has. Compare prices. Try to predict how likely it is that more stores like this will open in the near future.
Similar retail outlets are direct competitors, but there are also so-called indirect ones. They offer a product that is not similar to yours, but something different, because people themselves decide what is more important for them: to go on vacation (and buy new suitcases and clothes) or to make repairs (and spend money on building materials).
Step #4. Pricing
Before you start shopping, you need to decide what product groups and price categories you are going to work with. That is, will it be the average market price, higher or lower. Start from the requests and solvency of the target audience.
It is logical to locate a grocery store with essential goods in a residential area. The price is average market price or even slightly higher. If we are talking about a supermarket where many people come to shop, then it should have a wide range of products at low prices. Are you opening a retail facility in a student town? Keep in mind that semi-finished products (with average market price) will be in demand here. The product range matrix is built in accordance with consumer demands.
As for prices, try to fill the store with different goods. In the same discounter, you can sell similar products that differ in quality and cost by 10-15%.