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How to Conduct a Retail Audit Andrew Jeavons, President, Survey Analytics

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Agenda• Principles of Retail Audit• Technology Demonstration• Questions & Answers

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What is a Retail Audit?• Study of a selected sample of retail outlets• May be continuous• May be discrete (limited usefulness)

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Goals • Monitor products • Products are yours or competitors • Compliance with agreed procedures and standards

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The Survey• As with any survey, it can’t be too complicated.• Quality of the data is critical. • Mystery shopping is not always best...• New data types: • Images • Video • Sound

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What Devices Will Be Used?• Connectivity - how are you getting the data back? • WiFi • Data networks• Tablets • Good screen size - may feel heavy after hours of use.... • Small vs Large tablets • Cost• Smartphones • Small screen size • Many people have them already

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• Make sure the survey fits the device! • Smartphones are not tablets.• The more concise the better - long preambles and questions are not useful.

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New Data Types•Images • Very useful to document any aspect of a retail environment • Can replace store based assessment • Images can be stored and “scored” at a later time • Objective measurement of improvements/ degradations • But: scoring and assessment can be time consuming.

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New Data Types•Video • Same properties as images. • Capture richer information than images. • Can give snapshots of customer behavior/traffic.•Sound • Acoustic environment - announcements, noise, customer comments

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Bar Codes • Can scan bar codes for resolution in real time or later • Gives definitive information about products quickly

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Possible Data• Coupons/promotions available• Merchandising and presentation• Store Condition inside/outside• Staff and training• Product availability and display• Service assessment - speed, quality

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Possible Data• Inventory• Equipment• Drive Through?• Customers• Safety Standardize!

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Store Sample • Type • Territory • Sales region • Vertical • Types of store i.e. liquor • Competitive • With you ! • Random • As the name implies - any storeIf audit is done on a continuous basis, the sample should be the same.

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Data Collection• Who collects the audit information ? • Expert - someone who understands the business space and environment. • Expensive but data quality may be higher • May have intrinsic biases • Hired help - someone hired to carry out the survey • Cheap - but quality of data may be very variable • Lack of knowledge may inhibit data quality.• Consistency • “Interviewer” effects are real. • Being inconsistent with collection methods compromises the data.

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Values• Questions can have a scores 1 - 5 for instance: • “Floors are clean” 1 being the lowest value 5 the highest• When scores for 1 - 5 scale questions are summed set a percentage score for “pass/fail” audit. • 80% + usually.• Yes/No questions • Set a level for how many are “failed”

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Reporting and Analytics• Audiences • Store/Regional Managers • Segmentation/ Aggregation of stores/scores • Execs • Overall reporting, with segmentation

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DemonstrationTablet Technology Scoring Reporting

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Thank You! Andrew Jeavons President Survey Analyticsandrew.jeavons@surveyanalytics.com surveyanalytics.com surveypocket.com secondprism.com