11/24/2023 0 Comments Home depot foot traffic![]() HIRI’s Retail Selector Study gives a category-level breakdown of what drives DIY and professional contractor foot traffic to various retailers for 16 home improvement product categories and may be of help to you in that regard. While product line reviews should include information on the market as a whole, the case you’re making should also get granular with data that specifically supports your product line and this retail partnership. Present Insights Into DIY and Pro Shopping Behavior Coming to a product line review with the most relevant market level information as possible will help you negotiate the best outcomes because you and your teams are demonstrating that you are looking at the big picture about the success of your category as a whole - which is in the interests of the retailer.Ģ. economy are forecasted to perform in the near future. The size-of-market report also equips your analysts with important information about how the home improvement market and the U.S. ![]() This will help you understand your position in the market and develop strategies to improve market share. Use it before product line reviews to calculate your share of the market based on a combination of the size-of-market data and your company’s internal data. This report gives category-level market size information. size-of-market report is updated multiple times per year and may be a helpful place to start. The Home Improvement Research Institute’s U.S. Oftentimes, national account managers at large retailers lack an in-depth understanding of the competitive landscape of specific home improvement product categories, despite their own efforts to expand product offerings and sales across those same categories.īy presenting your case based on market research, you will be adding value to your retailers’ teams by supplying them with valuable data to bridge these knowledge gaps and assist retailers in making informed decisions.Įxamples of market share information you can prepare include:ĭemand for various home improvement project types Provide Retailers With What They Need to Know About Category Specific Market Dynamics To ensure your team is successful at product line reviews, be cognizant of the following:ġ. How well the products fit within the retailer’s overall mix Range of product options (like colors, materials, and styles) Pricing (i.e., will the subsequent retail price of these products motivate or deter buyers based on the retailer’s own pricing strategy?) Market demand (i.e., will this product drive foot traffic and online traffic for the retailer?) The retailer’s buying team will then evaluate the products based on a variety of factors. Since during a product line review, the supplier presents a product line to a retailer’s buying team, highlighting its features, benefits and unique selling points, the supplier needs to understand what the retailer’s core business objectives for the next year are. ![]() If you’re looking to collect insights and support research efforts for an upcoming product line review, data from the Home Improvement Research Institute ( HIRI) that is available to HIRI members will help you to make your case. ![]() However, pulling off a successful review requires a solid understanding of your market and the ability to craft a compelling marketing pitch backed by internal data, secondary data, and custom research. They can be an excellent opportunity for brands to gain shelf space and increase sales. Product line reviews are a standard part of doing business with big-box stores. Once you have the information in hand to support your case, though, the process becomes much less stressful, and can even be more empowering to your teams. If you’re a building product manufacturer bringing your products to market through big-box retailers such as The Home Depot, Lowe’s, and independent retailers, you’re already familiar with a process called a product line review - that often stressful season of making your case to the retailer to keep your product in the right place at the right time. ![]()
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