5 Data Questions Every Independent Pet Retailer Needs to Answer

October 29, 2020
by SPINS Marketing

Actionable Data for Independent Pet Retailers

No one knows your store better than you. You have personal relationships with customers and brands that make independent pet retailers different from everyone else. But do you know what products everyone else is selling and how those products are performing? 

Staying competitive and on the right track for growth begins with data. Not just data about your story but also data about the pet retail industry. When you know how you compare to the rest of the market, you have a clear view of an effective growth strategy. SPINS has a record of working with independent pet retailers to gather the right data and turn those findings into actionable insights. We work with you to answer 5 crucial questions to understand the health of your business and the opportunities you have to grow. 

1. What voids do I have in my store? What popular products am I missing?

You probably know what your hottest items are. You know your customers and the key products they keep coming back for. That’s only half the picture. You need to know what the top sellers at other retailers are and what is luring some of your shoppers to other stores. 

If you’re not carrying a bestseller that your top competitor is, you’re losing out on business. Having a product void means lost revenue and possibly lost customers if they decide to migrate to a better-stocked retailer. Data from the SPINS Pet Channel can tell you what top sellers we see across the market and compare them to your inventory so you can identify product voids. You can adjust your product offering accordingly, ensuring you are the pet retail destination that shoppers will return to every shopping trip. 

2. How fast are trends moving across channels?

The first to market often sees the most benefits: You’re identified as a trendsetter who knows what’s hot before anyone else does. That’s why you want a bird’s eye view of the pet channel to identify emerging brands and trends before they’re old news. You can decide which products make sense for your store and your customers and establish your position as the retailer who provides the innovative products that customers actually want.   

3. How do items in my store rank compared to the SPINS Pet Channel?

Even when you know what is selling well within your store, you need clarity on how that stacks up in the market. Your top sellers might be performing even better than they are elsewhere, making your store a successful outlier. Conversely, you might have products that are lagging behind the rest of the market, signaling room for improvement and an opportunity to gain sales. 

With SPINS, you can make those comparisons to see if you are over- or under-indexing on items within each category in your story. Finding out how your item performance ranks across the Pet space can help you improve your inventory, have better conversations with brands, and keep an eye on today’s trends. 

4. How can I differentiate myself?

In a competitive market, you need to find your unique perspective to reach customers. Your ability to provide that personable, 1-on-1 customer service is major selling point of your store, and staying ahead of trends is another. With SPINS data, you can keep exploring to find other ways to set your store apart. Look for brands that no one in your region is selling or notice products that you’re not merchandising in an attention-grabbing way. You have the ability to discover a variety of ways to become a destination for your local pet shopper.  

5. How does my average retail price compare to the SPINS Pet Channel?

Few factors affect sales more than price points. The wrong price points can deter shoppers and /or hurt your bottom line (margin). Finding the right price point is essential to staying competitive in the market, maximizing sales, retaining customers, and maintaining strong relationships with manufacturers.  

The SPINS Pet Channel has the data to show you whether you’re selling at the right price points or hurting yourself. Although you don’t want to aim too high and turn away customers, you don’t want to aim so low that you’re leaving money on the table. With SPINS Pet, you get the comparative market data to ensure each purchase is boosting your business.  

Get Started with SPINS Pet Today

SPINS is here to help you—right now! When you join the SPINS Pet Channel, you gain access to data that allows you to understand your performance, identify today’s top trends, find key differentiators for your store—and you don’t have to worry about big-box retailers accessing your data. It’s safe, secure, and made to protect independent retailers like you.  

Getting started is easy: 

  • Join the SPINS Pet Channel at no cost with an online process 
  • Have a 10-minute kickoff call to learn how to share your data  
  • Get a SPINS demo to begin enjoying your new data 

SPINS is with you every step of the way from the moment you join. As a member of the SPINS Pet Channel, you receive ongoing support from the SPINS success team. With our team here for 1-on-1 support, monthly overviews delivered to your inbox, and easy-to-read dashboards, you’ll be ready for a successful 2021!