Are you ready to think about your bounce back plan yet? During the COVID-19 pandemic we are experiencing things that were unimaginable only a month ago. More like one of the sci-fi novels I love to read than reality. Most of the stores in our community are closed. Essential businesses limiting the number of customers allowed inside or are delivering products to customers curbside. I need to stop for a moment to take that in. Businesses shut down completely. Curbside pickup for food, electronics, prescriptions and other essentials. A shortage of toilet paper, okay, I admit, this one still has me scratching my head. We’re dealing with all these changes to our daily lives and at the same time modifying workforce to one where more than 95% of the team is working from home.
Essential workers are wearing protective gear and making sure they aren’t standing too close to their coworkers. Production has moved to support the essential industries. For us that means the Healthcare, Communications and Technology Industries. Supply chain interruptions have been mitigated as much as possible.
Now that we’ve adapted as much as we can to keep everyone safe and produce what is needed, we need to turn our attention to the future. What will we do when social distancing is relaxed, stores reopen, and customers start shopping in person again? How quickly can we be ready to serve customers?
If you haven’t noticed, the current state of the largest electronics store doesn’t look like an electronics store anymore. They’ve turned the inside of the store into a warehouse staging area to quickly serve customers curbside. Gone are the clean aisles and showcase displays for phones, laptops, tablets, virtual reality, home electronics. Other stores have removed display phones and other products from their fixtures. When it’s time to turn the lights back on and open the doors to customers again, how fast will your team be ready? We know the retailers staff will be 100% focused on returning the store to a Grand Reopening “customer-ready” status, but who will be focused on your products and displays? Will the sales staff remember what your products are, how to sell them, etc.? How much more live sales time will you miss this year?
So how do you get your products Grand Reopening ready? How fast can you get there? Our Global Services team members are already working with brands and retailers to develop Bounce Back Strategies for when the doors open at Best Buy and other retailers around the world again. We’ve developed the following 4 step bounce back plan:
4 Step Bounce Back Plan for Brands
Evaluate. What is the current state of your Products on Display?
- Which products do you have on display?
- Where are they located?
- How much in-store stock is available?
- Is there stagnant, near end-of-life that needs to be moved?
Identify. Where do you need to focus to deliver results for the rest of the year?
- Identify where product displays aren’t fully functional.
- Product focus. Which products are right for your target audience?
- Product or channel mix. Do you need to adjust the products in different channels?
- Consider timing and options for the holidays.
Although they’re not for another month, we know in terms of sales strategies and in sales we have already missed Mother’s Day and Graduation. Most likely we will miss Father’s Day as well. Have you decided whether you will focus on Back-to-school? And what will Back-to-School look like this year? Or, will you focus on Black Friday and the Christmas Shopping Season?
- Identify which stores and sales teams will need training or re-training on your product features and benefits.
- What key metrics should you measure to gauge the success of your Bounce Back Strategy?
- How long will it take to reset 100% stores?
- First visit resolution?
Create. How do we create a bounce back plan for a Grand Reopening in the Channel?
- Create an action plan for holiday staging.
- Create a training & brand advocacy plan.
- Create a break-fix list.
- Create a distribution and execution plan for the product to get swapped out or fixed.
- Don’t forget the timeline and resources needed to complete the plan.
Execute. Now that you know the scope of the project, the timeline and the resources the next step is to review the key performance indicators (KPI) of a successful bounce back plan.
- 100% completion.
- Quick turn-around.
- Do it right the first time.
If you don’t have the resources to execute the plan yourself, you’ll want to find a partner who has the skills to deliver. Tips to help you select a service provider who has more than revenue on their agenda. You’ll want a partner who has:
- Established relationships (more than one contact) with your key retailer(s).
- The resources to complete the project within your timeline.
- A proven track record of on-time work.
- A solid history of first-visit completion.
- A strong communication network between the retailer, the brand and the service team.
Now that you have the steps – it’s time to get started. Need help creating or proofing your Bounce Back Plan? The MTI Global Services Team is here to help. Experts in coordinating huge roll outs our team has plans in place already for visits to each Best Buy, Target, AT&T stores and CVS locations along with other retailers in the US and around the globe. We can help your team prepare and deliver a successful Bounce Back Plan and help you execute. Contact us at [email protected]