SRM stands for Store Relationship Management, a new approach to increasing transparency, encouraging collaboration, and improving store performance throughout a multi-unit retail enterprise.
What’s at the core of this new approach?
In a company with geographically distributed stores, your field force is your strongest resource to keeping your enterprise running cohesively. District managers in the field travel from store to store to check on brand messaging, perform audits, communicate new programs, and more.
But field work isn’t easy. These district managers spend hours in their cars, never have enough time at each store, and frequently don’t have access to the right information or the right people at the right time. You’re asking them to connect separate pieces of a company, and they have little more than a pen and notebook. No wonder field positions have high turnover.
How does SRM technology empower your district managers?
With powerful tools that drive performance with visible, actionable data and align your entire organization.
At the most basic level, an SRM platform helps turn your district manager from enforcer to consultant. An SRM system measures your KPIs across all stores, identifies any part of the process that needs improvement, and lets you establish powerful, data-driven execution plans.
It’s hard for your field to get buy-in when they’re just telling a store manager what to do. If they can offer context and the data behind a well-thought out plan, your field can easily connect the store to the corporate level. Who’s going to say “I can’t find the time” when offered a clear path to unlocking valuable new sales?
Be data-driven without data scientists.
You need data to effectively create and communicate data-driven plans. Most companies recognize data should be used as a tool to improve store and sales performance. Fewer grasp how to do it. With an SRM platform, you can collect, measure, and synthesize data. Good data visualization and data dashboards let you turn data into a story.
Accessible and understandable data drives action.
We make data transparency reality, so your data can be easily consumed and applied throughout the organization. Your corporate level can create data-driven strategies, your field is better equipped to manage stores, and your stores have the proof they need to buy-in to your company vision.
Be aligned for better performance and brand experience.
Thinking about all levels of your company is key. You need to turn data into a focused strategy and deliver it throughout every unit of your enterprise. Implementing an SRM approach means emphasizing enterprise-wide communication alongside data transparency, and an SRM platform has collaboration tools built in, so multi-unit retailers can turn data into better performance and more consistent brand experience company-wide.
Use the right tool designed for multi-unit performance.
There are other tools that help you gather a variety of data, and several options for collaboration. So why is SRM stepping into the forefront of must-have technology for multi-unit retailers? Because most companies who employ a large field organization, don’t equip them with the tools they need to drive performance.
Most companies today don’t have any type of SRM technology, so they lack a centralized way to measure and analyze store performance. Without comprehensive centralized tracking, corporate leaders can’t create a data-driven plan, and the field can’t execute it.
Industry-leading companies know they need to scrape data together using whatever means necessary- spreadsheets, documents, email… but this isn’t as efficient or effective as an SRM system. Some businesses have tried to retrofit related tools to provide the brand and performance information they need. Unfortunately, sales tools don’t always focus on the right data, and they lack the essential collaboration piece of the SRM puzzle. If you aren’t connecting all levels-corporate, field, and store-then you don’t have the visibility and accuracy you need for true field empowerment.
SRM tools should be built from the ground up to analyze and communicate the macro trends of financial performance and company-wide collaboration.
Empower your field; drive your enterprise.
If you are part of a multi-unit enterprise, it may be time to consider an SRM platform to help you control your data, drive financial performance and deliver a better brand experience.
Wondering if your business would benefit from a SRM platform. Contact us now.