RIA Benchmarks in Action
Who in your company monitors and downloads reports from Upper Quadrant (UQ)?
For the most part, I take the main role on monitoring the reports. However, we also encourage our store manager to monitor as well.
Which staff members see the reports and discuss the data?
We share the data with the entire sales team. When we are focusing on a key metric such as UPT (units per transaction), we will update it daily on a whiteboard in the back room.
How has the data from UQ helped you and your staff?
It has been a great asset for our team. Prior to using UQ it was difficult to know what metrics to focus on and where we stood compared to the industry. By tracking metrics and comparing to the industry we were able to see our strengths and weaknesses.
Has the information helped you see where you need to improve?
Yes, through tracking metrics and discussions within the Mastermind group we were able to recognize that we were performing below the industry standard in UPT and Sock Ratio. Through discussions with other stores who tracked higher than us and listening to what they did differently we were able to come up with a strategy. Starting January 1st of 2023 we began a "Clean Sock Policy" along with the SWIFTWICK "Off the Wall" program. By focusing on a single metric, Sock Ratio, we knew other metrics would also improve. We have seen a very significant increase in many of those metrics.
How easy is it to understand the data and information?
I had attended the UQ sessions at TRE and Runchella, which provided details on each Benchmark metric, so those have been easy to see and understand. I am still learning the best practice for using the Brand Snapshots, as I have not used that function as much. I have also communicated with our sales reps that our data is shared with on UQ, and hope that it will help provide beneficial insights.
What else makes the UQ Benchmarks and information valuable to you?
For us the biggest benefit is the ability to track key metrics and use it to make quarterly goals for our team. Then the ability to show our team how they are doing and how that compares to the rest of the industry.
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