Look
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Today’s issue is focused on…
Consumer-Centric Marketing in
Retail
Placing
the Consumer at the Core of everything you do
The
era of product-centric retail management is giving way to
one in
which market leaders apply a more strategic, more targeted,
more
localized approach to communicating a value proposition to
their
customers.
Top-performing
retailers, realizing they can not be everything to
everybody, are
now taking a more consumer-centric approach to
merchandising,
creating competitive advantages and differentiating
themselves in
the intense competition for shopper attention and wallet
share.
Why
you have to change
The
movement towards consumer-centricity in retailing seems
inevitable
as the marketplace faces the following challenges:
-
Retailer/format
proliferation: A
greater number and higher complexity of consumer
choices
-
The Rise of "Value
Retail":
Price-focused retailers setting "value" benchmarks with
consumers
-
Channel Blurring:
Virtually all
channels expanding into neighbouring channel
offerings
-
Changing consumer
behaviour:
Although time-pressured, shoppers are more prone to price
comparison and apt to visit more stores
What
is your current state of readiness? Take this
test...
Here
is a 5-point diagnostic for assessing your retail
organisation's
ability to take the step into consumer-centricity. We
recommend
scoring yourself using the criteria below, and then bringing
these
discussion topics to your next long-range merchandising
planning
session.
What
is driving your pricing and merchandising
decisions?
If
you are relying heavily on your vendor costs as a guide,
following
your competitor's lead, and making "historical decisions"
(i.e.
"what we did last year") - give yourself between
0
and 2 points, depending on level of
dependency.
If
you are moving towards decision making based on consumer
demand and
market intelligence - give yourself 3
to
5 points, based on how far along you are in
that
transition.
Are
you aligning store level decisions with corporate
strategy and
consumer demand?
Are
your promotions and pricing moves often reactive and
disconnected
from headquarters strategy and consumer demand? If the
answer is
"always" - give yourself a 0, "much of
the
time" - a 1, "sometimes" - a
2.
If,
however, you are developing methods that will allow you to
align
your merchandising decisions with what headquarters wants on
one end
and what your customers are indicating on the other -
particularly
when reacting to competitive moves - give yourself a
3, 4 or 5
on this
question, based on your current abilities.
Is
your merchandise decision making product-focused, or
consumer-focused?
Is
it fundamentally product deals and availability that drive
your
merchandising scheme? Are your pricing and promotions
designed
broadly for an "average" consumer? If this describes your
M.O. to a
tee - give yourself a 0, or a
1 or
2, if partially true.
Do
you have consumer data at the ready, and are you creating
the
facility to use it in targeting specific customer segments?
For "we
are there" - give yourself a 5, a
3 or 4 if you are approaching that
status.
How
well do you understand how your customers respond to price
changes
and promotions?
Do
you have a way to take your customers "need states" into
account
when developing a pricing and promotion plan? Depending on
how much
this sounds like science fiction - give yourself a
0, 1 or
2.
If,
on the other hand, you are able to merge disparate inputs,
such as
loyalty card data, syndicated market data, consumer panel
data and
detailed market basket data, to create a portfolio of prices
and
promotions that will maximize profits - give
yourself
3, 4 or 5, based
on your
capabilities.
Do
you know who your best customers are?
Are
you able to ascertain which of your customers have the
highest
"lifetime value", or are you attempting to drive sales
purely on a
month-to-month basis? It the latter, give yourself a
0, 1 or 2
according to
degree of long-range vision.
If
you are at least in the process of moving towards a
philosophy
whereby ensuring long-term satisfaction and customer loyalty
trumps
short-term gain, give yourself a 3. And if
you are
accomplished, or somewhat accomplished, at the art of
"lifetime
customer value analysis" and are able to influence your best
customers' behavior with these skills, you deserve a
4
or 5 for this question.
Call
us today! We would be delighted to partner with you
and develop customer-centric visual communications.
Call NOW on
02
9568 6855 or email to sales@look.com.au
and ask for
one of our
friendly
Account Managers. Mention this newsletter
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