Managing the customer’s journey from awareness, consideration and purchase and then onto loyalty and advocacy is the Holy Grail of retail marketing. To unlock its full potential, the journey must be relevant, engaging and seamless, from end-to-end.
We all know it: the Web commodifies the customer shopping experience. Nevertheless, the sheer convenience and unlimited access provided by online shopping continues to draw a greater portion of her spend. So how can mall specialty retailers draw her back into stores, where they’ve deployed the vast majority of their assets? Mōd proposes the following five strategies:
In the popular business book Lean Startup, the author Eric Ries encourages companies to test their way into new businesses – to create a minimally viable product (MVP), get customer reaction, iterate and reiterate, and learn as much as possible before investing the whole wad in a finished design.
When I was VP of Brand Planning at Limited Brands, one of my team’s core responsibilities was to help with the merchandising strategies for several key business units. The main thrust was to develop plans and inculcate disciplines that would drive large-scale growth and achieve absolute dominance in specific strategic merchandise categories. These were big businesses, and our CEO Les Wexner, who drove these engagements, would devote substantial corporate resources to these efforts because he envisioned (and frequently realized) topline gains in half-billion dollar increments.
After twenty years focused on retail strategy, I took a two-year hiatus in an attempt to make my Internet riches with a software start-up. When I returned to consulting in late 2012 (alas, sans riches), I returned to a significantly changed retail landscape. The Internet was certainly important in 2010, but not nearly as integral. Well into the late ‘00s, stores always mattered more. Today, few retail decisions are made without consideration of digital. And for most retailers, digital is their fastest growing and most profitable channel, for both marketing and transactions.
Digital has altered both supply and demand Continue reading “Retail Strategy in the Digital Age”
Promotions offering discounted prices have always been a prominent feature of U.S. retail, but they’ve become significantly more so since the recession melted away demand and technology reduced to near-zero the cost of targeted communications. An unintended consequence for many retailers is that their customers now expect discounts; ticket prices lack credibility; and discounting becomes the only way to move merchandise.