Unless you’ve been living in the remote wilderness, you know that retail is changing. Are you changing with it? If you can look at your Marketing and Sales strategy and say “this is the way we’ve always done it,” you should be concerned.
The new generations, like millennials, are sending huge ripples through the retail landscape. Drastic changes in consumer sentiments and technology have left many in the retail industry scrambling to keep up. Focusing only on the classic elements of retail marketing isn’t going to work anymore. If you are stuck looking for what to do next, here are some discussions you should be having:
Who is on your digital roster?
- Digital touches everything around us and it isn’t going away. You need people on your team that eat, breathe, and dream digital, and they should be found in every part of your organization. Not only your web team, but also HR, operations, sales, etc. Every department should have digital knowledge, and be able to understand the impact of online activities have on the organization. Data and digital can empower each division like never before and it’s critical to your business that you have the capabilities to leverage the tools and software that can impact your online footprint.
Do you have local flair?
- Personalization is at the top of most marketers to do list and it should be near the top of your retail marketing list as well. It’s not enough anymore to simply try and please the masses. Consumers want personalization and by adding local flair to your stores, you can have a far greater impact on your customer base. It is time consuming to research, plan, and implement local touches at each stores, but by opening this conversation, you also open the discussion to other ways you can personalize your marketing efforts based on culture and region. The closer to 1:1 personalization you can achieve, the better returns, loyalty, and engagement you can expect.
What do you do best?
- In an effort to become more efficient, a new strategy is emerging in retail: Do what you do best, and outsource the rest. Outsourcing today is light years ahead of where it was a decade ago. There was a time when outsourcing payroll or sales would be unheard of, but that isn’t the case now. Many companies have realized greater impact on shareholder return and increased EBITA by outsourcing their retail sales operations. Outsourcers have become ever more specialized in their functions and are capable of supporting large complex operations. A specialized organization has the advantage of experience doing one thing across multiple companies, testing strategies and perfecting what works. They also tend to have specialized tools that you may not. Top of the line software may be too expensive and specialized for your organization, but not for an outsourcer who focuses on only that function and has the economy of scale created by combining multiple clients. Outsourcing shifts burden, gives you access to specialized knowledge, and frees up time for your team to focus on your core competencies.
If you are looking for a partner with experience and proven results to guide you, MarketSource can help. Marketsource has exposure to the best business practices of the top companies in manufacturing and retail. We have dedicated innovation teams and seasoned executives monitoring the state of retail and looking for new insight and advantages for our clients. Learn more about MarketSource and our services in the Marketsource Retail Guide Series. In the guide series you will find information related to Optimizing Market Coverage, Brand Representation, Speed to Market, and ROI. Click here to download the first guide in our series.