If retailers can’t find a way to convince frugal consumers from parting with their waning cash this holiday season, they could be in for a world of hurt.
So in an attempt to circle the wagons, the National Retail Federation’s Web site is featuring a report written by Brian Ross, general manager of the retail consulting group Precima, titled, “Winning at consumer centricity: 10 tips for retailers and manufacturers.”
The idea behind “consumer centricity” is basically to find out how consumers shop, then align parts of a company to target them so they spend more.
The tips are as follows:
Retail
¥ To succeed at consumer centricity, retailers need to commit — NOW.
¥ Collecting consumer insight is only half the battle. In retail, it’s execution that delivers results.
¥ Consumer centricity demands accountability from all levels of an organization.
¥ Updated metrics will provide true benchmarking on consumer-centric progress.
¥ Collaboration is a critical step in successful consumer centricity.
Manufacturing
¥ Manufacturers stand at the consumer centricity crossroads. The choices are lead, follow or get out of the way. Choose lead.
¥ Consumer centricity requires a holistic approach.
¥ Set the stage for success by getting the right support and establishing the appropriate processes and tools from the start.
¥ Work with retailer partners to jointly develop new measures.
¥ Collaboration is critical.
In conclusion, the paper says to focus on the customer.
“Studies have shown that 70 percent of the choices that consumers make about which brand to buy are made at the moment of purchase, in the aisle,” it reads. “To truly influence these split-second brand decisions, retailers and manufacturers must understand their consumers and behavior leading up to purchase. A consumer-centric strategy, when executed efficiently and properly, can provide a monumental advantage in influencing shoppers and engendering high value consumers.”
Retailers can only hope that this new holistic approach will pay off during the holiday shopping season.
