No matter what you sell, it’s difficult to compete in modern society’s overcrowded marketplace. And when the economy is less than solid, it’s that much more difficult. Retailers and CPG brands face particular challenges that must be overcome, and that’s exactly what we’re going to help you with in this post!
Faced with indications of a cautious spending trend, according to the National Retail Federation’s July 2014 Retail Sales Report, retailers have a steep climb ahead of them. Their target audience consists of consumers who are struggling to choose between wants and needs when it comes to goods and services, and who are less inclined to flash their plastic and worry about purchases later.
What should you do to stand out? Here’s what:
Connect – Develop an omni-channel presence (one that uses every social channel available to you, including mobile AND offline) to meet consumers where they are, with personalized experiences, and become part of their LIFESTYLE to increase purchase frequency and spend.
Understand – In order to beat digital competitors, you need a 360-degree view of consumers. Go beyond omni-channel to gather information across all consumer touch points (we can provide more than 50), including transactional and point-of-sale. Offer incentives for consumers who share info with you via social/mobile channels. Then use all these insights to give consumers what they want.
Retain – Engage consumers between purchases by rewarding behaviors like meaningful sharing via social channels, or offline behaviors you can track via your mobile app or website. Offering loyalty points and special coupons can trigger that next spend, while also making consumers feel like members of your “tribe” and not just dollar signs for your brand.
All of the tactics above apply to you as well, BUT you also have unique concerns, centered around the fact that you are seemingly at the mercy of third party retailers.
But that’s really an illusion. You can push through that obstacle and take control of your destiny. How? By using new technology to your advantage.
Connect – It’s even more important for CPG brands to reach consumers via as many channels as they can, since consumers often have brands in mind before they ever set foot in a store. Engage consumers across every touch point to build their trust and increase your share-of-basket.
Understand – One of the biggest advantages today’s technology brings CPG brands is the ability to gather on their own information previously available only through third party retailers.
Consumers are used to using digital technology, and will gladly offer insightful data when rewarded (think receipt scanning, for starters). When you have real-time data at the individual level, you can offer specific, personalized incentives to keep your brand top-of-mind with consumers.
Retain – Keep in touch with consumers and use any information you have to provide timely incentives meant just for them via their preferred communications channels. And stay on top of changes in technology and consumer preferences so you don’t lose momentum.
The key to leveraging actionable insights is to TAKE ACTION. The tools are at your disposal, so be sure you’re not causing your own pain out of stubborn refusal to accept the omni-channel reality.