There’s More Than One Way to Achieve Differentiation
When we were in grade school, it wasn’t popular to be different. Everyone wanted to be the same, and there was an inherent currency in maintaining the status quo. Mainly, it reduced your chances of getting picked on or singled out. In the retail industry though, it’s not the same playing field. We strive every day to make ourselves stand out from the competition. That’s why our Market Watch feature this month, Building the Store of the Future, explores retailers who are pushing the innovation and the integration of technology to bring a revitalized store experience to shoppers.
Now is more important than anytime I can remember for retailers to explore differentiation. According to our analytics research, up to 98 percent of stores’ branded item assortment is also carried by the competition. To this I ask: if product selection isn’t at the top of the list to help differentiate retailers from the competition, what else can be done to keep shoppers coming back?
Shoppers today are looking for ways to be disloyal. They aren’t interested in seeing the same thing; they are demanding better service, selection and experience. It’s up to retailers to earn shoppers’ loyalty—and it’s up to companies like Daymon to help them. There’s a wealth of possibilities across the store. Here are a few thoughts on how to make the most of this retail climate:
- Use targeted analytics to optimize category management and merchandising at national and regional levels.
- Take back control of store shelves to give consumers a better, more targeted shopping experience by using a dedicated in-store execution model.
- Use the new label requirements as an opportunity to redesign packaging to educate and inform the consumer.
- Turn associates into brand advocates to tap into the power of personal recommendations and word-of-mouth marketing right at the point of purchase.
- Teach shoppers how to cook an entire meal with branded ingredients, make the store layout convenient and create meaningful experiences for shoppers that will help them connect with the product and understand how they can incorporate it into their everyday lives.
When we’ve got data coming at us from every direction, it’s important to remember that at the end of the day we are trying to connect to human beings. What people will remember most about their shopping experience is how they felt at the end of it, so give them an experience to remember.
All the best,
Jim Holbrook
Chief Executive Officer
Daymon
JimH@daymon.com