360 Degrees of Marketing: The Retail Revolution
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The document discusses the impending transformation in retail over the next five years, emphasizing the importance of transparency, customer dialogue, and personalized experiences. It highlights the concept of an 'experience signature' which encapsulates a retailer's unique identity and differentiates them from competitors while stressing the need for retailers to effectively utilize every touchpoint with customers. Recommendations include embracing storytelling, creating multisensory experiences, and designating an 'experience signature champion' to drive this strategy.
360 Degrees of Marketing: The Retail Revolution
- 1. 360° of Marketing: The Retail Revolution Michelle Fenstermaker FITCH
- 5. We are naturally curious. We find inspiration where others don’t.
- 6. Retail will change more in the next 5 years than the last 50 years.
- 7. So, what will this world look like and how do thrive in it?
- 8. 1The ways in which we speak to customers will shift dramatically.
- 9. By 2020, absolute transparency will be table stakes. WHERE IT’S FROM Purified Water Pharmaceutical-grade purified water makes up at least 97.9% of the liquid found in Amazon Elements Baby Wipes. The process starts with drinking water from the underground White Lick Creek Aquifer in Mooresville, Indiana. After the water is collected, it's purified in several stages— sedimentation, charcoal filtration, deionization, and ultraviolet disinfection. The end result? A wipe that's safe and gentle on a baby's sensitive skin. (And yep, that's really a photo of White Lick Creek.) Example: Amazon Elements
- 10. The future will be all about dialogue not broadcast. 25% 70% Strangers with product experience 90% Friends with product experience Source: Edelman Trust Barometer, 2014 Advertising
- 11. Find ways to connect with the crowd. And then engage it in-store.
- 12. Controlling the message is not as important as embracing that it’s often owned by others.
- 13. Never underestimate the power of good, “differentiated” story telling. Harness the power of recommendations by bringing those to life in store. Brainstorm new ways to redefine what “advertising” means to the next generation. Embracing beta vs. perfection is ok– test often, fail and repeat. Implications:
- 14. 2The entire concept of convenience and value will shift.
- 15. Convenience for the guest will not be defined in traditional terms of time and ease. We believe the highest currency for these new consumers will be RELEVANCE.
- 16. A shift from locating products to locating the best products for me
- 17. Adopting a shopper centric path to purchase focusing on how they want to buy rather than how you want to sell ensures RELEVANCE. Explore new and unique ways to bring curated, personal experiences to your customers (physical, human and digital). Implications:
- 18. 3Experience will remain king.
- 19. Foot traffic is down. N o v / D e c F o o t Tr a ffi c 40 Billion Visits 30 20 10 2010 2011 2012 2013 Source: The Wall Street Journal, 2015 2014
- 20. Only in stores delivering truly unique experiences do we see increased visits and footfalls.
- 21. Only way we can increase traffic is if we make the whole experience worthwhile and differentiated enough that customers can’t wait to visit and tell others about it. Create an Experience Signature. Implications:
- 22. SO, WHAT IS AN EXPERIENCE SIGNATURE?
- 23. An Experience Signature is a higher order, unifying principle of retail branding.
- 24. It informs, rationalizes and influences the ways in which a retail business presents itself to the world.
- 25. A unique combination of brand-led touchpoints that exist between a retailer and the people that shop its stores.
- 26. And every retailer, simply by virtue of being in business, already has touchpoints between itself and its customers.
- 27. Literally any point that shoppers touch the retailer, whether through physical, digital or human interactions.
- 29. PEOPLE PLACES COMMS TOOLS E V E N T S SERVICES WEB SOCIAL GUEST
- 33. Only with touchpoints working in harmony, and infused with the brand’s DNA can we be said to have achieved an Experience Signature.
- 34. A way to express yourself to the world that both feels intuitively right and which simply could not be someone else’s.
- 36. NOT YOUR BRAND
- 37. Your BRAND is who your are, what you stand for…it’s your story.
- 38. If your brand is your essence, your Experience Signature is your presence.
- 39. NOT YOUR PRODUCT
- 40. WHY DO EXPERIENCE SIGNATURES MATTER TO US IN OUR BUSINESS.
- 41. Because they lie at the heart of why one winery differs from another in the minds of the people who visit, shop, and experience us.
- 42. An Experience Signature encapsulates all the things that we can be famous for.
- 43. It encompasses the reasons we come back for more.
- 44. The things we tell stories about, the things we tweet, blog and post.
- 45. Most of all, an Experience Signature creates retail that is truly defensible over a lasting period of time.
- 47. Except for one thing.
- 49. The number of retailers today who have achieved an Experience Signature is very small.
- 50. Consumer Purchase And, in actuality, the number is shrinking as retail becomes more fragmented and complex.
- 51. In certain categories Experience Signatures are not merely a rarity, they may be in danger of actually becoming extinct.
- 52. THE OPPORTUNITY…
- 53. To tell shoppers who you are, what you are selling, why you exist and what you believe in.
- 54. Most of all WHY YOU ARE DIFFERENT FROM THE OTHER GUYS!
- 55. And to do it at every touchpoint you have with your customers, every single day.
- 56. SO, WHO IS DOING IT WELL?
- 57. The first things to say is that non-retailers are, for the most part, doing this much better than retailers.
- 58. Virgin
- 62. When it comes to retail, lots of brands are doing bits and pieces spectacularly right.
- 63. While simultaneously getting other parts spectacularly wrong.
- 64. Or just kind of wrong.
- 65. But there are retailers which own best in class Experience Signatures - perhaps unsurprisingly they also represent best in class retail. Period.
- 66. A BETTER EVERYDAY LIFE FOR THE MANY PEOPLE.
- 69. OK, SO WE SHOULD JUST GO BE IKEA?
- 70. Only sells its own products. Which they also design and manufacture. It only has one voice – its own And it only sells in its own stores…
- 71. That’s us…We have a better opportunity to create an Experience Signature, the problem is we all are starting to sound the same. How do we disrupt and differentiate ourselves in a perceived sea of sameness?
- 72. SO, HOW DO WE GET THERE?
- 73. To achieve an Experience Signature you literally have to activate every touchpoint and infuse it with purpose, meaning, and character.
- 74. And while an Experience Signature isn’t the same thing as your brand, developing one begins with your brand.
- 75. If you don’t know who you are or what you stand for, nothing else will work.
- 76. We believe the strongest retail brands have evolved beyond touchpoints to achieve what we call an Experience Signature.
- 77. It also begins with knowing your customers. At FITCH we plot the touchpoints leading to an Experience Signature against 4 shopper mind states.
- 81. PIRCH The reinvention of a category
- 83. Evolve the store experience to keep pace with changing consumer dynamics Develop branded signature experiences Creation of new merchandise categories Scaled for site adaptability Take an experiential store from concept to build C H A L L E N G E S :
- 84. Chain Store Age ! Store of the Year! 2014 Chain Store Age Store of the Year "The unique alliance between PIRCH and FITCH has created a new ‘Camelot’ within our industry, transforming a mere showroom concept into an unforgettable, experiential journey towards joy. We simply could not have asked for a more like-minded visionary partner.” Jeffrey R. Sears, CEO
- 85. Sales per square foot higher than Apple across 25,000 sq.ft. Ranked #25 on Forbes’ Most Promising Companies. …and 750 people in an appliance store on New Years Eve. RESULTS
- 87. Care less about the size of your operations and more about what you stand for and how you behave. Key takeaways and recommendations:
- 88. Key takeaways and recommendations: Embrace and promote storytelling.
- 89. Key takeaways and recommendations: Multisensorial experiences are the most memorable.
- 90. Key takeaways and recommendations: Appoint an internal “Experience Signature Champion”.
- 91. Key takeaways and recommendations: Get Busy With Your Own DELE/PHD 1. Audit your most admired compe4tor and fill up the matrix 2. Repeat exercise for yourself 3. Iden4fy gaps and opportuni4es 4. Brainstorm ways to improve it 5. Pass ideas through filter of your brand 6. OWN THEM!!!