24x7 Retailing - Is it Working?

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  1. 1. 24 X 7 RetailingIs it Working?Peter.Charness@Manthansystems.com1
  2. 2. Analytics for 24 X 7 Retail The Opportunity One Hour Offer Expires The 100 Offer Proximity & BehaviorallyProfiled Mobile Coupon The $55 TV NASTYTWEET (Was the product there to meet demand?) Did it Work?2
  3. 3. The Balance is Shifting - 200 Years of Retail MerchMktg3
  4. 4. The Old Way Merchants Rule Retailers Sell what the Buyer Buys Marketing helps move the products that the customer didnt understand.. Marketing Anniversaries old promotions Coordinates Production No One is responsible for Stock Outs.4
  5. 5. Dramatic ChangeThe World Were Leaving Behind The New Reality Chain Level Assortments Consumer Driven Product Chain Level Pricing Remix by Customer A Few Versions of StoresFlyers Web Experience Pricing Mass Email The Product Was the Sell Time/Proximity/Attribute Based Offers Selling Customers a few at a time 5
  6. 6. Traditional Measures and Controls Fall Aside? From the CFO Before: Marketing can NEVER accurately project expenses Open to Buy is NOT a GUIDELINE! Now: You want more headcount for tweeting for the Merchants? You want OTB just to support marketing initiatives?M M6
  7. 7. Performance Metrics Sales GMROI Operational Productivity Sentiment? Returns, Repeat Purchases One Unhappy Customer might tell 10 People A Happy customer may tell one friend. Complaints Department What you didnt know probably couldnt hurt you.. 7
  8. 8. Today Sentiment Speed and Volume One-quarter of U.S. consumers are far more likely to spreadthe word about a bad experience or product than a good one,according to Colloquys latest research into word-of-mouthsharing practices. no name blogger 61,000 readers/week Tweets Facebook .8
  9. 9. 24 X 7 Retail Increasingly we sell what we influence and promote One to One Marketing More Marketing Budgets and Experimentation The M&Ms Unprecedented Coordination Required Is it Working? 9
  10. 10. 3 Ts Framework Measuring Success TransactingThinkingTalking 10
  11. 11. Stage 1 - ThinkingThinking reflects a consumer who isat a stage of interest about yourcompany, or a product (that yourcompany may sell). The consumer isassembling knowledge, rationalizingneed, and while at the very front endof a purchase decision potentially onthe path to purchase.11
  12. 12. Stage 2 - Talking Talking reflects interaction between consumers who have something to say about your company or product. While Talking has always occurred it has largely been invisible and impossible to measure..12
  13. 13. Transacting Transacting the ultimate measure of success being a margin rich transaction and a happy purchaser willing to be a repeat buyer. (Attribution of causality for the purchase is difficult) 13
  14. 14. MeasurementThinking = Brand A brand is the essence or promise that a product,service or company will deliver or be experienced bya buyer Brand Awareness Can Be Measured Focus Groups, Impressions, Page Views, Clicks, Search, Stickiness, Conversions, CPC 14
  15. 15. WSJ Today15
  16. 16. MeaurementTalking - VFS Social Widgets Volume Frequency Sentiment Tweets, Reviews, Likes, Blogs, Searches16
  17. 17. MeasurementTransacting Recording the Sale New Dimensions WhoWhy17
  18. 18. 3 Ts Framework Why did it Work?TransactingThinking Who? Page Views Why? Search Clicks Talking Volume Frequency Sentiment18
  19. 19. Techniques for turning all this new data into profit Customer Segmentation Analysis Whos Buying? Assortment Sizes Unequal Offer Promotion & Campaign Analytics Why are they Buying? Plan vs. Actual Reasons for Success/Failure Margins, Sell Through, Stock Outs.. Brand Analytics VFS What do they think about us? 19
  20. 20. New Methods for Information Delivery Packaged Solutions! Aggregation Exception Based Reporting Alerts Real Time Data 20
  21. 21. Is it Working? Promotions/Campaigns21
  22. 22. Promotional Analytics22
  23. 23. Customer Analytics 23
  24. 24. Questions? www.manthansystems.com 24