In retail marketing, agility is key
A recent blog from the National Retail Federation discusses how remaining stagnant – and not adapting to change – can be the biggest mistake for a retail organization. As the savvy consumer becomes more sophisticated, their expectations continue to rise — including the use of personalized communications.
NRF interviewed Tom O’Reilly, CEO of Aptaris, a promotions management group that has worked with brands like Winn Dixie and Toys ‘R’ Us. I found the following insights really interesting:
“How do you think retail marketing will evolve in the next five years?
Connection is the key. Retailers need to connect to shoppers. Departments need to connect to collaborate. Strategy needs to connect with systems and data. And it all has to happen fast. Planning will always be important. The six- or 12-week, even quarterly, traditional planning rhythm will never go away. But you need to add agility to that mix. Big box retailers will continue to dominate, and retailers that find a niche will thrive. You need to act fast and act smart. We hear a lot about big data, the empowered customer and omnichannel marketing. The promise and the challenge in each of those trends will require retailers to be agile — connected and coordinated, with fast visibility into data and the ability to speed execution. That is what makes the industry exciting and what motivates me personally and our company.”
Big data is a word I hear in almost every single industry nowadays. It’s an important component of any effective marketing strategy. Your team will need to understand how to maximize decision-making using data and analytics versus making decisions on a “gut feeling.”
How will your industry evolve over the next five years and how will you meet your consumers’ demands? Leave me a comment.