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13 Things Every Retailer Needs To Know
22SQRD RSG-2014
22SQRD RSG-2014 2
RETAILERS are among the world’s most powerful
brands, and at 22squared we believe that’s no accident.
Ou...
22SQRD RSG-2014 3
fig.1
SURVIVAL TIP #
1:
EXPERIENCE IS EVERYTHING.
When assessing your brand’s value proposition, seek a
...
22SQRD RSG-2014 4
fig.2
SURVIVAL TIP #
2:
CULTIVATE YOUR
MESSENGERS.
Employees are your most powerful media. Select, train...
22SQRD RSG-2014 5
fig.3
SURVIVAL TIP #
3:
FORGE THE PATH.
If experience is the heart of your brand, traffic is your
lifeli...
22SQRD RSG-2014 6
fig.4
SURVIVAL TIP #
4:
HARNESS HIDDEN PATTERNS.
Retail lives and dies by the promotional calendar. Lear...
22SQRD RSG-2014 7
fig.5
SURVIVAL TIP #
5:
LEARN TO DISTINGUISH
DISCOUNTING FROM
PROMOTION.
The discerning customer appreci...
22SQRD RSG-2014 8
fig.6
SURVIVAL TIP #
6:
BE LOCAL. ACT NATURAL.
Much like the man-child reared by wolves, assimilation
in...
22SQRD RSG-2014 9
TAKE A LITTLE TIME TO
ENJOY THE JOURNEY.
OKAY. THAT’S ENOUGH.
MORE CHALLENGES AHEAD.
22SQRD RSG-2014 10
fig.7
SURVIVAL TIP #
7:
FOCUS RIGHT IN FRONT
OF YOU. BUT ALSO WAY
AHEAD OF YOU.
The boundaries between ...
22SQRD RSG-2014 11
fig.8
SURVIVAL TIP #
8:
OBSERVE. ADAPT. REPEAT.
Luck is the meeting of preparation and circumstance, an...
22SQRD RSG-2014 12
fig.9
SURVIVAL TIP #
9:
DATA IS YOUR SECRET
WEAPON.
The rise of Big Data has placed new-found power in ...
22SQRD RSG-2014 13
fig.10
SURVIVAL TIP #
10:
LOYALTY MUST BE EARNED.
You can lure a bear with honey, but you’d better be n...
22SQRD RSG-2014 14
fig.11
SURVIVAL TIP #
11:
LET THE CUSTOMER JOURNEY
GUIDE YOUR GROWTH.
The observant bird eats around th...
22SQRD RSG-2014 15
fig.12
SURVIVAL TIP #
12:
REMAIN TIP-OF-TONGUE.
You’re only as good as what your customers are saying a...
22SQRD RSG-2014 16
fig.13
SURVIVAL TIP #
13:
YOU’RE IN IT TOGETHER.
It’s a jungle out there. To navigate safely and succes...
22squared is a full-service advertising agency that works with some
of the nation's leading brands and retailers including...
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Retail Survival Guide_FINAL

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Retail Survival Guide_FINAL

  1. 1. 13 Things Every Retailer Needs To Know 22SQRD RSG-2014
  2. 2. 22SQRD RSG-2014 2 RETAILERS are among the world’s most powerful brands, and at 22squared we believe that’s no accident. Our deep experience in the retail world has given us inside perspective on how retailers can unlock the full potential of their business. We know retail never rests, which is why we’ve identified 13 ESSENTIAL TIPS that can help retail marketers survive in this ever-shifting landscape.
  3. 3. 22SQRD RSG-2014 3 fig.1 SURVIVAL TIP # 1: EXPERIENCE IS EVERYTHING. When assessing your brand’s value proposition, seek a bird’s-eye view – or risk becoming mired in the transactional space. Merchants and products will come and go, but a differentiated experience is what defines you. Elevate that experience beyond just the physical setting through deft marketing, online touchpoints and employee-customer interactions. Savvy retailers don’t just sell things. They leverage the power of experience to entice customers along the purchase journey.
  4. 4. 22SQRD RSG-2014 4 fig.2 SURVIVAL TIP # 2: CULTIVATE YOUR MESSENGERS. Employees are your most powerful media. Select, train and feed them well, and they will serve as ambassadors of your brand. Hire staff that understands your customers’ needs, passion points and use of your products – this will help employees build authentic connections with shoppers. Service shouldn’t just happen in-store; you must find ways to reach customers beyond the physical location to bring the experience full-circle.
  5. 5. 22SQRD RSG-2014 5 fig.3 SURVIVAL TIP # 3: FORGE THE PATH. If experience is the heart of your brand, traffic is your lifeline. Consumers stay on the move, and steering them in your direction means staying several steps ahead. Convenience is the number-one driver of retail choice, so eliminate barriers to visit or make it worthwhile for customers to jump over them through the power of your brand experience. Consider traffic not an end in itself but a virtuous cycle: entice, reward, repeat.
  6. 6. 22SQRD RSG-2014 6 fig.4 SURVIVAL TIP # 4: HARNESS HIDDEN PATTERNS. Retail lives and dies by the promotional calendar. Learn it well and you can bend it to your will. Create additional occasions for visit or purchase, rooted in insight about your customers’ habits. Remember that the most meaningful cycle for your business may not conform to the calendar year. Are there other patterns you can tap into? Triggering a craving can ultimately trigger a visit.
  7. 7. 22SQRD RSG-2014 7 fig.5 SURVIVAL TIP # 5: LEARN TO DISTINGUISH DISCOUNTING FROM PROMOTION. The discerning customer appreciates genuine value, so don’t confuse the concept with having the lowest cost. If you understand what your customers value, you can tailor your offering to hit their sweet spot. There’s no limit to sales when you give things away, but the flip-side is also true: there’s no limit to profit when you provide unique value to your customers’ lives.
  8. 8. 22SQRD RSG-2014 8 fig.6 SURVIVAL TIP # 6: BE LOCAL. ACT NATURAL. Much like the man-child reared by wolves, assimilation inevitably leads to acceptance and, in turn, authenticity. Such is the power of integrating within your community. Even if you’re a national brand, connecting locally is key to humanizing your retail experience and bringing relevance to your customers’ daily lives. Collaboration and communication across store locations is also crucial so learnings can be shared and adapted to the specific nature of each community and customer base.
  9. 9. 22SQRD RSG-2014 9 TAKE A LITTLE TIME TO ENJOY THE JOURNEY. OKAY. THAT’S ENOUGH. MORE CHALLENGES AHEAD.
  10. 10. 22SQRD RSG-2014 10 fig.7 SURVIVAL TIP # 7: FOCUS RIGHT IN FRONT OF YOU. BUT ALSO WAY AHEAD OF YOU. The boundaries between brand building and traffic driving aren’t as clearly demarcated as you might hope – but both paths share common ground en route to business growth. While traffic is all about getting customers in the door day-to-day, brand building is the uniquely valueable experience that keeps them constantly coming back. Finding the balance, and recognizing where the paths connect, allows retailers to prioritize budgets and focus their efforts to achieve long-term growth.
  11. 11. 22SQRD RSG-2014 11 fig.8 SURVIVAL TIP # 8: OBSERVE. ADAPT. REPEAT. Luck is the meeting of preparation and circumstance, and nowhere is this more true than in the ever-changing retail environment. Survival hinges on the ability to anticipate external challenges – and opportunities – and pivot them to your advantage. This requires flexibility, as well as an openness to letting customers illuminate your path toward innovation. However, truly savvy retailers can also lead change by helping to guide a market where they ultimately want it to go.
  12. 12. 22SQRD RSG-2014 12 fig.9 SURVIVAL TIP # 9: DATA IS YOUR SECRET WEAPON. The rise of Big Data has placed new-found power in our hands. But what separates savvy retailers from the rest of the pack is their ability to wield it with finesse. Insights gleaned from deep data can tell meaningful stories about customers’ lives, behaviors and purchase patterns. Recognize that not every customer is of equal value and you’ll be able to better segment and serve those who will fuel your core growth.
  13. 13. 22SQRD RSG-2014 13 fig.10 SURVIVAL TIP # 10: LOYALTY MUST BE EARNED. You can lure a bear with honey, but you’d better be nice to him once he takes his first taste. Meaningful loyalty is based on a relationship, one that can be enhanced with rewards and incentives but must begin from a place of true emotional connection. A winning loyalty program is one that builds from your brand strengths and deepens the experience your customers have already come to love.
  14. 14. 22SQRD RSG-2014 14 fig.11 SURVIVAL TIP # 11: LET THE CUSTOMER JOURNEY GUIDE YOUR GROWTH. The observant bird eats around the worm’s schedule. Build opportunities around your customer journey and don’t be afraid to be opportunistic when a new insight presents itself. Oftentimes, your shoppers can lead you to growth when you pay close attention to their shopping process, purchase drivers and consumption habits. Tap into key moments of engagement to pair the right message with the right consumer mindset and create a relevant connection.
  15. 15. 22SQRD RSG-2014 15 fig.12 SURVIVAL TIP # 12: REMAIN TIP-OF-TONGUE. You’re only as good as what your customers are saying about you at any moment. Find ways to fuel positive conversation, and be proactive about quelling negative feedback before it snowballs. Your communication levels may wax and wane, but never go dark on your customers. Instead, let them do some of the work by making every element of your experience shareable and talk-worthy.
  16. 16. 22SQRD RSG-2014 16 fig.13 SURVIVAL TIP # 13: YOU’RE IN IT TOGETHER. It’s a jungle out there. To navigate safely and successfully requires clarity of purpose – and clarity of action. Successful retailers are able to align internally around a clear vision that informs every decision the brand makes. This core positioning drives all aspects of the brand experience. Define it clearly, carefully and in a way that no one can replicate.
  17. 17. 22squared is a full-service advertising agency that works with some of the nation's leading brands and retailers including The Home Depot, Baskin-Robbins, Dunkin’ Donuts, Aaron's, Publix Super Markets, PGA TOUR Superstore, Shoe Carnival, and Toyota. For more information, contact: Jen Grant, SVP, Director of Brand Planning jen.grant@22squared.com Christy Cross, Business Development christy.cross@22squared.com 22squared.com | @22squared 22SQRD RSG-2014

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