The new retail(er)
October 5, 2018
RESEARCH REPORT
In brief
In brief
- In the new retail, brands must be hyper-relevant. Marketing needs to respond with a laser focus on serving customer purpose. That’s Living Marketing
- Many start-ups are born hyper-relevant. Large retail frontrunners that change how they go to market are redefining the consumer value proposition
- Living Marketing creates and delivers growth by ensuring that brands, products and services are hyper-relevant and deliver personalized experiences
- Living Marketing is key to growth in retail: 7 out of 10 CEOs acknowledge that their products and services should be more meaningful and relevant
The new retail: Hyper-relevance and Living Marketing
Retailers that nail customer experience in the digital era—the “new” retail—will be so close to their customer that the way they interact with that customer will ebb and flow as each customer does. Armed with insights fueled by sophisticated data analytics—and well-schooled in merging digital and human interactions—the new retailer will be hyper-relevant to its customers. This hyper-relevance fuels something we call Living Marketing—an agile approach to customer relationships in both the digital and human realms.
Shifting focus to serving a purpose in customer’s lives, versus complex and often convoluted strategies, turns Marketing from "support staff" to a real value engine.
The role of the CMO: Growth officer
CMOs will retool their organizations for growth through hyper-relevance and Living Marketing. By nailing the moments that matter in customer experience, leading marketers will make their organizations a part of their customers’ everyday life.
Retail CMOs need to know these trigger points and ensure their brand’s purpose is relevant during this moment. The true purpose—the value of the product or service to the consumer needs to be clear to maximize the chance of a consumer purchase in the moment.
In a Living Marketing approach, not all customers are created equal. A VIP customer will have a different experience than a less frequent purchaser—but the experience of each will be tailored based on the retail relationship. This shift is key to retailers’ future economics.
Living Marketing turns the traditional method of building a customer segmentation model on its head. And, it allows brands to optimize the customer experience for the “must-win” customer journeys critical to growth.
7OUT OF10
CEOs say their products and services should be more meaningful and relevant to customers.
1OUT OF2
CEOs view CMOs as one of the C-suite leaders most responsible for driving growth.
New is now
Retailers must redefine customer experience, engagement and relationship—all more complex than ever because of an integrated marketplace. To be a retailer of choice, companies must embed themselves into the very fabric of a consumer’s everyday life and serve their purpose—providing an adaptable, beneficial experience that moves beyond a simple product sale.
Hyper-relevance and Living Marketing are not buzzwords—they are real concepts being applied to competitors’ businesses for advantage—and they’re happening now.
CMOs will need to break down siloes and work with their peers in the C-suite, but the time is ripe for taking charge. Growth awaits retail companies willing to initiate radical change.
Don’t allow your company to be shelved. Move toward the new retail now.
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