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Feb 2012 First Friday Forum with Rich Lundvall
 

Feb 2012 First Friday Forum with Rich Lundvall

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Rich Lundvall, partner with Landfall LLC, presented theses slides at the Retail Merchants Association's First Friday Forum on Friday, February 3, 2012 at The Westin Richmond, Richmond Virginia. ...

Rich Lundvall, partner with Landfall LLC, presented theses slides at the Retail Merchants Association's First Friday Forum on Friday, February 3, 2012 at The Westin Richmond, Richmond Virginia. Nearly 200 people were in attendance for this presentation.

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  • All shoppers have budgets. This said they aren’t confined to dollars. Time attention and frustration are equally important factors in the shopping equation.My client’s brief me with objectives like “grow sales”, “build trial”, “drive upsell”, or “show my product as solution.” These are all purchase-driven dynamics that happen in a retail moment of truth but we must deliver these results in a fashion that will surprise and delight our shoppers
  • As you would expect Amazon is still the 900 lb. gorilla but is still a fraction of the $410 billion TOTAL revenue of Walmart.Walmart should be doing far more in the on-line space but their shopping experience is cumbersome (frankly, a lot like their bricks and mortar experience).Staples and Office Depot- Understanding and knowing their SOHO targetApple- A winner on both fronts
  • So what’s the difference between a consumer and a shopper? By it’s very name consumption happens after the buying decision is made. The act of consumption is a critical piece of the path to purchase but it is only that, apiece. Shoppers are on task and in the moment. They research, make lists hunt select, deselect assess share the list goes on. So what’s driving them today?
  • Fred and Ginger videoSo, you’re ready to take on the task of planning for the retail experience. But I should warn you. It’s not necessarily easy. There’s an old saying about Ginger Rogers. That she had to not only be able to dance like Fred Astaire, but do it backwards and in heels.That’s a bit of what it will be like as try to drive strategic, yet creative, experiences at retail. You’re going to have to follow all the steps traditionally involved, but perhaps approach the dance from a slightly different direction
  • Monty Python- Pope and Michelangelo short
  • How well do you really know your shoppers?You may see them everyday and see what they buy but are you really understanding what they need and what they want to do? Baby Steps: Improving your shopper’s experience doesn’t require a complete transformation of your site or store. Category by category, shopper segment by shopper segment.Test and measure: I wish I had a dollar for every time I’ve heard “ we tried that and it didn’t work” and yet there is little data to show for the results. Make sure you’re testing and measuring the right things!And finally, if you would like to get started I would invite you to attend the RMA’s lunch and learn seminars where we’ll take a deeper look at how to develop these programs and put them to work for your business.

Feb 2012 First Friday Forum with Rich Lundvall Feb 2012 First Friday Forum with Rich Lundvall Presentation Transcript

  • Rich Lundvall“Turning Shoppers Into Buyersand Improving Shoppers’ Lives”
  • Improving Shopper’s Lives (Really?) February 3, 2012 Landfall LLC Landfall LLC 2
  • The shopping experience• Trips, traffic and ticket size vs. a great shopping experience• Can the two coexist and even thrive?• What’s influencing this? Landfall LLC 3
  • The macro landscape:Shopping and shoppers are changing as we speak• Shopping is becoming more transparent, social and easy.• Shopper behavior is becoming more complex and is being impacted by new economic and non-economic factors.• System wide shakeout is on its horizon, some will fall, some will stumble and some will thrive.• Basics of retail have been over innovated for bottom-line results. Landfall LLC 4
  • The macro landscape:Shopping and shoppers are changing as we speak• Yesterday’s solutions weren’t about convenience or saving time.• Today Shoppers expect more.• Shopping has become a “blood sport” Landfall LLC 5
  • Budgets• Money, Time AND Frustration – “All Innovation comes not from market research or carefully crafted focus groups but from really pissed off people.” Tom Peters Reimagine?! Landfall LLC 6
  • Retailer vision – predictive analytics “..not just giving them what they want, but giving them what they might want next.” Mindy Grossman, CEO HSN Demand Desire What are your What are your Shoppers shoppers looking to buy? looking to do? Landfall LLC 7
  • Today’s shopper:Mercurial methods (Hopping shopping, the “phygital world”) Landfall LLC 8
  • Format fusion – Zero Channel Retail Landfall LLC 9
  • Who’s listening (and who’s not?) Falling Stumbling Rising Landfall LLC 10
  • Landfall LLC 11
  • Context Quick: How many brands of shampoo can you remember? Landfall LLC 12
  • Context Landfall LLC 13
  • All shoppers are not created equally• Shoppers are different• Information needs are different• Information does not necessarily equal experience• A great experience can change the game Landfall LLC 14
  • Who’s doing it right?Sales per square foot: $2,974 $5,646 $1,820 $1,731 Landfall LLC 15
  • $1,009 $998$904 Landfall LLC 16
  • You don’t have to be a Goliath to do it right Landfall LLC 17
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  • What about the digital space? $34.2 B $4.8 B $10.2 B $4.1 B $5.2 B $4.1 B Landfall LLC 20
  • Building a Winning Shopper StrategyLandfall LLC 21
  • First of all….• Just what is “Shopper Marketing” – "The use of strategic insights into the shopper mindset to drive effective marketing and merchandising activity in a specific selling environment." – This said it’s a lot more than you may think • It sure isn’t what it was 10 or fifteen years ago Landfall LLC 22
  • Understanding the ShopperFuture-Focused, In Moment, Reflective On Task Consumer Shopper Landfall LLC 23 1
  • Planning the right experience…. ----- Landfall LLC 24
  • Three groups in the equationCreating the right balance Channel Manufacturer Shoppers Landfall LLC 25
  • Balance… ----- Landfall LLC 26
  • Getting back to basics1. General consumer AND shopper profile2. Specific analysis of key barriers around the shopper’s journey3. Strategic mandates that drive transformation: recognizing brand role of channel/department, product category and individual brands4. Current state and desired future state of the four buying pillars SEES FEELS THINKS DOES Landfall LLC 27
  • The Psychological Drivers of ShoppingWhat makes them tick?• A set of idealized emotional benefits consumers desire from buying experience• They drive behavior by creating the motivation to shop• Favorable conditions for purchase behavior• Standards for judging shopping experiences, brands and purchase channels.Vocation Hobby SELF- MASTERY DREAMING SECURITY SANCTUARY CONNECTION SPORT PLAYTIMECREATION Self- Learning Possibility Preparedness Escape Bonding Adventure Creativity Reflection Performance Inspiration Replenishment Therapy Belonging Hunt Entertainment Status Sharing Ambition Nesting Relaxation Caretaking Competition Stimulation Bragging Hope Heritage Strategy Regression Rights Values Landfall LLC 28
  • Landfall LLC 29
  • Make the journey easier for me… Navigation • Help me understand where I am and where I need to go, then get me there easily. • Help me get to the products that are right for me. Landfall LLC 30
  • Make the journey easier for me… Education • Anticipate my questions and tell me about products and services you offer. • Explain complex tasks and categories. • Explain what’s in it for me. Landfall LLC 31
  • Make the journey easier for me… Inspiration • Encourage me. • Give me ideas. • Help me solve problems. Landfall LLC 32
  • Getting started…..• Know your shoppers• Baby steps – Store/site vs. category• Test and measure Landfall LLC 33