3 critical challenges for retail and how to address them by leveraging your Multi-Channel Assets. Delivered at the ARC retail conference on 24th September, 2008.
3 critical challenges for retail and how to address them by leveraging your Multi-Channel Assets. Delivered at the ARC retail conference on 24th September, 2008.
Seamless customer-facing culture, brand
and service across channels...
... build loyalty through compelling
cross-channel experiences
2. Social Consumer Behaviour
Maximise your engagement channels...
... leverage social media and the web
3. Credit Crunch
Innovate through “Low cost / High benefit”
multi-channel customer propositions...
...link up existing assets to create
new value-add services
We see an underlying theme...
“Leveraging existing assets”
Existing Assets =
People | Channels | Process | Technology
Gain Improve
Competitive Customer
Advantage Service
Increase Sales Gain Market
Revenue Share
= Customer Centricity
BUT...
...easier said than done
Retailers currently face a lot of challenges
2. Doing more with
Responding
to Customer
existing assets
Needs
Cross- Improving
Channel Customer
Culture Experience
1.
Changing
Lowest
Culture Scores
Shifting from
Leveraging
Product to
Existing
Customer
Systems
Centricity
Integrating
Existing
Systems
3. Linking assets together
Focus: 1
Changing Culture
3 Key Differentiators
Culture can be more powerful than colour!
What are the benefits of a
cross-channel culture?...
Channel Convergence
...loyalty through seamless multi-channel
experiences
Focus: 2
Doing more with existing assets
Social consumer behaviour
Leveraging Social Media and the Web
Did you know?...
This isn’t a youth thing
UK
17.1m
Adults
Only
Image Source : Universal McCann Wave 3
Did you also know?...
We’re already moving past Web 2.0?
Image Source : http://thepaisano.wordpress.com/2008/03/08/web-20-vs-web-30/
Back to Basics...
Web 1.0 vs Web 2.0
Company to Consumer: Shut up and Listen
Image Source: BK Group
Web 2.0
We’re in a 2-Way conversation
The Web as a Conversation Platform
They’re talking about...
The consumer conversation is underpinned
by Social Media
What can it do for your business?
How do you leverage it?
Leveraging Social Media is about getting
your consumers do your marketing for you
Some easy strategic decisions...
Pick your dissemination channels
Maybe a bit of technology
Some relevant human resource
And lots of inter-personal engagement!
Focus: 3
Linking Assets Together
The Credit Crunch
Joining up existing assets to create
new compelling services
Making 50 lbs do the job of 400 lbs
Existing Assets =
People | Channel | Process | Technology
Take stock of your assets
Call
Expensive centre Web
shops Making channel
things
Spare space happen Small T/O, but
Get it now for Exciting YoY
customers
Dealing with Masses of
other people’s Trying to content
dirty washing get the
channels All pervasive –
Staff churn to coll- extends reach
aborate
Single view of the customer - Oh really?
One stock file - Oh really?
Some ideas for linking assets...
Multiple Channels to Multi-Channel
Return product to store irrespective
of channel chosen
70% Notification of delivery delays – via
mobile or email or phone
Research in store
spend 50% or more
Click & Collect
Who owns the sale?
Making it happen...
Some underpinning integration of
process and technology...
...and lots of Customer Centricity including
the “Voice of the Customer”
How can we help?
Summary
1. Start moving towards a
Cross-Channel Culture
2. Do more with your existing assets
3. Look for opportunities to link your assets
together to create new propositions
Bartek Matoga