SpendBoss Retail Store Manager Journey
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This was a presentation delivered as part of the NRF 2016 Big Show Startup Launchpad and is focused on defining and helping retailers understand the Store Manager Journey.
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SpendBoss Retail Store Manager Journey
- 1. The Store Manager Journey The key to unlocking hidden profits!
- 2. Image credits listed in appendix 2
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- 8. That’s a Lot of Store Managers Estimated # of store managers, 2014 (Bureau of Labor) 1,199,770 % shoppers that say customer service important (NRF) 99% Average administrative time per week (McKinsey) 25-50% Image credits listed in appendix 8
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- 12. Winning Retailers Invest in Store Managers 76% of retailers say 52% of winners rank more consistent store execution & employee productivity as a priority than non-winners (39%) trained and loyal in-store employees are key to long- term strategy 61% of winners say store managers are high priority vs. non-winners (54%) *2015 RSR Image credits listed in appendix 12
- 13. Stage 1: Reacting Stage 2: Anticipating Stage 3: Orchestrating • Informally managed processes • Lack of corporate visibility • Little to no analytics or data • Manually driven processes • Reliance on on people coordinating efforts across silos Manual reporting is time consuming • Balanced, formal and structured processes • Technology driven and automated • Strong connection to strategic planning, cost reduction and improved efficiencies How Mature is Your Org? Typical starting point Copyright 2016, SpendBoss 13
- 14. Sample Maturity Assessment WFM/Scheduling Store Operations & Merchandising Sales Service Training Cost Control and Loss Prevention A O R O A A ”My store managers are logging into 7 different vendors to order what they need” “No data or insights across users, or regions” “We literally have no control over supply spend” “Workflows are totally disconnected” “Vendor SLAs impossible to monitor” “Inefficient processes lead to wasted time for our store managers” Copyright 2016, SpendBoss 14
- 15. Image credits listed in appendix 15
- 16. Photo Credits • Slide 1 • Matthew Dringenberg • Slide 2 • PwC http://www.pwc.com/us/en/retail- consumer/publications/assets/pwc-retailing-2020.pdf • E&T http://www.ey.com/Publication/vwLUAssets/EY-Shifting- from-consumer-to-experience/$FILE/EY-Shifting-from- consumer-to-experience.pdf • NRF REI • Slide 3 • Google Trends • Slide 4 • Watermark Research • Slide 5 • http://www.dreamstime.com/stock-photography-pot-gold-end- rainbow-illustration-cauldron-black-full-coins-concept- image36061322 • http://www.effinghamschools.com/Page/484 • Slide 6 • memegenerator • Slide 7 • Google search results • Slide 8 • McKinsey - Unlocking the potential of frontline managers • Bureau of Labor • NRF research • Slide 11 • No credit, meme posted to Pinterest https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=im ages&cd=&cad=rja&uact=8&ved=0ahUKEwjD84zRyazKAhXLPz4K HYuYBBMQjRwIBw&url=https%3A%2F%2Fwww.pinterest.com% 2Fexplore%2Fretail- meme%2F&psig=AFQjCNHAAxsP0TwCOuEXoVWDXOCLoX72yg& ust=1452973280947426 • Slide 12 • 2015 RSR • Slide 15 • Apple iOS screenshot Image credits listed in appendix 16
- 17. THANK YOU!
Editor's Notes
- talk about the store manager journey and some potential keys to unlocking hidden profits The store manager journey is about: connecting the dots inside your operations b/w corporate and the locations to uncover inefficiencies and unlock operational excellence Get this right, it will lead to profitability, retention and loyal customers. introduce a maturity model you can use
- When I was with PwC, consulting with big brands in energy, service, retail an buzz was all all about “the journey” And as you all know in retail - the buzz words keep coming – where to start… Panels this week at NRF will feature talk about Beacons Globalization Customer experience, customer journey Multi-channel – and omni-channel Experiential Today I am going to set the stage Give you some context And focus on some basic fundamentals that can unlock those hidden profits
- 2 of the biggest buzzwords in ones in recent history ”customer journey” and “customer experience” Everyone is obsessed with it. Brands are focused on customer personas, personalization, marketing automation and the buyer and customer journey. All great stuff. One retailer we recently spoke to invested heavily in CRM and loyalty reaped massive rewards this fall with their first ever true holiday marketing push. invested heavily in customer facing systems over the past 2 years firmly focused on top line revenue growth
- Here’s more data – my favorite graph ever Watermark research drives the point home They looked at the financial performance of experience leaders and compared it against the S&P 500 Index the chart above tells you everything you need to know. customer exp leaders in green dramatically outperform laggards it’s not even close. Key: When you focus on the customer, you get outsized returns.
- And it’s not slowing down… Emerging technology will continue to shape the retail landscape Pushing to you focus on top line growth, And it’s all great stuff, very exciting…
- Yet… on the other hand.... There is potentially one area of your business that can yield faster, more immediate results It likely requires a smaller investment tends to be overshadowed not by all retailers but certainly by many… Is the store manager.
- let’s talk a bit about store mangers and the store manger journey Because their journey has to matter at least as much as the customer journey We’ve spent a lot of time thinking about the store manager journey understand how they operate what makes them successful What great retailers are doing We also looked at what may be preventing them from being even more effective. mckinsey, AT Kearny and others research including the NRF the amount of administrative time burdening these key employees is preventing them from unlocking those store profits. 25-50% of their time is spent on admin tasks instead of being up front, on the sales floor, focused on customers, associates and merchandising. If you want to unlock profits at the store level, focus on your store managers for a moment with me.
- a lot of store managers.. Almost 1.2M of them according to the bureau of labor 25-50% of administrative time that number is our opportunity the lower we can drive it down, the more time we give store managers back to focus on revenue and high value training, coaching, mentoring and merchandising One convenience store retailer, according to a mckinsey study reduced hours worked by 19 to 25 percent increased sales by almost 10 percent. That’s all fine but… Let’s connect the dots to your customers, and revenues Because this isn’t just about hours worked and time on administrate tasks.. This is about customer service, customer loyalty and customer satisfaction 99% If you add up the numbers =1.2 million store managers x 2000 hours a year – even 20% inefficiency would lead to massive numbers. There is a huge opportunity here.
- Yet many retailers are not focusing on the store manager journey To unlock that opportunity, we have to change We have to change how we think about, treat and train store managers We have to change how they are utilized And trained And we have to give them better tools to do their jobs
- We have to transform how the store manager interacts with customers By giving them time and permission to think about their role differently Great store managers understand how to craft and deliver incredible customer experiences – there is a direct line between great store managers and great customer experience
- We must close the gap here in both perception and reality What a store manager thinks they should do Versus what they are doing must be aligned to your overall goals Easy to say, hard to do Focus on the customer Drive sales Deliver great experiences 25-50% of administrative time spent by store managers is the benchmark What is your number?
- So what does great look like? Here is some data from RSR research… Winning retailers are investing in creating excellent store experiences for customers by keeping store managers on the sales floor. When retailers get it right, they get outsized returns and benefits.
- The title of the presentation is ”how to unlock hidden profits…” So let’s get to it... look at this simplified maturity model and then model best practices. Describe the model Across the top… Down each column... This wlll help you diagnose and answer how to focus on store managers… Mature organizations can realize profits by… increase their maturity from reactive to orchestrating across a wide range of disciplines, which we’ll talk about in a moment. Typically, in talking with retailers of all sizes, we see many –stuck in reactive mode desperately trying to move up the maturity curve by putting in systems, processes and layers of management.
- So what are the areas of focus and how does the maturity model work? This is a sample assessment List the items You can customize the list of areas of concern for store managers your mileage may vary designed to be flexible Review some of the quotes
- So I ask… Is there for improvement in your organization? Are there hidden profits waiting for you in any of those key areas that impact your store managers? This is a great exercise to do as a team do it across different silos within your broader organization. prioritize areas where you an reduce admin burden Areas like scheduling, training and ordering supplies.. You can unlock hidden profits
- Spendboss is proud to be a part of the NRF Lauchpad for startups this year Thank you for your time