This document summarizes the results of a 2-year study involving over 63,500 retail sales associates across 330 stores. The study found that sales associates who engaged with product education through online modules sold significantly more - those who completed one module sold 69% more, and those who completed six or more modules sold 123% more. Completing brand-specific modules also led to higher sales of that brand, with a 87% increase for associates completing one module on a specific brand compared to those who did not. The more modules completed, the higher the sales, indicating that investment in sales associates' product knowledge can significantly increase sales and revenue.
Customer Value seems old hat and so un-marketing like in this day of Social Media, Analytics, Inbound-Outbound, Trending and Buzz. However, the successful companies are not necessarily writing about marketing they are doing it and relying on a simple term, Customer Value.
These topics focus on the relevance and importance of marketing, which you can use to complete your MBA essays. https://www.managementwritingsolutions.com/scholarship-essay.php
Gather relevant data about consumers and potential customers using content-ready Consumer Insights PowerPoint Presentation Slides. Go through the human behaviour trends and understand your clients better with the help of ready-made consumer insights PPT presentation templates. Get consumer insights from data, surveys, sales, focus groups, direct interviews, online data and more. Make informed decisions for your business using consumer insights PowerPoint presentation slideshow. This deck comprises of templates such as research methodology, consumer insight assumptions, key stats, data collection and processing, consumer insight capabilities, consumer insight components, tools for consumer insights, YouTube analytics, google trends, google analytics, and more. These templates are completely customizable. Edit colors, text, icon and font size as per your need. Add or remove content, if needed. Download consumer insights PPT templates to understand your customers better. Our Consumer Insights Powerpoint Presentation Slides team are a cooperative lot. They will respond to all your specifications.
Customer Value seems old hat and so un-marketing like in this day of Social Media, Analytics, Inbound-Outbound, Trending and Buzz. However, the successful companies are not necessarily writing about marketing they are doing it and relying on a simple term, Customer Value.
These topics focus on the relevance and importance of marketing, which you can use to complete your MBA essays. https://www.managementwritingsolutions.com/scholarship-essay.php
Gather relevant data about consumers and potential customers using content-ready Consumer Insights PowerPoint Presentation Slides. Go through the human behaviour trends and understand your clients better with the help of ready-made consumer insights PPT presentation templates. Get consumer insights from data, surveys, sales, focus groups, direct interviews, online data and more. Make informed decisions for your business using consumer insights PowerPoint presentation slideshow. This deck comprises of templates such as research methodology, consumer insight assumptions, key stats, data collection and processing, consumer insight capabilities, consumer insight components, tools for consumer insights, YouTube analytics, google trends, google analytics, and more. These templates are completely customizable. Edit colors, text, icon and font size as per your need. Add or remove content, if needed. Download consumer insights PPT templates to understand your customers better. Our Consumer Insights Powerpoint Presentation Slides team are a cooperative lot. They will respond to all your specifications.
MKT 421 EDU Education Counseling -- mkt421edu.comkopiko97
FOR MORE CLASSES VISIT
www.mkt421edu.com
Purpose of Assignment
A well planned distribution channel system is a key component of the marketing mix that helps meet customer demands and achieve company goals. This assignment will analyze the role channels of
MKT 421 EDU Achievement Education--mkt421edu.comkopiko163
FOR MORE CLASSES VISIT
www.mkt421edu.com
Purpose of Assignment
A well planned distribution channel system is a key component of the marketing mix that helps meet customer demands and achieve company goals. This assignment will analyze the role channels
A list of the top marketing innovations that have changed the marketing scene forever. The list includes top marketers, marketing concepts, and many more great concepts.
All the aspects of Research in Advertising has been discussed in it.
Definition,Types,Scope,Methods of Advertising Research are included in this presentation.
Value of Helpful Expertise on the Retail FloorExperticity
Just how much of an impact can brand training and helpful expertise really make on your bottom line? Until now, no one really knew. Turns out, it’s a lot – up to 69% more in sales. That’s just one of many discoveries we made during our third-party academic study of the retail industry conducted by the academic research group at the University of Pennsylvania Wharton School.
Buyers can now discover nearly everything about companies, products and
services from websites and other Web sources, including what customers are
saying on social media.
MKT 421 EDU Education Counseling -- mkt421edu.comkopiko97
FOR MORE CLASSES VISIT
www.mkt421edu.com
Purpose of Assignment
A well planned distribution channel system is a key component of the marketing mix that helps meet customer demands and achieve company goals. This assignment will analyze the role channels of
MKT 421 EDU Achievement Education--mkt421edu.comkopiko163
FOR MORE CLASSES VISIT
www.mkt421edu.com
Purpose of Assignment
A well planned distribution channel system is a key component of the marketing mix that helps meet customer demands and achieve company goals. This assignment will analyze the role channels
A list of the top marketing innovations that have changed the marketing scene forever. The list includes top marketers, marketing concepts, and many more great concepts.
All the aspects of Research in Advertising has been discussed in it.
Definition,Types,Scope,Methods of Advertising Research are included in this presentation.
Value of Helpful Expertise on the Retail FloorExperticity
Just how much of an impact can brand training and helpful expertise really make on your bottom line? Until now, no one really knew. Turns out, it’s a lot – up to 69% more in sales. That’s just one of many discoveries we made during our third-party academic study of the retail industry conducted by the academic research group at the University of Pennsylvania Wharton School.
Buyers can now discover nearly everything about companies, products and
services from websites and other Web sources, including what customers are
saying on social media.
How “associate-first” learning drives more sales and satisfactionAxonify
Today’s digitally empowered shopper expects your associates to know more than ever. But it has been virtually impossible to get your frontline store associates the critical knowledge they need to deliver a measurable impact on sales, profitability, and store operations.
Join Axonify and At Home as we demonstrate how best-of-breed retailers are using “associate-first” learning to transform their bottom line.
Introduction
Content is a nexus between the sales and marketing functions in most organizations. The traditional content model calls for marketing to produce content assets and sales to use them. Having this model work well requires a great deal of intentionality on the part of both functions: marketing must endeavor to understand customer content needs and how well the assets they produce engages those customers. Then, the sales team must diligently provide feedback to marketing so that content quality and effectiveness rises.
While this model is conceptually simple, there are challenges related to alignment that impact content effectiveness in the form of visibility, communications, feedback, process, tools and even culture. The statistics tell the story: when the level of sales/marketing alignment is high, 81% of study participants report that marketing content meets sales’ needs well. However, when alignment is poor or non-existent, the content effectiveness percentage drops to 35%.
Quality content that is easy for sales to find and use is a critical success factor in sales interactions. The dynamics of the content process are not difficult to understand, but the content creation, deployment, usage and feedback loop is often a point of friction between sales and marketing. This friction is not one-sided; marketing is frustrated when it has limited feedback and visibility into the use of content assets. The sales team gets frustrated when content assets don’t meet customers’ need, or those assets are hard to find and use. This frustration is more than just an inconvenience: 70% of sales teams acknowledge that the lack of effective content negatively impacts the outcome of a sales conversation.
Since content is so often the key to successful sales interactions, it merits constant attention and improvement efforts. Demand Metric and Showpad together conducted research to understand the sales-marketing relationship around content, and how it affects sales interactions. This research shares key insights, such as when marketing has little or no visibility into sales conversations, only 32% of the content produced meets the needs of sales team well. This research will help organizations understand how to get better results from their marketing content.
Table of Contents
- Introduction
- Executive Summary
- The Content Process
- Content Process Success Factors
- Content Use
- Content Impact on Revenue
- Analyst Bottom Line
- Acknowledgements
- About Showpad
- About Demand Metric
- Appendix - Survey Background
Getting your Why factor right is crucial to sales successSalesRehab Pty Ltd
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The Power of Insight controls the image your brand portrays. We report the works of experts on Brand Awareness, and how they all stress one crucial point.
Despite the some dose of uncertaintanty, sales and marketing teams make forecasts, talk to current customers, recalibrate budgets and change the marketing mix. What is the objective for that? Increasing favorability, improving conversion rates, ensuring profitability. Therefore, in addition to the plans and scenarios prepared by managers, the essential elements for success are given by the ability to observe new trends and agility in adapting to them. Here are the tactics we recommend.
Running Head INITIAL STRATEGY PAPER .docxjeanettehully
Running Head: INITIAL STRATEGY PAPER 1
INITIAL STRATEGY PAPER 2
Group A Initial Strategy Paper
Maria Daniels, David Gehl, Aisha Rasberry, Heather Otwell, & Lasheikca Willie
Saint Leo University
MBA 565 Marketing Management
Dr. Lorrie McGovern
November 4, 2013
Table of Contents
Business Definition------------------------------------------------------------------Page 3
Competitive Advantage-------------------------------------------------------------Page 4
Performance Objectives------------------------------------------------------------ Page 4-5
Key Success Factors-----------------------------------------------------------------Page 5-7
Strategic Assumptions---------------------------------------------------------------Page 7
Conclusion----------------------------------------------------------------------------Page 7-8
Business definition
Target market: Allstar Brand’s Allround product will be marketed toward the demographics of young adults with children and the mature, mainly because these two demographics tend to have a higher demand of our product. Children tend to catch colds from being around other children, who then spread it at home, and to other family members. As people mature in age, the immune system weakens and becomes more vulnerable to catching colds or developing allergies along the way. Allstar believes that by focusing on young families, having consistent delivery of quality products, and by continually focusing on the customer needs, we would help build the loyalty of a lifelong customer and capture future generations. Allround products will be known as the trusted product from the “cradle to the grave”, by offering quality products at a great price. Allstar can be conveniently located at a local grocer or wholesale store within the community.
Value and Satisfaction: Allstar Brand will use customer surveys, market data, and trial size offerings to the targeted market to help us understand their ever changing needs and to ensure satisfaction on our current products. For instance, market surveys have revealed that some consumers showed preference of capsule over liquid form for convenience, while some young families show preference of non-alcoholic formula for their children's medication. Reformulation would be a high risk, since Allround is already well known “as is” in the current market, but by doing so, that would show our commitment and willingness to customize our product to meet our customers need.
Competitive Advantage
Our major competitor is Ethik Incorporated with $395 million worth of sales, followed by Allstar Brands, B &B Health Care, Driscol Corporation and Curral. Ethik has a very strong management team, which works closely together in making decisions for the company. We gain the competitive advantage because our product is available at grocery stores and wholesale locations, which mak ...
1. Two years. 330 stores.
63,500 sales associates.
HERE’S HOW MUCH HELPFUL EXPERTISE AFFECTS SALES.
2. THE VALUE OF HELPFUL EXPERTISE IN RETAIL STUDY 2
Introduction
Customers have always known what a difference helpful
expertise can make on the sales floor. In fact, over 50%
of customers are looking for expert advice on what
to buy when they enter a store — and 73% say product
knowledge is what they need most from
a sales associate.1
Of course, brands and retailers want to ensure
customers get the information they need to make
smart purchasing decisions and leave the store happy.
But it can be difficult to know how much to invest in
sales associates’ expertise without knowing how much
of a difference it can make on the bottom line.
In a world of inventory tracking, merchandising strategies
and the assumption that customers only want to research
products for themselves, we wondered:
JUST HOW MUCH OF AN IMPACT CAN BRAND
KNOWLEDGE AND HELPFUL EXPERTISE ON THE
SALES FLOOR REALLY MAKE?
We commissioned Marshall Fisher, a professor at the
Wharton School of the University of Pennsylvania, to
lead a study involving more than 63,500 retail sales
associates in 330 stores over 2 years, comparing
point-of-sale data to sales associates’ engagement
with Experticity in the categories and brands they sell.
“50% of customers are
looking for expert advice
on what to buy when they
enter a store — and 73% say
product knowledge is what
they need most from a sales
associate.”
% C u s t o m e r s
w h o s o u g h t
ex p e r t a d v i c e
i n - s t o r e
% C u s t o m e r s
w h o s a y p r o d u c t
k n o w l e d g e i s
w h a t t h e y s e e k
m o s t f r o m a
s a l e s p e r s o n
50%
100%
0%
73=
50=
1. Source: 2013 Experticity Retail Buying Experience Survey
3. THE VALUE OF HELPFUL EXPERTISE IN RETAIL STUDY 3
0+56+100
OUR MAIN CONCLUSION? SALES ASSOCIATES
WHO ENGAGE WITH PRODUCT EDUCATION SELL
MORE. A LOT MORE.
In fact, our study showed that sales associates
who completed even one short online module with
Experticity sold 69% more than those who didn’t.
And associates who completed six or more modules
sold 123% more than those who took none. For brands
and retailers, it’s clear that engagement with product
education is a leading indicator of sales.
ENGAGED EMPLOYEE VS. NON-ENGAGED
1 2 3 %
5 0 %
0 %
1 MODULE COMPLETED
6 OR MORE MODULES COMPLETED
123%69%
# C o m p l e t e d M o d u l e s
Per-Employee
SalesIncrease
1 6 +
“For brands and retailers,
it’s clear that engagement
with product education is
a leading indicator of sales.”
Results
4. THE VALUE OF HELPFUL EXPERTISE IN RETAIL STUDY 4
GETTING SALES ASSOCIATES TO ENGAGE WITH
YOUR BRAND THROUGH EXPERTICITY IS ONE OF
THE MOST EFFECTIVE TOOLS FOR INCREASING
SELL-THROUGH.
Our study found that the lift in performance was even
stronger when isolated to specific brand training
interaction. Brand sales were 87% higher for sales
associates who engaged with just one education
module specifically designed for that brand vs. those
who didn’t engage at all.
THE MORE SALES ASSOCIATES ENGAGED
WITH EXPERTICITY’S EDUCATION PLATFORM,
THE BETTER THEIR PERFORMANCE ON THE
SALES FLOOR.
Sales associates that took one Experticity course
containing an average of three modules sold a full
9.5% afterward.
The study further drilled down to see the impact on a
specific brand training. The research found that for
each additional module on a specific brand a sales
associate completed, his or her sales of that brand
increase by 2-4% afterward.
All in all, the more sales associates know about a
brand, the more helpful expertise they can share with
customers and the more those customers are likely to
buy that brand.
“Sales associates who took
one Experticity course
containing an average of
three modules sold a full
9.5% more afterward.”
87%
BRAND SALES IMPACT
HIGHER
than peers who
had not trained
Results
5. THE VALUE OF HELPFUL EXPERTISE IN RETAIL STUDY 5
HOW CAN YOU USE THIS DATA TO IMPROVE
YOUR BUSINESS?
One of the most effective uses of your marketing budget
is to find the people who have the power to influence
what customers buy and engage them with your brand.
Ask yourself these questions:
• How do I know which associates are most engaged
throughout my retail distribution network?
• What engagement information should
I be reviewing on a regular basis?
• Who is highly engaged in my category
but not with my brand?
• Which retailers are most engaged with
my brand’s education efforts?
NOW, WHAT DOES THIS ALL MEAN FOR YOU?
Today’s smartest retail and product brands understand
that data and analytics are essential to showing how
their investment in better sales associates impacts
their ROI — and that those who invest in great buying
experiences can both build brand advocates and give
customers the helpful expertise they need.
Why don’t more brands and retailers have
this data?
Retail data has its share of variability, but
we used a leading academic team to help
normalize a long list of variables. A few
examples:
• Employees’ total hours worked
• Percentage of hours worked during key
timeframes
• Dollars and units sold by brand and month
• In-stock rates by brand, month and store
each week
• Modules completed by employee per brand
and month
• We also considered things like employee
tenure, the number of sales associates on
the sales floor simultaneously, seasonality
and much more
Here is the formula we used:
? !!
Results
LogSales = β0 + β1 * InStock(%) +
β2 * HsWorked + β3 * HsBlock(%)
+ β4 * OtherSalesEmployee + β5 *
EmployeeTenure + β6 * Leaving + βn *
Additional Controls + ε
6. THE VALUE OF HELPFUL EXPERTISE IN RETAIL STUDY 6
ABOUT EXPERTICITY
Experticity is transforming retail commerce by building
and rewarding expertise in the influencers customers
turn to for advice on what to buy. Hundreds of the
world’s most respected brands work with Experticity
to identify and engage with these influential experts
and build, track and reward their helpful expertise.
The results include improved conversion rates, bigger
basket sizes, increased customer loyalty, more
customer referrals — and better shopping experiences
for everyone involved.
ABOUT MARSHALL FISHER
Marshall Fisher is the UPS Professor of Operations and
Information Management at the Wharton School of the
University of Pennsylvania, and co-director of the Fishman-
Davidson Center for Service and Operations Management.
Dr. Fisher has been a consultant to many Fortune 500
companies, including Ahold, Air Products and Chemicals,
BMG, Campbell’s Soup, DuPont, Exxon, Frito Lay, General
Motors, IBM, Motorola, Nokia, Scott Paper Company and
Spiegel, Inc., to name a few.
His research has been recognized by numerous awards and
his paper “The Lagrangian Relaxation Method for Solving
Integer Programming Problems” was voted as one of the
ten most influential papers published in Management
Science during its 50 year history. He is also the author of
the book “The New Science of Retailing.”
Learn more about Dr. Fisher at:
https://opimweb.wharton.upenn.edu/profile/29/
LET’S PUT THE POWER OF HELPFUL
EXPERTISE TO WORK FOR YOUR BRAND.
CONTACT EXPERTICITY TODAY.
customercare@Experticity.com
www.Experticity.com
888.814.4764