A report published by the NRF (National Retail Federation) provides tips for retailers to become a more “consumer-centric” operation. Intense competition, the blurring of traditionally vertical channels and an explosion of market noise has resulted in consumer’s taking more control. This has led to a relentless focus on price as a basis for evaluating competing retailers—not an ideal situation. Retailers can combat this trend by becoming more consumer-centric. Below are three tips for becoming more consumer-centric.
1. To succeed at consumer centricity, commit now.
The most successful retailers have adopted and live by a consumer-centric strategy. This can provide a strong first-mover advantage.
2. Gather and use information from your customers.
Analysis and insights are important, but it is execution that will win the battle. Gathering “market intelligence” doesn’t have to be difficult. It can be as simple as asking your customers a few questions, or having them fill out a simple survey. The key is to focus on one area for improvement, collect the information, and then act on it.
3. Rely on your suppliers and manufacturers.
If you have a limited (or no) budget for gathering consumer data, see if the manufacturer can provide consumer insights. The best programs are a result of good collaboration between retailers and manufacturers. Often, they have a world of information that they can share.
A fifteen page report on becoming a more consumer-centric organization is is available at the NRF website.
For more information, please visit our other Northern Leasing sites:
http://wiki.northernleasing.com
http://support.northernleasing.com
http://blog.northernleasing.com
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