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A new white paper revealing previously unpublished strategies for succeeding at consumer centricity was released this week by Toronto-based retail advanced analytics firm Precima. The paper, “Winning at Consumer Centricity: 10 Tips for Retailers and Manufacturers” is available now for a free download at precima.com/10tips.
Consumer centricity is a strategy that leverages consumer insights and data to drive decisions in marketing, merchandising and operations that are aligned with the most important consumers of a brand or retailer.
The white paper draws on the findings of a comprehensive study, commissioned by Precima and San Carlos, Calif.-based DemandTec, that analyzed the consumer centric practices of 120 retailers and manufacturers. IDC Global Retail Insights conducted the study, whose results were originally released in February 2009.
Highlights of the study include:
--87 percent of high-performing retailers consider consumer centricity as a top three factor to success; just 60 percent of average performing retailers feel the same;
--80 percent of high-performing manufacturers say they expect to increase emphasis on consumer centricity in the next year, while 65 percent of average-performing manufacturers say the same;
--Over one-third of all retailers (36 percent) are unsatisfied with their ability to leverage consumer insights in making marketing and merchandising decisions.
“The results of this study…provided a thorough snapshot of the state of customer centricity, through the eyes of more than 100 retailers and manufacturers,” said Brian Ross, position paper author and general manager of Precima. “This paper goes one step further by taking those findings and offering a fact-based guide to consumer centric success for retailers and manufacturers looking for an edge in their consumer centric efforts.”
Among those recommendations:
--Collaboration is critical. Sharing data enables retailers and manufacturers to collaborate on ensuring the right products are available at the right price to satisfy shoppers’ needs. This is currently an under-realized opportunity, with less than half of high-performing retailers (47 percent) and just 36 percent of average-performing retailers reporting that they believe sharing data leads to better insights.
--Enable organizational change. Sixty percent of retailers say that incorporating consumer insights into existing roles is a top challenge. Combat this by ensuring that the right tools, processes and communications are in place from the start.
Precima will present the contents of the white paper, along with findings of the study, during an interactive webinar co-hosted by the Direct Marketing Association on July 7 at 1:00 PM EDT. To register for the session, visit www.the-dma.org/virtualseminars/consumercentricity.