RETAIL STICKS IT TO THE OUTCOME
Retail has the best opportunity to transform its marketing performance simply by looking at things differently. In the retail environment, the return on objectives are measured every day in customer sales and in customer value. The business is organized on top of these metrics. That's why Retail marketers have an opportunity to look more closely at the intersection of marketing and business performance; a collaboration with outcomes in common.
Marketers in general, for whatever reason, have traditionally lined up their programs as winners and losers. Loyalty, Flyers, Brand Experience, Promotion, CSR all survived on their own merit. Integration means these individual measures no longer support ROI in a meaningful way. It isn't pretty, but the new media chaos and economic realities are leading the big reset that is now underway. It's a good time to walk away from those silos and the infighting they bred to reposition marketing as the way to refresh business performance.
And what of customer metrics? Shoppers are editing their own content, creating their own communities and orchestrating their own media plans every day. What does that mean for retail? In the Judy Franks ebook, Media: from Chaos to Clarity, she lays out the new media landscape with "five global truths (which are all about cooperation, collaboration, synergy, circuits and consolidation, and one big picture). For Retail, the big picture is simply this: Stores are the outcomes.
And so, the practice of Retail marketing is transformed, with consumers taking over and accelerating the brand story. And, making it marketing's job to follow along, tracking and evaluating the return on objectives in real time, and as real as possible.
Retailers can have the ability to connect marketing performance to revenue performance. THe path through the new media chaos...erratically, intermittently, and then finally to a shopper who gets what they want....is to stick your story to the outcome.
Wendy
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