Consumer centricity - a strategy that uses every available consumer insight to steer marketing decisions - has become a key area of focus for retailers and product manufacturers, according to Precima, which has published a white paper that provides ten practical tips for marketers who want to adopt this strategy.
The paper, entitled 'Winning at consumer centricity: Ten tips for retailers and manufacturers', explains strategies for successful consumer-centricity in today's marketplace, and details ways in which companies can ensure that marketing, merchandising and other business operations are well aligned with the most important consumers of the brand.
Drawing on the findings of a study of 120 retailers and manufacturers (commissioned by Precima and DemandTec), the paper notes that high performing retailers and manufacturers tend to approach consumer centricity differently than their peers.
Among the study's main findings:
- 87% of high performing retailers consider consumer centricity as a top three factor to success; just 60% of average performing retailers feel the same;
- No less than 80% of high performing manufacturers say they expect to increase emphasis on consumer centricity in the next year; 65% of average performing manufacturers say the same;
- More than one-third of all retailers (36%) are dissatisfied with their ability to leverage consumer insights in making marketing and merchandising decisions.
"The original study provided a snapshot of the state of customer centricity, as seen through the eyes of more than a hundred retailers and manufacturers, and our white paper goes a step further by offering a fact-based guide to consumer centric success for retailers and manufacturers that are looking for a competitive edge in their consumer centric efforts," said Brian Ross, general manager for Precima.
Among the top recommendations laid out in the paper, Ross suggests the following customer centricity best practices:
- Collaboration is critical
Sharing data allows retailers and manufacturers to collaborate on ensuring the right products are available at the right price to satisfy the needs of the shopper. This is currently an under-realised opportunity, with less than half of high performing retailers (47%) and even fewer average performing retailers (36%) reporting that they believe sharing data leads to better insights.
- Enable organisational change
Some 60% of retailers say that incorporating consumer insights into existing roles is a top challenge. This can be dealt with by ensuring that the right tools, processes and communications are in place right from the start. The availability of consumer insights should always empower and never hinder.
The complete white paper has been made available for free download from Precima's web site - click here (free registration required).