Retail Marketing Strategy

Retail Marketing Strategy Book Cover Retail Marketing Strategy
Constant Berkhout
Retail
Kogan Page
2015
Hardcover

Many top retail brands understand their customers better by using many factors such as customer insights, which allows them to set a direct, focussed strategy and deliver a unified experience. Far too many don’t get it, yet this book aims to convert a few more companies to the right way of doing things.
Built around five key areas – in-store execution, organizational development, fact-driven decision making, multi-channel operations and understanding customers – the book provides quality, actionable advice to creating and executing new strategies to boost customer interaction, sales engagement and intelligence-driven marketing activities. It is not limited to just retailers, manufacturers also can get a greater understanding of the entire process to make their products and packaging even more attractive and desirable; it will also assist the retail sales process.
The amount of detail and information offered up can feel overwhelming, but the author does a good job in corralling everything together and providing an authoritative, focussed, engaging read.
The pieces need to be put together and a little thought given to the entire process. There are so many examples to choose from to highlight just how incisive the author is, yet choosing one is difficult. For example, the author writes: “The amazing paradox in retail is that retailers sit on mountains of data but are not inclined to process the data into meaningful information. I do not want to say that decisions based on intuition are always wrong, on the contrary, but what is wrong is not using available data in order to make a better decision for the retail organization and for the shopper. The department stores, fashion stores and garden centres that buy on the basis of what they feel is the trend are outpaced by retailers that have invented systems that allow them to trial and scale supply of fashionable items. Zara is a great example of how a retailer decides both intuitively and based on facts: the designers at Zara have the authority to order the production of a new range of clothing after observing trends at a fashion show, but production is only scaled up if the sales in the first weeks are good.”
Reading through the book, you are treated to a wealth of interesting market research statistics and facts, some of them may be quite shocking or eye opening. It really underlines what mammoth job larger retail outlets can face, yet it can stress how beneficial a more focussed approach might be to the business. Maybe even customers will be happier and thank you, perhaps rewarding you with increased expenditure and/or greater loyalty to your brand or outlet.
So to conclude: an excellent book that provides a lot of fascinating, engaging information at a very low price point. Highly recommended for those who need this sort of information and for those who don’t, it still can be a great read for the generalist.