4 Essential Marketing Concepts Powering Retail Industry Growth
Adaptability. Agility. Speed to market. Collaboration.
These four essential marketing concepts only work when organizations move from lip service to positive, disruptive implementation. Or stated another way — CHANGE.
And to affect real change in the current retail food industry business transformation, we must reconstruct our operating models to confront the unprecedented challenges and take advantage of new industry opportunities. The alternative is to let events force a reactive, often disastrous response.
Almost all of our present-day information focuses on interpretation of data and insights. But much of it is overwhelming, inaccurate, contradictory and difficult to incorporate into a progressive business model.
To force impactful change throughout an organization, the vision must move beyond the “what” and focus on the “why” and “how” to achieve next-level growth objectives.
That’s why Stagnito Retail Marketing created its all-encompassing “Integrated Business Process” to help guide you through the new targeted marketing communications evolution and adopt the four pillars of effective marketing.
Below are details about the four critical issues forming the major new food world order and the products/services that can assist you in controlling them:
1. Critical, Predictive Emerging Trends
Too often, companies assess emerging trends from their historic “cause and effect” experiences or their marginal ability to convert limited trends data into actionable assessments. It’s a major reason why new product launches consistently hover at a 75% failure rate.
Hundreds of technology firms provide numerous varieties of trends information. The breakdown comes from a lack of efficient, accurate interpretation. The success or failure of growth plans are dependent on understanding and capitalizing on the difference between temporary fads and provable emerging trends. Trends should open the door to opportunity, but if incorrectly interpreted — or missed — they can be a costly mirage.
Thus, executive management must be more involved in extracting meaningful strategic direction from technology Information. It’s not enough for them to get briefed by CIOs, IT leadership, CMOs, CROs, CFOs, category management, etc. We’re in the middle of a “predictive intelligence revolution,” surrounded by an insights generation — 90% of retailer insights data has been created during the past two years.
Winning companies must link how data specifically relates to their products, stores and shoppers; interpret it into emerging trends; and then convert into strategic growth plans.
This takes deep industry expertise, both from internal staffing as well as from third party solution providers. And a top-down will to change.
2. The Action Gap Dilemma
Through extensive research and personal interviews, SRM has determined that the missing link in the majority of cohesive, all-inclusive strategic-to-execution planning process cycles is the lack of recognition and identification of an action gap.
The action gap can be described as the absence of accurate, targeted and focused information, and data that limits management ability to adapt and change course in making both quick adjustments and alterations to its strategic and tactical plan of execution. Or the inability to convert available information and data into actionable plans with a high probability for success. This, in turn, inhibits management from making confident, informed go-to-market decisions, therefore not optimizing its next-level “economic performance” goals.
Many times, available information doesn’t complete the “growth cycle” that first begins with “identifying the need.” It shouldn’t end there. Need without a “solution” remains a need.
A focus on identifying and correctly interpreting relevant emerging trends provides the knowledge base to identify, quantify and predict growth opportunities so you can bridge the action gap. This drives your ability to create “directional and actionable” objectives.
3. Targeted Emotional Personalized Communications
Two key changes have occurred in the new food order:
1. It’s more difficult to build and maintain the same type of in-person relationships that shaped the foundation of business communications.
2. The form and substance of marketing communications is altered forever.
Sure, in-person meetings, conferences and trade shows will eventually resume their importance. But the future of B2B engagement is all about digital … digital … digital. Virtual contact will continue its astronomical growth, improving on a daily basis as we all practice new products and services. And, the point-of-difference will be commanded by those companies that use these vehicles to deliver specific “language” information to multiple decision makers in a chosen company.
The new information-based collaborative organizational structure is being dictated because of demand for input and expertise from cross-functional teams.
Historically, strategic and tactical marketing decisions were made by the marketing management silo, with little or no cross-functional collaboration. This approach often concluded with too much information compartmentalized by function and not shared, causing the action gap, and inhibiting change and execution of an effective growth plan.
Now sophisticated technology personalizes communications that promote targeted interactivity and information exchange. With the less in-person contact, this change will build more trusting and stronger collaborative relationships
4. The Horizontal Integrated Marketing Platform is the New Normal
The retail food industry marketing journey from strategic discovery to revenue generation is not linear. It’s filled with challenges and opportunities, information clutter and marketplace noise. But the good news is that technology is the catalyst for navigating the pathway to successful results.
Marketing and technology communications have always been the gateway to change. Now, they’re even more critical for determining the best, fastest and most economical decisions for ensuring immediate sustained growth.
The new marketing standards include: Reaching as many influential decision makers as possible in companies by integrating research, category management, various marketing services and products, and marketing technology across internal functions to align with customer needs.
It looks like this: targeted research> predictive data turned into information> turned into education> into strategic programs> into execution> and finally into measured results and ROI.
The impetus for this end-to-end program is the capacity to convert the why and how into reality.
And the tools are:
- Predictive analysis of emerging trends.
- Bridging the action gap.
- Targeted personalized messaging.
- Complete integrated marketing and technology services platform.
Harry Stagnito is executive director of Stagnito Retail Marketing (SRM).
Stagnito Retail Marketing applies research and its predictive intelligence technology to identify emerging food trends, and then provides exclusive, innovative, integrated marketing program/product solutions to achieve measurable ROI strategic goals and objectives needed to ensure sustained growth in the “new food world.”
SRM is built upon four decades of highly successful marketing communications programs with thousands of companies. Our differentiation is industry knowledge, products and company relationships.
SRM has listed more than 60 trends and adaptive solutions in the attached presentation. Please review it for specific details about how SRM, and its seven product platforms can assist you in taking advantage of these opportunities.