Resources | Haste
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Thoughts, resources, articles. Retail made brilliant Instead of math and graphs, get recommendations on what to do next for your business.
Resources | Haste
4y ago
Advertising dollars are rising but no one wants to talk about it.
Managing customer acquisition costs (CAC) has always been under the purview of Chief Marketing Officers (CMO).
No one wants to admit that prices are getting out of hand because that would be admitting that they are doing a bad job.
Regardless, it's happening.
Unless small businesses find other ways to grow, they will all eventually get crushed by incumbents.
Why is advertising getting more expensive?
1. Fixed Channels
Over the past 20 years, since the modern web (post-Google) exploded, count the number of viable marketing pro ..read more
Resources | Haste
4y ago
and why will it shape the future of e-commerce and retail?
Definitions:
Product Led Growth is a business methodology in which user acquisition, expansion, conversion, and retention are all driven primarily by the product itself.
In layman's term, you grow through products-first. Marketing and customer service comes in later.
Working backwards from the customers, great customer service and personalized marketing is now table stakes.
"Don't find customers for your products, find products for your customers" - Seth Godin
Why care about product-led growth?
1. The Job of a Retailer
Although the ..read more
Resources | Haste
4y ago
"Procurement" or "Assortment planning" is no longer a matter of negotiations and sourcing. With the advent of the DTC movement, more retailers and leveraging new approaches and tools to bring products to market.
Photo by David Lezcano / UnsplashShift in Dynamics
Brands no longer need to be entirely dependent on retailers
In the past, brands and manufacturers were heavily dependent on retailers and distributors in order to bring their products to market.
Today, the dynamics are changing.
If you were an upstart in the past, you had to beg retailers and distributers to carry your products just s ..read more
Resources | Haste
5y ago
Pricing has an immense effect on retail operations.
Should it be seen as a mechanism to increase profitability? A competitive moat? Or should it be used as a branding instrument?
Yes to all. Pricing affects every aspect of your operations, but most retailers don’t spend enough time thinking about pricing.
Back to the title- Whose price is right?
If you are not deliberate about this decision, it is more than likely that you are being told what your products are worth. Either your suppliers, your competition or your shoppers have given you some indication as to how to set your prices…
Supplier ..read more
Resources | Haste
5y ago
Every business is built upon the same foundational equation: Products + Customers = Sales
Getting the right product to the right customers is the foundational layer of every business equation.
Neither is sufficient alone.
Everybody in 2019 would agree that it is important to obsess about your customer.
Listening to your customer tends to be a good idea if you plan on building a large business based on customer love and loyalty.
But, what about the first variable in that equation?
How much is really invested into product strategy?
Not enough.
Emerging Importance
Everyone is providing ..read more
Resources | Haste
5y ago
(Scroll all the way down to skip the banners)
1. General Account and Financial Analysis
2. Sales Analysis
3. Inventory & Warehousing Metrics
4. E-commerce (Onsite Metrics)
5. Physical Store Metrics
6. Merchandising Metrics
7. Pricing Metrics
8. Digital Presence
9. Email Marketing
10. Social Media Engagement
11. Digital Advertising
12. Promotional Analysis
13. Customer Success
14. Shoppers
15. B2B Metrics
16. Human Resources Metrics
17. Delivery & Fulfillment Metrics
18. Manufacturing Metrics
203 metrics for retailers and brands to track
In this post, we will dive into each metric, dis ..read more
Resources | Haste
5y ago
Want the full guide?
Managers figure this out pretty quickly.
They realise that the metrics they track,
...the metric that their leadership track and
the metrics they set for their teams are totally different.
All the metrics have to line up so that the entire company goes towards the same direction.
But they are rarely the look the same.
Just because a plane, a ship and a car are all going North, doesn’t mean they all care about the same thing.
Someone managing a 10,000 person organisation cannot be constantly checking into monitor the sales productivity of an individual sales rep.
Th ..read more
Resources | Haste
5y ago
Want the full guide?
You might already be sold on the promises of retail analytics.
But is your organisation ready?
Do you have the answers to these three questions?
What problems do I want to solve?
What sort datasets do I have on hand?
What is the general level of expertise of my team?
Think about what can be improved in the organisation.
What if sales was 10x better?
What if marketing was 10x better?
What if product was 10x better?
What if customer support was 10x better?
How do you measure each of those functions? Let’s take customer support as an example. (commonly overlooked but it ..read more
Resources | Haste
5y ago
TLDR: NOT everything.
You were already doing the jobs that needed to be done before you implemented analytics. Analytics is meant to help you measure, analyze and focus your efforts.
Example 1: Planning merchandising
Before analytics:
“Guesses” as to which product would do well.
(If you had more than 1 sales channel, it would be too complex to manage the differences)
After analytics:
To provide a more holistic estimate, use;
historical data,
product attributes,
price elasticity,
traffic forecast,
customer acquisition cost and
marketing budgets
Example 2: Streamlining shopper engagement
Befo ..read more
Resources | Haste
5y ago
Want the complete guide?
Retail analytics is....
... the practice of leveraging data to
measure performance,
augment decisions and
monitor results.
In retail, common applications include; measuring the performance of marketing campaigns, monitoring the supply chain, inventory management and merchandising.
A common end result of analytics is the tracking and monitoring of Metrics and Key Performance Indicators (KPIs) which are then employed as proxies to measure the health of the business.
Where does the data come from?
Given the proliferation of technologies today, data can come from many ..read more