Hard truth: Most brands do not know their customers. This simple fact makes running the company an uphill challenge. 🔹 Growth and EBITDA become unpredictable. 🔹 Inventory buying becomes driven by opinions, not market demands. 🔹 The C-suite struggles to share compelling data with the board and investors. To unlock a customer-first approach, retail executives must embrace customer movement — a framework to better understand the health of your customer file and opportunities for growth. Say goodbye to unknown customers. And hello to stronger retention, acquisition, and merchandising strategies. Our latest guide shows you how: https://lnkd.in/gtswiCcV
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Certified M&A Professional, Certified Exit Planning Advisor, Partner at Stony Hill Advisors - Creating Life Changing Events for our clients
YOUR BUSINESS IS NOT WORTH WHAT YOU THINK IT IS Recurring Revenue is one of 8 key drivers of business value. A recent survey by Inmar Intelligence found an average of 74% of shoppers in 2023 switched from buying branded products to store brand products, driven by rising costs. If you are a CPG manufacturer, how will you combat the degradation of your loyalists (recurring revenue) and the decline in your valuation? Message me for my list of actions to maximize this Value Driver to achieve Best In Class business value.
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🌟 Identifying and Forecasting Bottom 5 Retailers: Key Strategies for OEM Success 🌟 As an OEM navigating the dynamic retail landscape, identifying and forecasting bottom-performing retailers is crucial for strategic planning and sustainable growth. Here’s how you can effectively pinpoint and retain these critical insights: 1️⃣ Data-Driven Insights: Utilize robust data analytics tools to analyze sales performance, inventory turnover rates, and customer feedback. Look for retailers showing consistent declines or underperforming against benchmarks. 2️⃣ Market Trends Analysis: Stay updated with market trends and economic indicators that could impact retail performance. Look for signs such as declining foot traffic, increasing competition, or shifts in consumer preferences. 3️⃣ Engage with Retail Partners: Foster open communication with retail partners to gain firsthand insights into their challenges and opportunities. Regular feedback loops can provide early warnings of potential underperformance. 4️⃣ Predictive Modeling: Implement predictive modeling techniques using historical data to forecast future performance accurately. Machine learning algorithms can help identify patterns and predict retailer behavior. 5️⃣ Strategic Prioritization: Once identified, prioritize your efforts by focusing on retailers with the potential for improvement through targeted support, marketing incentives, or operational enhancements. 🚀 Retention Strategies for Bottom 5 Retailers 🚀 Retention is equally important as identification. 1️⃣ Customized Support: Offer personalized support based on their specific challenges and needs. This could include training programs, co-marketing initiatives, or operational efficiency consultations. 2️⃣ Incentivize Performance: Introduce performance-based incentives or rebate programs tied to achieving mutually agreed-upon targets. This aligns their interests with yours and encourages proactive improvement efforts. 3️⃣ Streamlined Processes: Simplify ordering processes, reduce lead times, and optimize supply chain logistics to enhance efficiency and reduce operational costs for retailers. 4️⃣ Continuous Engagement: Maintain regular communication to provide ongoing support, gather feedback, and address concerns promptly. Building a collaborative partnership fosters loyalty and commitment. 5️⃣ Long-Term Vision: Develop a long-term growth strategy together with retailers, emphasizing shared goals and sustainable business practices. Invest in their success as a reflection of your commitment to mutual growth. By proactively identifying and nurturing relationships with bottom-performing retailers, OEMs can not only mitigate risks but also unlock opportunities for sustainable growth and market leadership. Let's discuss how these strategies can drive success in today's competitive retail landscape! 🌟 #OEM #RetailStrategy #BusinessGrowth #DataAnalytics #CustomerRetention #Enmovil
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Director Sales & Marketing @ Ratepay - On a mission to build an e-commerce community focused on innovation #ecommerce #retail #CX
Trying to keep up with a much larger competitor seldom works if the "strategy" is replicating their processes or product features. Why? -Lack of authenticity and alignment with company's mission and vision -You can only see and copy the end results but you don't have access to the behind the scenes (where most of the hard work happens) -Lack of infrastructure or resources -Limited access to data or limited opportunities to actually leverage data -Economies of scale -No financial buffer to absorb the costs of failed experimentation -Not enough automation, low-touch processes, and cost efficiency -Lack of diversification and secondary revenue streams -Lack of originality How do successful retailers keep up instead? #retail #ecommerce #reteiltrends CC: Sascha Wilhelm Martin Kuffel Charlotte Paauwe Vanessa Vulcano Christoph Brack Marie Schiffke Andreas Rau Stjepan Krizic Melanie Moczko Philip Thielenhaus
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Operation Management,Sales operation , customer services,customer success, Retail sales,Health and safety, ISO 14001 ,ISO 45001,ISO 9001, NEBOSH
In the retail industry, success depends on a multitude of factors. From a customer-centric approach to innovation and technology adoption, retailers must build a strong foundation for growth and profitability. Here are just a few of the key success factors: customer feedback and reviews, competitive pricing strategy, expert salesmanship, and proper buying and sales policy. By embracing these key factors, retailers can optimize their inventory, personalize their customer experience, and build strong partnerships for long-term success. #RetailSuccess #CustomerCentricity #Innovation #TechnologyAdoption
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Are you a retail business with multiple #product lines? Discover how to consolidate offerings, identify hidden gaps, and boost your #marketpositioning in this blog https://hubs.ly/Q02fHBrB0
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After three years of using band-aid solutions to adapt to pandemic-driven buying trends, it’s time for #retailers and #CPG companies to step back and evaluate what’s next for their business operations. In a piece for Retail TouchPoints, I shared my thoughts on why industry leaders need to reflect on the evolution of their processes, new economic challenges and opportunities on the horizon, and how #processmining technology is helping companies like @Reckitt maximize efficiency while minimizing waste. Give it a read here: https://lnkd.in/egphfMkQ
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Attention retailers! In these challenging times, adapting and thriving in the dynamic market is more critical than ever. First Insight, Inc. has developed cutting-edge technology that empowers retailers to make data-driven decisions like never before. By leveraging advanced analytics and predictive consumer insights, you can now understand your customers' needs, preferences, and desires like never before. In today's rapidly evolving retail landscape, staying ahead of the competition is the key to success. With First Insight's solutions, you can swiftly adapt your product assortments, pricing strategies, and inventory management to meet the ever-changing demands of your customers. By unlocking this powerful competitive edge, you can position yourselves for growth and prosperity. 🌎: www.firstinsight.com #predictiveanalytics #retailers #brands #consumerinsight
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Are you a retail business with multiple #product lines? Discover how to consolidate offerings, identify hidden gaps, and boost your #marketpositioning in this blog https://hubs.ly/Q02llL_90
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You’ll go to heroic lengths to grow your business. But, do you have the right tools in place? Check out our retail growth adventure and discover how to propel your business forward. #retail http://spr.ly/6047pZfKx
Fintech for Retailers | Retail Financial Technology | FIS
fisglobal.com
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The stark reality of today’s retail landscape is that consumers can’t spend more and manufacturers and retailers can’t sell for less. This is driving the need for transformational cost reductions, cross-channel growth and deeper connection to purpose. Focusing on these three areas are the best predictors of future success for brands and retailers. #retailindustry #costoptimization #purposedriven #customerexperience #datadrivendecisions https://lnkd.in/gbex8ya8
Three predictors of success in an era of unprecedented disruption
https://www.capgemini.com
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