A retailer has control over value creation
Frank S. Pierce
Three-time CMO with enterprise sales expertise in Financial Services, Retail and Tech
It’s a provocative statement.?
“A retailer has ample control over its value creation trajectory. Retailers of any size, if they make bold moves, can become top-tier value creators—even if they’ve historically underperformed, “ finds McKinsey & Company in a study published earlier this week.?
McKinsey does insightful well-documented in-depth research. At the end of the day, in real life, on the front lines of Retail, McKinsey finds “precision-targeted messages to loyal customers” drive value.??
This begs the question, in practice, in the trenches, in the current quarter, in the economy, how does a brand target with precision? It’s not about the message or the budget or the delivery channel–email, social media, etc. Precision is about knowing the customer. And if a brand knows their customer well, in turn they also know their best prospects.
The key to customer knowledge–the cornerstone of all success–is delivered by analytics. Analytics adds depth and mathematical precision to what often seems the squishy “soft science” of marketing messaging.?
McKinsey uncovers a cornerstone: do the analytic work to understand first, then successful strategies, actions, measurement and messages flow from your brand’s differentiated and mathematically confident understanding of people.?