US-based consumers expect to be able to exchange ideas online with retailers, manufacturers and other consumers by 2015, as part of their shopping experience, a survey by retail industry research and consulting firm TNS Retail Forward. 30 percent of US respondents feel enthusiastic about joining online shopping communities to increase their buying power, 11 percent are likely to do it and 75 percent expect such communities to be formed by 2015.

The report revealed that US consumers are especially keen on engaging in dialogues with manufacturers through websites and online surveys on the way products can be improved. 38 percent believe this is an appealing idea, 16 percent claim they feel inclined to do it and 80 percent expect it to become reality within seven years. 14 percent of respondents embrace the idea of social networks that provide information about the hottest stores and retail trends, 5 percent would be interested in participating and 80 percent believe there will be such websites in 2015.

There are many cutting edge ways to not only get feedback, but initiate interactive "magnetic" relationships that learn, relate and attract more customers, more visits, and more spending.
Behaviorworx is one of the most successful companies helping winning retailers, to increase profits from interactive relationships, far and away better than the "survey" of yesterday..

Source: http://epnn.com/content/view/16755/419/

The big shopping centre anchor tenants are working hard to bring back customers lost to cool specialty shops and online retail venues

For example J.C. Penney, Macy's, Bloomingdale's, Saks Fifth Avenue and Kohl's have changed their retail merchandise mix and in-store environments. Note the celebrity-designed fashions, mobile marketing and better fitting rooms.

It is all about youth culture as well. Get the kids to come in without turning off their parents. Here is the logic. Consumers are cutting back on spending. The reasoning: But, even as parents tighten their belts, they still spend freely on their children. If kids can get their parents to drive them to stores, the parents will end up shopping for themselves, too.

This trend supports our assertion that online experience marketing – targeting kids who are more web savvy is a powerful way to build revenues.

Understanding the needs and experience of each target group is critical to success, and successful retailers are going one step further, introducing a range fo cutting edge tools that give them real time feedback and continuous engagement from their customers, and the marketplace.

They need a "retail magnet" and a number of suppliers are taking the latest engagement and feedback trends to the next level of success..

"Many retailers have been struggling in recent months as cash-strapped consumers pull back on nonessential items like furniture, clothes and jewelry due to soaring food and gasoline prices.

They will need low cost, low risk growth strategies, with a measurable benefit to the company.

"The consumer is focused on buying what they have to have, not what they want to have," said Howard Davidowitz, chairman of Davidowitz & Associates, a New York-based retail consulting firm.

Historically, macro-economic forces have not slowed down TJX's value-oriented customer. A slowing economy can motivate consumers to shop off-price. We expect this trend to continue in 2008."

That is good for Walmart and Costco, but where does that leave everyone else?

Here is our perspective. The bulk of the work we do is with multi unit operators, We gather feedback and create engaged two way relationships with buying customers, browsers and potential new customers. Most of our clients have physical locations (bricks) We gather feedback from web customers as well (clicks). When customers become finicky about what they are spending, engagement is critical.

Engaging a broader community: customers, browsers/low brand users, competitor customers and new customers is critical. The trick is to engage a larger share of the existing and potential market for clients goods and services. Our particular angle is engaging this broader group into an interactive, fun, rewards based, LONGITUDINAL relationships. UP TO 75% OF OUR FIRST TIME RESPONDENTS GIVE PERMISSION TO ENTER INTO A CONTINUOUS INTERACTIVE RELATIONSHIP FOR KNOWLEDGE AND PROFITABLE ACTION (CONTINUOUS MARKETING AND TARGETED PROMOTIONS). People buy what they buy but think about where and when they buy. They want fun and rewards, while they have a voice in the brand and the experience.

Building interactive, knowledge driven relationships with vast numbers of your customers and POTENTIAL customers can be used to more effectively shape your offering and promote the traffic you are seeking. Because this effort is Web2.0 Centric all this becomes very measurable with data that can help you squeeze out profits from the tight current market conditions.

Reference: http://www.reuters.com/article/reutersEdge/idUSMAR66661120080506?sp=true

If Burger King’s profit soars through the roof, how would that make you feel?

As an executive and a decision maker at a medium to large retailer, hospitality or restaurant company, it should make you very envious.

What do they know that you don’t?

Consumer spending is like fishing with the tide. The tide of dollars is either flowing your way or it is not. Do you know which way the revenue tide is flowing? In addition, a wise fisherman will be where the fish are.

How do you catch more of the tide… and more fish?

1) You need to know more about the currents in your market and the timing of those market currents.
2) You need to know more about the fish, what attracts them, and how you can catch more of them.

Wouldn’t it be nice if you could get the fish to “jump into your net” with just the right knowledge of their habits, likes, and dislikes?

You can bet that Burger King and other successful retailers know a lot more about the currents and the fish than you do.

Are you going to fish or cut bait? Does Starbucks (sales were down 8% in the last quarter) know the tides? Or have they lost track of what really matters?

It is important to know your customers intimately, but you must know a lot more. Burger King knows its potential customers, and its competitors’ customers, very well. That is where the growth is coming from.

Do you know who is eating your lunch? Do you know how to eat instead of being eaten? As the economy tightens in the coming year, you had better be able to answer these questions. The days of easy growth are closing fast. Your competitors will be looking to grow their market share, and it may come from your hide.

If you can acquire a deep knowledge of your market and potential market with strong, actionable, interactive relationships, you can harness that knowledge to grow your business.

Here is an example: A retailer we work with discovered, as we engaged with tens of thousands of their customers and browsers, that a larger portion of the traffic in the stores was much older than the retailer’s younger demographic.

Why?


Martin Hoffmitz
VP, Client Partnering
BehaviorWorx Inc.
Tel: 416.251.0111 x250
Mobile : 647.287.4491
Fax: 416.251.9489
Email: martin@bwxi.com
Web: www.bwxi.com