2018 Summit Highlights
Thank you for joining us last week in Napa. We hope you were inspired by the amazing content and people; I know we were. We constantly thrive to make this event better every year, so please be sure to share any feedback or ideas you have for future events. As always, we promise speakers not to share their presentations, but we hope you find this recap of highlights helpful. There is clearly a new way to retail.
Consistent Themes From Last Year
- The outlook for retail is GREAT. Different forms of disruption – consumer, technology, economic and competition – are creating opportunities for new types of brands and retailers.
- The retail transformation is moving fast – concepts that were buzz words just last year are a reality today.
- Consumers want to see REAL PEOPLE in advertising. We should redefine diversity to include age and size.
- Move quick and fail fast- as relevant as ever. “Less is more” also continues to pop up.
- Last year, Kelly from ELOQUII reminded us how important it is to LISTEN to customers, and several speakers mentioned this again. Pick up the phone and listen to your associates – you should be talking to customers constantly.
A Few Stand-out Quotes
- “To be a successful retailer, you have to be a well-rounded athlete.” – Jay Sung, Brentwood Associates. Today, you must be good at all things, including DM, Retail, and Digital.
- “Uncomfortable is the new normal.” – Anisa Kumar, Levi’s, also suggested we consider “innovation metrics.”
- “My north star is empowerment.” – Mike O’Reilly, Perricone MD, suggested we empower staff to make quick decisions, and empower customers to share their voice and stories. He mentioned reframing: think “omni-customer” vs. “omni-channel.” He also added: “Before you solve the problem, figure out what the problem is.”
- “Gen Z expects greatness but not perfection” – Marian Kwon and Monika Rose, Kindred/ Epic Sky
- "Where Google is your knowledge network, and Facebook is your social network, Pinterest is your taste network" – Amy Vener, Pinterest
- “In regard to the pursuit of the ultimate CDP and ID, accuracy should win over scale.” – Scott McKinley, IDify
- “Think about products plus experience. When you buy a paintbrush, Amazon recommends more paintbrushes…Alibaba recommends paint classes.” – Janie Yu, Fung Capital
- Personalization means many things – not just personalizing emails and display ads but making a personal connection with customers. Personal can also mean being local and building community.
- Companies are investing more in top of the funnel marketing and in many cases, a channel like Facebook is both top and bottom of the funnel, driving both consideration and immediate purchase.
- Consider your post-purchase marketing opportunity outside of just email – from the packaging to the site experience to social.
- To market to a younger consumer, you must consider the mindset of that generation, not just change your audience. Millennials and Gen Zers are vastly different from Baby Boomers and Gen Xers.
- Consider re-defining your recency for lapsed customers to 6M+. The reality is that customers are buying frequently across channels and your competitors are aggressively marketing to them.
- Even with a focus on ROI, other channels like TV can work (and be measured).
- Influencer marketing is worth a test. Consider micro-influencers as a way to get started. Age and size diversity is also important for connecting with consumers through influencer content.
- Partnerships are another form of influencer marketing and can be effectively used in paid social channels.
- Pinterest is giving retailers a new opportunity to market based on taste and aesthetics coupled with interests. Pinterest is also an excellent source for consumer trends.
- Tactical advice for Paid Social: Videos are key (6 seconds or less); to measure results, consider one day view-through results plus seven day click through; if you have an influencer or any positive PR, spend money against their posts; works for older customers as well; Instagram is also working, especially INSTA stories; social platforms are both upper and lower funnel; promos are not critical with the right product.
- A few hot terms from our summit: “Innovation metrics,” “intelligent retail,” and “future-proof.”
- It was encouraging to hear that promos aren’t always necessary for effective new customer acquisition and branding is more important than ever.
As always, we are committed to the success of your business, and your partnership is everything to us. Thank you again for taking the time to attend our summit, and we hope to see you there next year!
Polly, Donna & Your Friends at Belardi Wong