Winning at Consumer Centricity: 10 tips for Retailers and Manufacturers

Written by Brian Ross, General Manager, Precima

The only certainty for retailers and manufacturers operating today is that it will continue to be increasingly difficult to win or even survive without a fundamental change in approach. Intense competition, growing channel blur, the explosion of brand choice, new channels and an overload of market noise have all led to the increasing power of the consumer and the decreasing effectiveness of traditional retail strategies and tactics. This has led to a relentless focus on price as the sole basis for competition, which is not a viable, nor desirable, long-term strategy for most organizations.

In the face of this new market reality and today’s economic environment, we see retailers and manufacturers increasingly adopt a consumer-centric strategy as the new basis for competition based on the belief that it’s the consumer that is their greatest asset and competitive advantage.

What follows is a guide written for retailers and manufacturers that offers ten tips for adopting a comprehensive consumer centric approach to business. In developing the tips, Precima draws on the data and findings from an analysis that Precima and DemandTec commissioned from IDC Global Retail Insights. IDC Global’s research, titled "Being Consumer-Centric: A Retailer and Manufacturer Update," was based on interviews with "high performing" and "back in the pack" retailers and manufacturers about their use of consumer centric practices.

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