Press Releases
Precima Unveils 10 Consumer Centricity Tips in Free White Paper Released Today
Paper draws on findings from benchmarking study of 120 retailers and manufacturers and their use of consumer-centric practices; available for free download at precima.com/10tips
Contents to be presented in a joint webinar with the Direct Marketing Association this July
TORONTO - May 13, 2009 – A new white paper revealing previously unpublished strategies for succeeding at consumer centricity was released today by retail advanced analytics firm Precima. The paper, titled "Winning at Consumer Centricity: 10 Tips for Retailers and Manufacturers" is available now for a free download at precima.com/10tips.
Consumer centricity is a strategy that leverages consumer insights and data to drive decisions in marketing, merchandising and operations that are aligned with the most important consumers of a brand or retailer.
The Precima white paper draws on the findings of a comprehensive study commissioned by Precima and DemandTec, San Carlos, CA., that analyzed the consumer-centric practices of no less than 120 retailers and manufacturers. IDC Global Retail Insights conducted the study and the original findings were released February 2009.
The paper references study findings regarding how high performing retailers and manufacturers approach consumer centricity differently than their peers. Some highlights of the findings include:
- 87% of high performing retailers consider consumer centricity as a top three factor to success; just 60% of average performing retailers feel the same;
- No less than 80% of high performing manufacturers say they expect to increase emphasis on consumer centricity in the next year; 65% of average performing manufacturers say the same;
- More than one-third of all retailers (36%) are unsatisfied with their ability to leverage consumer insights in making marketing and merchandising decisions.
"The results of this study that were released in February provided a thorough snapshot of the state of consumer centricity, through the eyes of more than a hundred retailers and manufacturers," said Brian Ross, position paper author and general manager of Precima. "This paper goes one step further by taking those findings and offering a fact-based guide to consumer-centric success for retailers and manufacturers looking for an edge in their consumer-centric efforts."
Ross provides a sneak-peek of these recommendations:
- Collaboration is critical. Sharing data allows retailers and manufacturers to collaborate on ensuring the right products are available at the right price to satisfy the needs of the shopper. This is currently an under-realized opportunity, with less than half of high performing retailers (47%) and even fewer average performing retailers (36%) reporting that they believe sharing data leads to better insights.
- Enable organizational change. Sixty percent of retailers say that incorporating consumer insights into existing roles is a top challenge. Combat this by ensuring that the right tools, processes and communications are in place right from the start. The availability of consumer insights should always empower and never hinder.
Precima will present the contents of the white paper, along with findings of the study in an interactive webinar co-hosted by the Direct Marketing Association on July 7, 2009 at 1:00 PM Eastern. Interested parties can register for this session online at http://www.the-dma.org/virtualseminars/consumercentricity.
About Precima
Precima is an advanced analytics firm that translates retail customer data into critical insights to better align marketing, merchandising and operations strategies with shopper needs. Precima helps retailers and manufacturers grow sales, improve profitability and build customer loyalty. As the in-house analytics arm of LoyaltyOne (formerly Alliance Data Loyalty Services) prior to 2008, Precima worked with many of the leading retail partners of the AIR MILES Reward Program for over 16 years to help make the program North America's coalition loyalty marketing leader. Additionally, Precima has worked with numerous customer-focused retailers and manufacturers across North America. Precima is recognized for delivering measurable results tailored to each retailer's unique needs. For more information visit www.precima.com.
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