Earlier this year I had an opportunity to attend and speak at the National Association of Retail Marketing (NARMs) conference in Phoenix.
In attendance were retail merchandisers, brokers, shopper marketing companies; big and small – a feisty, resilient, and lively crowd.
I had fun exchanging colorful war stories & noticed a few recurring themes:
- “This economy is weighing us down; some retailers just won’t make it”
- “It’s a race to the bottom; you have to price below cost to win clients”
- “It’s a relationship business, otherwise you can’t standout from the crowd”
Fear not. There is a cure for all these ills. Somewhat simple. Definitely radical.
Just stop being a merchandising, brokerage, or shopper marketing company.
Become a data company.
Data is the magic elixir of business – it creates efficiencies even in the toughest economy; data never commoditizes, and hard data trumps the best of buddies.
Collecting, controlling, channeling, analyzing data will make you all-powerful and unstoppable for your customers.
This transformation requires you to make new investments and speak a new language.
Repeat after me: “data scientist”, “algorithm”, “machine learning”, “real time APIs”, “cloud”, “feeds”, “signals”, “visualization”
Easier said than done?
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