Conference
Growing planned store visits for increased wallet share
By: Sam
Elphinstone, Group Head, the numbers lab, Firefish's quantitative
business
Elphinstone, Group Head, the numbers lab, Firefish's quantitative
business
Researching retail is fascinating. Whilst always a dynamic and exciting category
it has recently become even more so, as brands seek to seamlessly join their
digital and non-digital offers. The ultimate
aim is to present customers with a slick and enjoyable experience, minimising
the opportunities for customers to disengage and maximising share of wallet.
it has recently become even more so, as brands seek to seamlessly join their
digital and non-digital offers. The ultimate
aim is to present customers with a slick and enjoyable experience, minimising
the opportunities for customers to disengage and maximising share of wallet.
Whilst preventing people from leaving the
purchase funnel is of huge importance, there are some other considerations
identified from research carried out specifically around fashion retail that
can play a significant role in whether or not a sale is achieved.
purchase funnel is of huge importance, there are some other considerations
identified from research carried out specifically around fashion retail that
can play a significant role in whether or not a sale is achieved.
Chief amongst these considerations is increasing
the likelihood that shoppers will plan a visit.
Across both digital and physical stores, if a visit is planned, a sale
is 2x more likely. Furthermore, planned
visitors are 2 times as likely to visit again in future. Interestingly, this is irrespective of how
close the shopper is to the brand initially.
the likelihood that shoppers will plan a visit.
Across both digital and physical stores, if a visit is planned, a sale
is 2x more likely. Furthermore, planned
visitors are 2 times as likely to visit again in future. Interestingly, this is irrespective of how
close the shopper is to the brand initially.
Planned visits tend to be in the minority
(around 20% of shoppers), with the majority of decisions around visiting a
particular store or site made on an ad hoc basis, whilst browsing online or
wandering through the mall. Obviously,
converting these 'floating' shoppers with a clever media strategy that
interrupts them at the most opportune time is essential, especially as there is
probably a limit to the number of planned visits that can be achieved. However, given the role they play in maximising
the aforementioned share of wallet, growing the 20% of planned visits is a
proven way of achieving growth.
(around 20% of shoppers), with the majority of decisions around visiting a
particular store or site made on an ad hoc basis, whilst browsing online or
wandering through the mall. Obviously,
converting these 'floating' shoppers with a clever media strategy that
interrupts them at the most opportune time is essential, especially as there is
probably a limit to the number of planned visits that can be achieved. However, given the role they play in maximising
the aforementioned share of wallet, growing the 20% of planned visits is a
proven way of achieving growth.
So how can we drive shopper planning? Some of it comes down to old-fashioned top of
mind awareness and saliency in what can be (especially in the world of fashion
retail) a very crowded landscape. How we
drive those metrics should come as no surprise; traditional ATL and BTL
communications designed to hit a broad audience allied with more tailored
digital and social media campaigns with a more emotional connection in
mind. CRM can also play a crucial part,
tailoring the engagement and rewarding loyalty.
mind awareness and saliency in what can be (especially in the world of fashion
retail) a very crowded landscape. How we
drive those metrics should come as no surprise; traditional ATL and BTL
communications designed to hit a broad audience allied with more tailored
digital and social media campaigns with a more emotional connection in
mind. CRM can also play a crucial part,
tailoring the engagement and rewarding loyalty.
What may come as a surprise is the extent
to which the 'basics' mentioned above aren't done correctly or often enough,
meaning that awareness is subject to peaks and troughs which, in turn, affect
the extent to which visits are planned.
In recent conversations with clients, we are also seeing marketing spend
diverted from those 'basics' into other areas, such as the blending of digital
and non-digital customer experience mentioned earlier in this article.
to which the 'basics' mentioned above aren't done correctly or often enough,
meaning that awareness is subject to peaks and troughs which, in turn, affect
the extent to which visits are planned.
In recent conversations with clients, we are also seeing marketing spend
diverted from those 'basics' into other areas, such as the blending of digital
and non-digital customer experience mentioned earlier in this article.
The former issue can be addressed by taking
a slightly more radical view of brand impact marketing, perhaps by adopting an
'always on' strategy which substitutes big, infrequent and expensive campaigns
with a cheaper more agile alternative that maintains a more consistent
presence.
a slightly more radical view of brand impact marketing, perhaps by adopting an
'always on' strategy which substitutes big, infrequent and expensive campaigns
with a cheaper more agile alternative that maintains a more consistent
presence.
The latter is
about understanding priorities. Getting
the customer experience right across all of your properties is essential,
however, it should not come at the cost of driving planned visits impacted by
more traditional metrics like awareness and saliency. For the health and wellbeing of retail there
needs to be room for both.
about understanding priorities. Getting
the customer experience right across all of your properties is essential,
however, it should not come at the cost of driving planned visits impacted by
more traditional metrics like awareness and saliency. For the health and wellbeing of retail there
needs to be room for both.
Sam Elphinstone is Head of Research at the numbers lab, Firefish's quantitative
business. His expertise focuses on understanding how brands
interact with consumers. He is a specialist in consumer experiences, how people
react to them and their subsequent impacts on behavior.
business. His expertise focuses on understanding how brands
interact with consumers. He is a specialist in consumer experiences, how people
react to them and their subsequent impacts on behavior.
