Results Count ... everything else is conversation.: Updating the “Sound Bites” for the changing face of retail

Retail is still detail, but it is being transformed by social media

By Heather Lantz

Many of you may have seen me at IMS Retail University workshops. I've had an opportunity to work with Chris Petersen for the last 16 years putting together courses for thousands of participants. Heather Lantz often appears on the IMS list of Retail U resources, but last week I had an opportunity to personally lead another Retail University workshop on social media. During these workshops, I rediscovered how important the "sound bites" are in capturing both the essence and challenge of retailing. In teaching our social media workshop, I found that there a host of new sound bites for this social age of retail, where the consumer is now in charge.

Sound Bite = A retail core principle in the length of a Tweet

If there is one truism about retail today, it is changing faster than ever before. In fact, one of our sound bites is: Retail has changed more in the last 3 years than the previous three decades. And, it is moving at the speed of light in terms of social media. Twitter has become a real time face of social, capturing moments of truth in 140 characters or less. It epitomizes what is happening in social media and much of retail.

In IMS Retail University, we have always challenged participants to capture the core principles in simple "sound bites". As it turns out, these sound bites make perfect tweets regarding both the principles and trends of retail. As part of Retail University, we ask participants to capture their "take aways" as tweetable sound bites, which lead to some interesting observations and tweets in the social media course I was teaching.

Classic Core Principles of Retail as Tweetable Sound Bites

Differentiate or Die! If you're not 90 days early … you're late! Retail is Detail!

If you have been in retail for any significant amount of time you have probably experienced one or more of these sound bites as real realities for survival. At IMS, we have examined retail critical success factors for years in our client relationships, blog posts and IMS Retail University workshops. "Sound bites" help emphasize the success factors of retail quickly. We also debrief our Retail University workshops by asking participants to add their take aways by contributing their sound bites for things that they must focus on.

Top Ten Retail Sound Bites from the UK last week:

Retail is detail … it's all about execution everyday
It's not rocket science … it's harder
Differentiate … or Die!
It's important to be there right now … than to be perfectly right!
If you're not on cycle you pay … at least twice!
Launch with a bang or rot on the shelf!
Retail is all about making the right numbers work!
Retail is not a channel … it is many different business models
If you don't turn … you burn!
The law of averages will kill you, your sales and ROI

The rise of social media in retail = More choices … and more decisions

Today, consumers spend more time on social media than email. They are more likely to consult a friend for recommendations than to look at any traditional retailer ad. A negative consumer experience literally gets blasted to the world on Twitter and other networks. On a positive side, retailers are reaching out to establish new relationships with consumers in new ways on social media. Social media is a land of opportunity, and new challenges for retailers.

Retail has always been about the details, and they can be just as overwhelming and endless in social media. Though most platforms are free in the sense of usage, they are not free in the sense of planning and execution. The expense in social media is labor hours. If there isn't a clear strategic plan set in place the details will easily eat up any labor budget.

Social Media does NOT guarantee a richer consumer experience

Decisions need to be made about which platforms will be implemented based on demographic needs and information. Will the focus be on Facebook, because there is a need to reach a large amount of people, or is the focus on a small group of professionals where Google+ or LinkedIn would be a better choice of platform? Not to mention how Twitter fits into the campaign. Don't forget about the actual activity schedule and events, posting updates, photos, videos, etc. The details and decisions go on and on for social media.

Our social media message is to pick your best options and be the best at them. Don't spread yourself and the message to thin; you will not get the ROI everyone expects.

And, here's the real kicker about social media … the consumer is in charge. It's not about creating messages or marketing to them. It's about choosing the platforms and creating the dialog that will encourage them to engage, with you and their friends.

Top Sound Bites from Retail University on Social Media