The Fast Track to Understanding Consumer Insights

 

 

We know this about 'retail'. About 2/3 of the US economy is driven by
consumers and they go to retailers to do this. About one in five Americans work in retail. "Retail' includes restaurants, car dealers, furniture, lumber, apparel and much more. We know also that fewer and fewer college grads are seeking careers in retail. Finally, we also know it is a relatively low paying and highly vulnerable job these days.

So, given that, what kinds of jobs, careers, specialties and departments exist in retail? We've been studying that for some time. At our meeting in Miami in November, we decided that the primary departments in a typical retailer were Merchandising; Design; Accounting; Information Technology; and Sourcing.

Dr. Bruce Greenwald of the Columbia Business School said, in a forum where I spoke in May 2006, "Retailers have three elements to them....merchandising, operations and location decisions".

So, who's right? And of these 'disciplines', where is our area
of greatest opportunity as suppliers? We know that many retailers enjoy the margins of
their own private label merchandise. And we know a number of major retailers are actively trying to learn how to best organize to work directly with factories. And we know David Birnbaum's new book, currently being edited addresses this very opportunity. 

 

So, who is our best new contact at retail to get results proven by others who
have pioneered these relationships? We think its design. I'm going to prove
this by interacting with you next week in Newport Beach. When I
succeed and we develop a plan, then we'll spend the rest of the year doing something about that.

What are your perspectives on retail and what they're ready to hear
and what you think they ought to be doing to make it through this economy?

- Mike Todaro

 

 

Greenwald is right but should add the lynch-pin Consumer Insights

Every major retailer with whom we interface has/or is building a Consumer Insights
department which imbues decisions about Location, Merchandising and indirectly,

Operations...with what Kathie DeChirico has labeled " Intelligent Decisions "
(i.e. both "smart" decisions and based on " intelligence' or insights into consumer dynamics)...

Penney's has one...

Macy's has one ... (with the head being designated as Executive Vice President ! ...befits how important they think it is )

Nordstrom's has one...

Target has one... 

Wal-Mart has one... with over 30 highly skilled research/insights people in it !

Now, key factories, who are being asked to project consumer demand,
especially on re-orders, are subscribing to consumer trend reports, some from sources in Europe...
                                        

             Can Consumer Insights outreach be far behind ?

ProductsPreferred is innovating fast track solutions for

Consumer Insights.  Intelligent Decisions.

- Bill D'Arienzo, CSO, Ph. D.

  ProductsPreferred, LLC.

Figure 2 - Consumer Insights Process - Information to Knowledge

     Figure 1 - Brief technology review of Personas