September 14th, 2009
Introduction
Category Management is a term familiar to food, drug and mass market retailers and suppliers. It’s been evolving for the past 25 years in that industry, but it’s virtually unknown in the consumer electronics and technology space. With the high level of customer and transaction data available to sophisticated retailers and suppliers in consumer and technology products, and the current demands Wal-Mart is placing on suppliers in all category, Category Management is ripe for our industry. Those who jump in early will reap long term benefits. Those who wait can be left in the competitive dust. The purpose of this white paper synopsis is to introduce the principals of category management and provide a basis for considering your category management options. While at HP I pioneered category management for our consumer business, and developed the retail relationships, infrastructure, skills and processes that propelled HP into the leadership position not only in the printer and printing supplies categories, but established HP as the leader in category management for the entire industry. Read the rest of this entry »
Tags: category management, consumer insights, customer preferences, local markets, product management
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September 14th, 2009
Consumers, on average, take about eight seconds to make a purchase decision. That’s eight seconds you have at point-of-purchase to form an emotional bond with them. Eight seconds for them to form an impression of your brand and product, not only in the midst of all the other competitive offerings, but with all the other distractions in their lives as well.
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Tags: brand, consumer insights
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September 14th, 2009
According to a recent study, implementing website usability enhancements can increase your online ROI by 83%*.
Consider a few examples:
- A major online retailer experienced a 3,000% increase in sales for a consumables product category within one week after implementing changes to the homepage based off consumer insight from usability testing studies.
- A major consumer products manufacturer utilized usability studies to identify a new online shopping model for one of its product categories. The result was that 99% of people indicated they would purchase from their online catalog versus only 40% that said they would purchase from other website options.
Let’s face it, companies invest significant resources into developing, maintaining and promoting their websites – and for good reason. A company website is often the first place potential customers go to learn more about your firm and determine if they want to take the next step – turning interest into action.
But is your company maximizing its online ROI? When new visitors come to your site, is it what they expected? Can they find the information they’re looking for or accomplish what they intended to do? Is it better and more intuitive than competitor websites? Do you really know if it’s working and what prospects think?
Many companies do not.
Thus, the invaluable role that a usability assessment can provide. Usability refers to how intuitive and user friendly your website is to the target audience and encompasses everything from site design to content, navigation, categorization, and functionality. The beauty of usability reviews is that it is extremely flexible and can be accomplished in many different ways for any type of website or online tool. And, it can be incorporated at any point of the development process.
Perhaps the most effective and enlightening approach is a usability testing study in which people are observed navigating your website and verbalize their thoughts as they go along. Many studies will also compare your website to the competition, providing even greater insight into how well your website fares against others and what you should be doing differently. Let’s face it, you don’t really know how effective your website is until your hear it from your target market firsthand. This type of study is invaluable in identifying where problems exist and how to solve them. And, they can be conducted in a lab environment, on site or even remotely.
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Tags: consumer insights, dana kraft, expert reviews, rarepoint strategies, roi, stratus launch marketing, usability, usability assessment, website usability
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September 2nd, 2009
Consumers, on average, take about eight seconds to make a purchase decision. That’s eight seconds you have at point-of-purchase to form an emotional bond with them. Eight seconds for them to form an impression of your brand and product, not only in the midst of all the other competitive offerings, but with all the other distractions in their lives as well.
Ray Davis of Umpqua Bank understood this when he convinced his Management Team to see their competition not only as other banks, but every other retail experience that shoppers encounter on their busy day. When I checked out my local Umpqua branch, the décor was relaxing. Through an open door I saw restrooms, clearly there if I needed them. There was even a water dish on the floor, in case I had brought along a dog. I was warmly greeted by a teller. My first impression? I was going to be comfortable doing business here. The teller had the training, authority and accountability to open up a business account that met my needs. He asked me questions about my business and seemed genuinely enthused and anxious to help me succeed. Along the way he introduced me to the Bank Manager and to the Small Business Liaison, who each made me feel right at home, with fresh coffee and cookies. I carefully scanned the brochures and compared Umpqua’s Small Business services and fees with rival banks. Umpqua was competitive, but it was the emotional and collegial connection they made with me that got them my business. Before I left, I was handed a bag of their own freshly roasted coffee beans (whole beans – my choice). And if it’s one thing we take seriously in the Pacific Northwest, it’s coffee beans.
In short, like every other consumer, I buy on emotion and justify with logic.
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