The Idea: In early December I moderated the Drug Store News Industry Issues Summit in New York with several of the top retail executives in our industry including Walmart, Sam’s Club, CVS Health, Walgreens, Jet.com, and Amerisource Bergen. The event didn’t disappoint; it communicated, yet again, the blueprints for success in this industry.
I was reminded that an organization’s expectations have the power to steer a firm into the future. They possess a growth mindset, and their ideas create a multiplying affect. Their culture determines and produces superior outcomes because of healthy relationships.
During the summit, I noted five ideas that every organization must embrace.
- Hyper-Localization: Putting the right items in the right stores will always improve the overall productivity of your brand and the respect of your retail partners. In the top twenty percent of your retail stores most brands are underdeveloped and localized strategies should be installed to drive growth. An item purchased for convenience in a suburban store may be a destination item in an urban, beachfront, or college town. In theory, that may seem obvious, but very few are adjusting accordingly. Are you thinking hyper-localization with every retailer and in every individual store?
- Elements of Trusting Relationships: Do you truly understand your retail partner’s unmet needs? And is your brand tied to your retailer’s own social media platform & outreach strategies? Are you truly in-sync? The elite don’t move a muscle before first understanding their retail partner’s agenda. The more you hold back information, cover your mistakes, create embarrassing surprises, or become untrustworthy- the more you lose impact. Trust must be earned, it’s not given freely. Don’t ever assume you are trusted as you start a new relationship. Demonstrate trustworthiness, don’t assume it.
- Thriving in an Omni-Channel World: Between Thanksgiving and Cyber Monday, more than half of all visits to retail websites, and a third of sales, were transacted with mobile devices. The ultimate omni-channel solution is not transactional, it’s strategic, personal, and intimate. The best brands are using digital targeting, and are deeply committed to mobile. The future is here. And the future of “wellness” in the consumer’s eyes is “empowerment, self-care and mobile connectivity.” How is your brand showing up on mobile?
- Next Generation Leadership: Who are the next generation of leaders? Tomorrow’s sales leaders will possess rich critical thinking skills. They are advocates, tenacious, curious, flexible, and have skills in rallying ideas (and alignment) within their own internal organizations. They are influencers and are not intimated by being mentored by their peers, associates, and bosses. Are you attracting and mentoring the next generation of leaders that will replace you?
- Holistic New Product Launches: Looking for a new consumer white space to exploit? Think horizontally across the store and even outside of your own business rather than staying locked vertically within your core category. The most successful new item launches are presented to retailers at the “concept” phase for packaging, positioning, supply chain and marketing commitment. They also include an agreed upon exit strategy (eliminating risk) prior to hitting the shelves. A holistic new product launch is more than just a project or a program, it’s a multi-year commitment to brand success.
The very best truly understand the retailer’s business model. They think broader than just products, and understand the retailer’s goals & their shopper. Furthermore, they focus on channels of distribution; they emphasize transparency, the retailer’s core customer, and discussion of competitive threats.
The top retailers have spoken. Will you listen to their needs?
