If you ask most customers why they buy store brands, more often than not, a lower price is their default answer. And while delivering more value for less money is a time-tested success strategy, today’s shopper expects more from the brands they purchase.
By their very nature, private label brands are an extension of your retail brand. Assuming you’ve already identified your best customers via your loyalty data, have you taken the next step to truly listen to what your best customers are saying about you and your brand? This is not about issuing surveys, but rather actively listening to what they are saying on social media. If you’re not actively listening to your ideal customers, you don’t know what they need from you and by extension, your private label brands.
Mapping your customer’s journey is the best way to understand their needs at each of the four phases of the Customer Journey: Discovery, Engagement, Transaction, and Advocacy.
While most retailers have spent time and resources in the Discovery phase, most have struggled to sustain high levels of Engagement. This is often a result of not understanding the needs of your customers and instead focusing on your own sales growth.
Additionally, while much of the marketing emphasis is directed to the transaction phase of the customer journey, far less is directed to the place where sales growth truly takes off and that’s the Advocacy phase of the customer journey. Is it possible to create private label advocates? In his session, Bill Carmody will explore what it takes to create advocacy for store brands and what immediate actions you can take to create better connections with your best customers in order to ensure both short and long-term growth.
Value of the Customer Journey for Health & Beauty Care Brands
We see a similar challenge with the Customer Journey for private brand HBC. With the sheer volume of health and beauty-related content available online, are your brands well positioned to ride the current growth curve in the HBC category?
Customer journey mapping ensures that your brands are well positioned to reach your ideal customer at each phase of the journey. In Discovery, for example, how have you positioned your brands in the minds of your customers when they are looking to solve specific health and beauty problems?
Even once they have found you, is your product the kind of product your customers want to talk about publicly? If not, you need some creative strategies to encourage better levels of Engagement so that they will look to Transact with you. When your product delivers on its promise, you have a golden opportunity to develop and cultivate Advocacy – but only if you are listening and paying attention to what your customers are saying about you and your products.
During ECRM's Private Brand Food and Private Brand HBC EPPS events, Trepoint CEO Bill Carmody will discuss the Customer Journey, and how to successfully address each of the four phases to drive sales of your private brand products.
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