The importance of unplanned buying for retailers’ profitability
It is difficult to overstate the importance of “unplanned buying” to retailers and branded goods suppliers. As we have explained in an earlier post unplanned in-store buying behavior accounts for a major part of supermarkets profits. Actually Advertising Age has reported that consumers tend to make 70% of their brand decisions in the store! In a recent article the effects of “preshopping” factors—the overall trip goal, store-specific shopping objectives, and prior marketing exposures that the shopper...
Positive return for subsidies to innovative SMEs
A recent press release by the European Commission has brought some interesting statistics about the effectiveness of subsidies to SMEs. More specifically the European Commission measured a series of performance indicators in eco-innovation SME which had received funding via the the eco-innovation component of the EU’s Competitiveness and Innovation Programme (CIP). Based on companies funded over the past two years, the study found that recipients saw a 20-fold return on the money received. Every one that...
Is crowdfunding the best option for your savings ?
Several crowdfunding platforms have emerged in the last months in Belgium. One of them (MyFirstCompany), although very promising, already ceased operations earlier this year. The legal problem mentioned on their website seems not to have impeded another platform (Look&Fin) to start collecting money from individuals to fund local SME projects. Look&Fin successfully funded several projects, one of them being a new salespoint for the Mamma Roma chain. Look&Fin proposes several ways to investors for getting their...
Innovation in the postal industry : the self-service trend
We reported that the postal industry, not see by many as one of the most innovative sector, is actually trying new ways to better fit into consumers’ behaviors. Two recent Esmerk press releases confirm that the self-service trend is extending into whole Europe. Self-service terminals in the Czech republic Some 15 self-service parcel terminals have been launched in the Czech Republic in the area of the capital city Prague. The terminals are operated by Kouzelna Almara,...
Mono-product marketing strategies: the exemple of l’Atelier de l’Eclair
There is no such difficult thing than to start a successful business with only one product. Yet, we have noticed recent initiatives in the retail sector of innovative mono-product marketing strategies. We visited last month “L’Atelier de l’éclair” in Paris, a store dedicated to a traditional French pastry called “éclair”. Ladurée made the macarons famous and launched a long-lasting trend; the three founders of l’Atelier de L’éclair found old papers related to this pastry and also...
Pseudo scientific results lead to bad decisions: the example of spelling mistakes
My attention was recently caught by an article reposted on Linkedin by one person in my network. The article was entitled “market shares are lost due to spelling mistakes”. Wow .. when you read a title like this it’s difficult to resist the temptation of opening the hyperlink and actually read the article. The article by Alain Gerlache describes how spelling has become a skill that fewer and fewer professionals master; the author explains that spelling...
How to use customers’ habits to increase customer loyalty
Customer satisfaction is now subject to controversy as far as its effect on customer loyalty is concerned. As we recalled in a presentation on loyalty strategies that we have given ca. 10 times in Belgium in 2012-2013, customer satisfaction accounts for a maximum of 10% in customer retention. What this means is that 90% of customer loyalty is NOT influenced by customer satisfaction. Although many different antecedents exist, some theorists say that habits are at the...
Abercrombie & Fitch accused to sell only to thin people: good or bad marketing strategy?
The press covered extensively the charges against Abercrombie & Fitch to sell only “small” sizes to avoid getting obese clients among its customers. The famous American brand has recently opened a store in Brussels, which has reinforced the local impact of this news. The question that arises, however, is whether or not A&F followed the right strategy by focusing on a “thin” market segment. In other words is it better to sell only to a limited...
Getting rid of unprofitable customers? Not a bad idea
This is the logical conclusion of a piece of research presented by Michael Haenlein (ESCP Europe) at the EMAC2010. The idea is actually not new and makes a lot of sense from an accounting point of view (do you remember your ABC Costing lessons?). The idea is based on the principle that some customers are more profitable than others (for instance because of their purchase frequency) and that companies should let the less profitable customers go...
And what if Ryanair was a model of customer experience management?
And what if Ryanair was a model of customer experience management? This is the somewhat provocative opinion developed by Bruce Temkin on his blog “customer experience matters”. His conclusion resonates as a meaningful message: “A bad customer experience does not always mean bad customer experience management”; an opinion that I share. A bad customer experience does not always mean bad customer experience management Bruce Temkin The link between customer experience and customer satisfaction Here are...
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