Category Archives: News articles

Articles appearing in print or online media.

Rules to Sell By: Customer Feedback Counts

Seeking out and heeding customer input as early and as often as possible is often the key ingredient that can spell success or failure for budding businesses.  But, far too many entrepreneurs fail to do this and therefore make key decisions (packaging, distribution, targeting) that cost them dearly down the line.

Honest feedback is what we do at TrySome. We help brands to give the people what they’re asking for, not what they think they want.

Give the people what they’re asking for, not what you think they want.

It’s also why I was so stoked to join the panel of experts on the topic of Customer Feedback and Market Research at the “Artists & Eats: Celebrating Women Entrepreneurs” event at their Soho location in NYC on International Women’s Day.

Here’s a recap of what we discussed or click here to see the blog post in full!

GET ACTIONABLE INPUT FROM THE RIGHT AUDIENCE(S):

  • Validate your target market; don’t make assumptions about who is buying your product and why.
  • Friends and family are not valid targets.
  • Ask specific questions of qualified customers that enable informed decisions.
  • Get feedback anonymously so that it will be honest.
  • Do not wait for everything to be “perfect” before gathering input.
  • Enable dialogue with your customers to gain feedback and build relationships.

DEDICATE EFFORTS TO TRULY KNOW AND LOVE YOUR CUSTOMERS

  • Observe, analyze and listen to create an avatar of your target customer(s).
  • Build on the avatar(s) over time; again don’t wait until everything is perfect.
  • Don’t be afraid to commit to a niche and work it.
  • Go beyond demographics to understand the human elements; what (and who) drives behavior and decisions.

YES, YOU CAN AFFORD TO DO MARKET RESEARCH!

  • Be creative with technology; tap into online polling/surveying tools that work for you.
  • Utilize your own online presence to gain feedback.
  • Consider the value that bringing in a pro can provide – saving valuable time, doing it right and moving you ahead more quickly.
  • Recognize how research can come from your day-to-day customer interactions. Favorite example of the night:  Work a market to test your pricing; if 8 in 10 buy — your price is probably to low; if 2 in 10 buy — your price is too high!

BEING AN ENTREPRENEUR CAN BE HARD – AND LONELY – BUT DON’T FORGET SOME BUSINESS BASICS

  • PLAN; map out your vision and what it will take to get there from the beginning – even though it may change.
  • COMPETITIVE ANALYSIS cannot be overlooked; without it, how can you differentiate your product?
  • Let go and delegate when you can; it’s impossible to do it all if you want to grow.

 

Lessons on how to be compassionate, courtesy of Cristiano Ronaldo

Cristiano Ronaldo is more than just a pretty face. Look beyond his chiseled bone structure and gelled hair and you’ll see a source of wisdom in business and in life.

It’s a bold statement, I know, just like his eyebrow game. Please allow me to explain.

In 2005, during an integral time in the season for his team, Manchester United, Ronaldo’s father fell into a coma in London. It was likely that his father would die, and this created a huge dilemma for the Portuguese forward whose presence on the pitch played a key part in the team’s overall success. His leaving would most likely mean the loss of a title for the team.

What could have been a major source of shame for Ronaldo, was quickly quelled by the excellent leadership skills shown by manager Sir Alex Ferguson. Ronaldo explained their conversation to the Daily Mirror;

“I said, ‘Boss, I don’t feel good.’We are in a key moment in the league and theChampions League, but I say, ‘Boss, I don’t feel good. I want to see my dad.’

“[He said] ‘Cristiano, you want to go one day, two days, one week, you can go. I’m going to miss you here because you know you are important. But your dad [comes] first.’

When he told me that, I thought, ‘This guy’s unbelievable’. He was a football father for me.”

Ferguson’s compassion is the lesson to be learned here. He knew that the core values of the individual (or business) is what determines success. He stuck by his guiding principles and proved that ultimately ‘doing the right thing’ would influence not only how Ronaldo would perform in the short-term, but how he would behave and view himself throughout his career and his life. As a result, Ferguson became ‘like a father’ to Ronaldo and the pair enjoyed many successes throughout their time together. 

cristiano_ronaldo_2012_espanyol

Why trust should be given upfront

It’s difficult for me to extend high-levels of compassion to new team members upfront because I believe trust is a core value that’s built over time. I’m quickly finding that withholding trust is not only a detriment to my personal leadership, but it is also just flat out wrong.

“In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don’t have the first, the other two will kill you,” Warren Buffet, CEO of Berkshire Hathaway.

Our new copywriter, Alex, is a perfect example. She started two months ago and has never once given me reason to not trust her work ethic. She possesses integrity, intelligence and energy, but for some reason I found myself holding back on fully trusting her when she requested to work from home (WFH) over the holidays.

Before starting at AirHelp, she was honest about her availability. She was looking forward to joining the team full-time, but was also transitioning out of being a full-time freelance writer and had to wrap up ongoing projects before fully committing to AirHelp. It meant she’d have 15 days out of the office during her first two months at the company.

I wasn’t happy.

I replied to the HR Director who was still in negotiation with her, “That’s 15 workdays she’s requesting to work from home within the first two months of being employed here. It’s going to be hard to acclimate her to the business without her being in the office. I’m not against working from home, but I want to make it clear that this would not be a regular occurrence.”

Show, don’t tell how to trust

As a manager my concerns were valid, but what I failed to see were the examples Alex was simultaneously showing me that proved her trustworthiness. She was forthright with her initial availability and was insistent that time spent out of the office wouldn’t be a regular occurrence. Later, she proved to be true to her word by never missing a deadline and being consistently available for phone calls or last-minute projects. In fact, I was so assured by her work ethic (trustworthiness) that I began ordering her to sign out of Slack and Skype and go enjoy herself.

Nevertheless, the holidays are coming up and when she asked me for if she could work from home for 15 days over Thanksgiving, my old concerns of trust and reliability were renewed. Her reasoning is valid; her grandmother had fallen ill and she wants to spend a significant amount of time in Montana to be with her.

I told her I would think about it.

AirHelp is a tech start-up that is thriving and hiring aggressively. It’s important that the team bonds and grows up together. I was concerned that continued, lengthy absences would break this bond and also set a false precedent that working from home is the rule and not the exception. What I failed to acknowledge at the time was that 60 percent of my team isn’t even based in New York, anyway. We have offices in 15+ countries across the world, so why was I placing different expectations on her than the other team members? I know it’s because I knew them already. Once again, I failed to trust upfront.

You gotta give, give, give

“I’m not a micromanager,” I tell my team, which is true. I don’t question every decision, invoice or metric that comes across my desk. We don’t work off a scoreboard or use templated to-do lists. We don’t have set working hours.

Naturally, this hands-off approach only works with a mutual level of trust that everyone involved will actually do what they say they’re going to do. I failed on my half of the bargain. I didn’t trust. Alex, I’m sorry I failed you!

Naturally, this hands-off approach only works with a mutual level of trust that everyone involved will actually do what they say they’re going to do. I failed on my half of the bargain.

Two nights ago around 2 a.m., while suffering through a sinus infection that wouldn’t let me to sleep, I came across the quote from Cristiano Ronaldo and it knocked me back into place. I learned that I need to trust from the beginning and evaluate if it can be maintained over time. Sure, it was Ferguson who taught me this, but I’d also like to thank the messenger.

The next morning, I was done thinking about it. I sent her an email, “Regarding vacation and WFH days … it does not matter to me how many vacation days you need for spending time with family. Family is the most important aspect of life and you need to do what you need to do.”

[Cover Letter Template]: Application for Assistant to the Coffeemaker

As a volunteer at a local old folk’s home in Virginia, my mom has unique insight into the bureaucracy and egoism that can be rampant in small towns. Politics play a huge role, even with something as simple as making coffee for the elderly, in an environment where everyone knows each other and needs to glean a sense of authority over one’s neighbors. Lots of big fishes in a small pond, if you will.

For example, accompanying my mom to one 45-minute volunteer stint required several rounds of permissions and approvals. It seems there are no less hoops to jump through when volunteering in a small town as there are for me to secure a job as a content lead in New York City. This is pretty commendable, which is why I wrote this template and it is what I would use if I were to move home and apply. Make no mistake about it – preparing coffee for the elderly can be just as important and detailed of a job as any other, depending on your perspective.

For those of you looking for an actual template on how to write a cover letter – and not the satirical paragraphs seen below – please pay heed to the footnotes for professional advice. Here’s hoping you enjoy this read while sipping your morning coffee.

—–

To Whom it May Concern,

I’m writing to request an interview for the unadvertised role of “Assistant to the Coffeemaker” at the Adult Care Center in Purcellville, Virginia. Hopefully you will find that my experience is in line with what you are not even looking for in an ideal candidate.

Tip: State your purpose clearly at the beginning. This is the idea behind the inverted pyramid used by journalists. It is followed up by the nut graph, which is a summation of the entire purpose of the document.

For starters, I am the daughter of the Coffeemaker. As a familial relation, my apprenticeship will not only include a step-by-step tutorial of the proper placement of each powdered donut hole and quarter-sliced apple pastry on the appropriate serving platter, but also a keen knowledge of the complete roster of every man and woman who has ever – or can ever be expected in the foreseeable future – been known to have drank the coffee made by this Maker.

Tip: When you can, make sure to use specifics. The more detailed you can be in pointing out your strengths, the better

It is to your benefit that I have already been given a tutorial of the coffee-making procedure in advance of a potential in-person interview. For instance, I already know that the decaf coffee comes in packets and that it is to be dispensed from the carafe marked with black Sharpie-scripted letters spelling “decaf.” The caffeinated variety, on the other hand, comes pre-ground and must be administered with a freeform filter.

Tip: Present the potential employer with the reasons why your unique set of skills is advantageous to them. Remember, it’s not about you getting the job – they don’t care about that. They care about how you can make the business run more smoothly and therefore make them more money.

If you need further proof, please let me show you that I am fully capable of meeting the key duties and responsibilities as outlined in the Assistant to the Coffeemaker role.

My Core Capabilities:

  • Ability to wash hands for no less, and no more, than 20 seconds while disposing of my paper towel properly in the trash bin
  • Awareness of the skill of serving one half scoop of ice into the milk dish; and a further one and one half scoops for the iced tea and apple juice, respectively
  • Experience warming apple turnovers and blueberry muffins in the microwave; with awareness that the powdered donut holes need an extra 30 seconds
  • Superior upper-body strength supports the need to lift and carry large portions of liquids from counter-to-cart-to-table
  • Keen knowledge of my rank, understanding that whatever the Coffeemaker says, is what goes, because she holds the key fob to the main entrance on a chain around her neck

Tip: Recruiters love bullet point lists. If most people spend 15 seconds or less on articles that they sourced themselves – and therefore are uniquely interested in – then how long do you think they’ll spend on reading a one-pager that’s all about you? Also, most people scroll down to the bottom first and then head back up to the top – don’t fool yourself that this is a key placement area for your core strengths.

I’m sure you are looking for someone who can tend to the Adult Care Members with the utmost of care. Your ideal candidate will probably know how to serve coffee made with love. This, I can assure you, is a core strength of mine as I have spent 31 years learning to love the endless list of mindless tasks served up to me by my Maker.

Tip: Always add a personal touch at the end – it humanizes you.

Thank you and I look forward to hearing from you.

Kind Regards,

Hannah

Why your LinkedIn Pulse post should be more basic

Writers are people who write. Therefore, “pulsers” are people who pulse. It sounds so simple, but it’s not so easy.

If you’re wondering why so many people are hot for content, the answer is easy: Consumers are wary of brands; they’re deaf to sales pitches; and they desire authenticity. This is the three-course meal that content serves up on your behalf.

Content in all its forms, including writing LinkedIn Pulse posts, is a daily commitment that is slow to show results. It can be difficult to see the return on your upfront time investment. I’m not going to talk about topics, sourcing ideas or creating an editorial calendar. I’m just going to mention the very, very basics of a post.

If you’re looking for a deeper level of help, check out this guideline by Hubspot.

1. Write a headline that’s on and poppin’

Opinions are divided on the use of click-bait headlines. I personally love to read them. “The 10 Foods to Avoid to Reduce Belly Bloat” << yup, I’ll click on it. “The Secret Ramen Spots You Won’t Want to Miss,” “Millennials: Push Back on Those Older Managers,” “Hamptons Rose Shortage Anticipated for Summer ’16,” click. click. click.

As a writer, I hate to write click-bait headlines because I’m soooooo above that cheap way of grabbing attention. Well, I need to get over myself because I don’t write for the Wall Street Journal; I’m a Content Director at an events planning company and need to be as poppin’ as possible. My general rules of thumb are:

  1. Use odd numbers when writing a headline for a list (5,7,9 or 16, since we’re in the year 2016)
  2. The headline should be no more than 8 words
  3. Use the active voice (ex., no “-ing” words)

2. Use keywords and SEO terms judiciously

Perhaps your reader isn’t hyper-aware of what you’re doing when you repeat your SEO terms/keywords four times in one sentence. What they are aware of is that the voice you’re using when you do so is not a genuine voice. Not to mention, it’s also burdensome to read. No one wants to read the same phrases and keywords over and over again. It’s annoying and it messes up the flow.

There was recently a flurry of posts remarking on a high schoolers essay that helped secure her admission into several top universities. When asked what was so stellar about it, the admissions officers complimented her ability to connect with people of all ages and backgrounds based on a common experience, which was visiting Costco in this case.

What stuck out to me was their one piece of constructive criticism. They remarked on her heavy hand with adjectives and adverbs. This is a piece of advice that I believe should stand as a lesson to marketers and writers who are double her age:

“Personally, I would advise [her] to use less adjectives and adverbs for purposes of word economy and ease of reading, but it isn’t a huge deal in this case,” Nelson Ureña, co-founder of Mentorverse noted to Business Insider.

Point being: Keep it simple, stupid.

3. Does your pulse post look pretty?

Like I said at the beginning, this is a very basic post, but there is a need for it because people who are trying to write and use LinkedIn to gain more business are unaware of the foundational tools to get them there. Keep these things in mind:

  1. Use an eye-catching header photo
  2. Make sure your own LinkedIn photo is pretty and professional, and more importantly to me, that it shows your personality
  3. Use Subheds, lists and numbers – people scan an entire post before deciding whether or not they want to read it. If all they see are blocks of text, then you’ve got a problem. A paragraph should be no “thicker” than five lines. Your post should have hyperlinks throughout and have bolded words and phrases for emphasis.

Words on a page are like notes in sheet music. If one beat is off – the whole piece sounds terrible. Remember that.

Just how “effortless” is CX when served on a silver platter?

One would think that the more you’re in contact with a customer, the deeper your relationship will grow. The opposite is true.

If a customer comes into contact with you directly, the likelihood of you retaining their business decreases fourfold, according to research by the Corporate Executive Board and presented by Matt Dixon, the best-selling author of “The Effortless Experience: Conquering the New Battleground for Customer Loyalty.”

This is because a whopping 84 percent of customers value ease of use and low effort over channel choice. Dixon’s research has left him with the overwhelming conclusion that excellent service is not delightful. In fact, it’s a key driver behind disloyalty.

Reducing the customer’s effort increases loyalty and reduces attrition. Low-effort means that they shouldn’t be hearing scripted agents or having to repeat themselves. They shouldn’t have to jump channels or endure countless transfers.

The CEB conducted a series of surveys that found that 88 percent of low-effort customers increased their spending and 94 percent who had  low-effort experiences were more likely to repurchase later on, Dixon says. So, how do you reduce customer effort?

The Three Pillars of Effortless Experience

1.) Channel Stickiness. Self-service is where it’s at. Customers don’t really want to talk. Agents are aware of this fact that holds true across ages and  demographics. But because customers are still picking up the phone, senior executives are reluctant to acknowledge this shift in channel preference.

It’s true that telephony wields the lion’s share of first contacts, but this is unfortunately due to the lack of other viable options. Most callers (58 percent) first attempted resolution through self-service options and another 25 percent were online while also on the phone with the agent in an effort to learn how to resolve the issue themselves in the future. The customers want fast resolutions without having to jump channels.

2. Next Issue Avoidance. The worst question you can ask a customer is also one of the most common closers, “Have I fully resolved your issue today?” Dixon says this question sends two bad messages to the customer – that they are being rushed off the phone, or that the agent may be missing the deeper issue at hand.

Think of it this way – if you were measured by first-contact resolutions wouldn’t you avoid asking other issues exist? When asked in the study whether a first-contact resolution had been achieved, 77 percent of companies believed that it had. Their customers didn’t agree — only 40 percent felt their issue was entirely resolved.

Callbacks for repeated issues are a byproduct of both explicit and implicit issue failures. Fifty-four percent of explicit failures are because the agent failed to resolve the issue in the first place. Implicit failures arise because the agents failed to see the adjacent issues at hand, or the problem behind the problem. Ask your tenured customer service professionals to help identify the chain of “problem events,” so that you can think ahead of the customer, not alongside of them.

3. Mismatched perception of effort. Consider the behavioral economics of your organization. If the agents are advocating on behalf of the customers, then they are also empathetic to their upsets. One hotel chain told its front-desk workers to move out from behind the service counter to physically stand next to the upset client. This nonverbal communication led to a decrease of 77 percent in customer effort for the hotel. 

The same goes for the spoken word. We’re all aware that words hold weight, Dixon says, but are you aware of what you’re saying? Delivering bad news in a positive way is at the cornerstone of customer effort perception. This is where Disney is exemplary. For example, when a park visitor asks a Disney employee when the park closes, they respond, “We’re open until 9 p.m.,” instead of “It closes at 9 p.m.” This simple shift to positive language led to a decrease in customer effort by 73 percent.

How to emote authority – a quick reminder

“When I first met you, I thought you were kind of a b*tch.” Am I allowed to say that on LinkedIn? Regardless, friends and coworkers say that to me. This reminder of my inability to make a good first impression shows I have a lot to learn.

My “softer” side is something I need to address, but we’re not here to talk about me. We’re here to talk about the benefits behind asserting authority. The ability to command a room – be it at a party or in a boardroom – is not innate and can be  learned.

This morning, I overheard a conversation between the deputy divisional director and a sales guy at my company. He told the newbie, “I can tell who will be successful by the way they walk around the office.”

Here’s what he meant; and here’s what I do.

Make your body big by having your shoulders back. When  you sit down at a meeting, place your elbows on the armchair and spread out your materials to make sure they cover a large area.

Make your body high by sitting up straight – in meetings and while at your desk. Shoulders back and chin parallel to the ground. This little shift makes youlook authoritative even if you don’t feel authoritative. Fake it ’til you make it.

Take the dominant seat – I always sit at the head of the table in meetings. It’s important to be able to have a line of direct eyesight to everyone in the room. It shows them that their opinions are valued. Conversely, if I’m not leading the meeting, if I’ve made a mistake and need to apologize, or if I just need to show respect in general, I will sit next to or beside that person. This shows that I know my place in the hierarchy, am willing to learn and respect them.

Don’t move out of the way of others. There are obvious exceptions to this rule (i.e., you’re the one ‘merging into the lane’ or if you’re a man confronting a woman or if you’re a human being at a crossroads with a pregnant, elderly or disabled person.) These exceptions notwithstanding, don’t let someone take you off your path. In America, we walk on the right and pass on the left. I don’t scurry, so if someone is confused by this I will simply slow my pace or stand there until they figure it out. When walking around the office, walk with a purpose. Ask yourself, “where am I going?” I don’t mean literally to your desk or a conference room. I mean where are you going in life? That will determine how you walk and no one should stand in that path.

Get up. If an email conversation goes beyond three volleys of responses, then don’t respond. Get up and go talk to that person. It’s all too easy nowadays to not have a face-to-face conversation, which actually makes it easier for you to stand out and assert your authority. By getting up and looking someone in the eye you are more likely to temper misunderstanding. This also shows that you aren’t afraid to tackle issues head-on, which is very powerful behavior.

Stop wearing headphones unless you’re writing or researching. There is no reason for it. And do not, for the love of all things beautiful, walk around the office with your headphones in your ears. We’re too old to be carrying around an adult version of a blankie.

Timeliness. Sh*t happens (again, am I allowed to curse on LinkedIn, I am new to this), but if you wake up earlier and arrive at the office before 9 a.m., it sets the tone for your entire day. You will feel in control of what happens to you. Instead of feeling flustered and agitated, this time will allow you to mentally plan out the course of your day. Start by making your bed. Even if everything else goes wrong you will still feel that you’ve accomplished at least one thing. General McRavengave this advice in an excellent anecdote:

“If you make your bed every morning you will have accomplished the first task of the day. It will give you a small sense of pride, and it will encourage you to do another task and another and another. By the end of the day, that one task completed will have turned into many tasks completed. Making your bed will also reinforce the fact that little things in life matter. If you can’t do the little things right, you will never do the big things right.”

That’s some powerful sh*t.

St. Patrick’s Day cookies, anyone?

How cute is this St. Patrick’s Day greeting from my former co-journalist, Liz Coe, and me? Six years ago we were working at the Loudoun Times as the education and business reporters. I miss those days. (I baked green cookies today, in case you were wondering). Happy Luck of the Irish to you all!

Liz and Hannah
Six years ago, I was the Business Reporter and Liz was the Education Reporter at the LoudounTimes.com

Chocolate Guinness Cake recipe*:

Ingredients for the cake:

1 cup Guinness
1 stick plus 2 tablespoons unsalted butter
3/4 cup unsweetened cocoa
2 cups superfine sugar
3/4 cup sour cream
2 eggs
1 tablespoon pure vanilla extract
2 cups all-purpose flour
2 1/2 teaspoons baking soda

Ingredients for the topping:

8 oz Philadelphia cream cheese
1 1/4 cups confectioners’ sugar
1/2 cup heavy cream

Directions:

Preheat the over to 350 F, and butter and line a 9 inch springform pan.

Pour the Guinness into a large wide saucepan, add the butter — in spoons or slices — and heat until the butter’s melted, at which time you should whisk in the cocoa and sugar. Beat the sour cream with the eggs and vanilla and then pour into the brown, buttery, beery pan and finally whisk in the flour and baking soda.

Pour the cake batter into the greased and lined pan and bake for 45 minutes to an hour. Leave to cool completely in the pan on a cooling rack, as it is quite a damp cake.

When the cake’s cold, sit it on a flat platter or cake stand and get on with the frosting. Lightly whip the cream cheese until smooth, sift over the confectioner’s sugar and then beat them both together. Or do this in a processor, putting the unsifted confectioners’ sugar in first and blitz to remove lumps before adding the cheese.

Add the cream and beat again until it makes a spreadable consistency. Ice the top of the black cake so that it resembles the frothy top of the famous pint.

Makes about 12 slices

*From “Feast” by Nigella Lawson.

Tips to avoid the #Millennial meltdown

Oh, Millennials, what are we going to do with you? Everyone wants to #reach you, to #engage you and to get you to spend your #money. Why, oh why, won’t you just tell us what we can do for you? Oh, what’s that you say? You mean you have been telling us this whole time? Huh ….

Tips to avoid the Millennial meltdown

Open your ears, the Millennials are talking, says Melvin Greer, Senior Fellow at Lockheed Martin and author of “21st Century Leadership.” A majority of Millennials — 59 percent — turn to their trusted network of friends and family as the primary influencers when making a purchase.

Millennials don’t just use products and services; they are the products and services they use. The generation associates a part of themselves with thCCW Millennials THUMBNAILeir preferred brands and is hyperaware of how a brand not only meets their service needs, but also their personal needs. Because they have such
high expectations for hyper-personalization, they therefore require mass-customized experiences.

Millennials are digital natives accustomed to having any kind of information available to them at any time. Instead of worrying about meeting these high expectations, consider using their knowledge and ideas: ask them what they want and they’ll give you the exact products and service ideas they want to buy
from you. It could be as easy as that.

If you’re wondering why you should jump through hoops for the youngest purchasing generation it’s because once you’ve got ‘em, they’ll be yours
forever.

Tips to avoid the Millennial meltdown

Trust in brands and institutions are waning across the generation. They are well-trained in sniffing out inauthenticity and need to believe that a company has integrity to follow through with what they say. It may seem counter-intuitive, but it’s important to be aware that Millennials are at the top of this reciprocal ecosystem. They will represent almost half of the U.S. workforce by 2020. They will also represent about $1.4 trillion in spend – about one third of all retail sales projected for that year.

You may see them as one small fish, but collectively, they are all sharks in a large network that wields the power to create or kill your company, Greer says.

Millennials are a viral group that can lead to large-scale changes in the future of consumer behavior. You’ll be taking the reigns alongside them if you find the sweet spot at the center of mass customization, authenticity and technology.

Retail’s much-needed secret weapon …

In a crowded, competitive market, predictive analytics is emerging as a secret weapon to gain insight from data.

If you’re looking to become an indispensable partner in driving profit through world-class insights and analytics, you must harness the data to identify and understand market trends. Only then can the strategy to monitor the risk landscape be defined. That’s when you’ll be able to reduce losses and remain competitive.

The yellow brickPredictive Analytics The Secret Weapon Infographic road to the Gold Standard.

Data within retail is still not being fully leveraged as a determination of real behavior. Instead, it’s stuck in the days of providing summations of customer preferences. You can find new ways to engage your customers by bringing insights and analytics in-house.

This is a case study of the route taken by ConAgra, as presented by Chris Ciccarello, Senior Director of Customer Analytics at the previous Shopping Experience Transformation event.

Start with building data capabilities.

ConAgra put its minds to identifying the analytical possibilities by:

  • Identifying affinities for cross-promotion and shelving
  • Evaluating store layout and assortment
  • Reviewing store and customer segmentation
  • Predicting shopping behavior
  • Collecting shopper dynamics for testing
  • Segmenting and targeting shopper offers

Gather the community.

Hire the people with existing expertise. They should ideally possess:

  • A mix of IT and business knowledge
  • Business analyst experience
  • Experience with transaction-level data
  • Ability to create data visualizations
  • Are an enthusiast of data and technology

Key questions for IT:

  • Does IT have a strategy to handle Big Data?
  • Are they a partner or a profit center?
  • Are they flexible with different approaches?

Key questions to answer for IT:

  • How big are the datasets?
  • How long do they need to be stored?
  • What are the query speed requirements?
  • What tools are needed to analyze the data?
  • What security is required?

Cluster stores for layouts/assortments.

Geography should not play a role in store clustering because store proximity doesn’t necessarily equate to the similar shopper behavior. Tips:

  1. Group stores together that have similar shopper buying patterns
  2. Create assortments, space and flow to match the products that are most important to the store’s shoppers
  3. Allows the stores to have a common feel but also be tailored to the community
  4. Reduce Out of Stocks and excess inventory
  5. Customize Signage and messaging to capture the shopper’s needs

Press the launch, then sit back and watch the analytical platforms.

Finding the pot of gold.

  • Returned distribution after delist
  • Kept private brand business despite lower comp bids
  • Won new private brand category bid
  • Saved items from getting downsized
  • New insights on trade promotion behavior
  • Understanding coupon redemption

New big data sets + the right people and systems + analytical execution = retailers’ boosted volume and profit + more satisfied shoppers.