As a Founding Member of the Dan Mack Elevation Forum, today in Palm Beach I had the opportunity to attend the 50th Forum Event.
Today's discussion included some great conversation around building better retail partnerships and understanding what are the 7-Lapses in Judgement in Working With Your Retail Customers.
The Forum also including a panel of retail leaders who came together to discuss the needs and mindset of today's modern retail merchant.
It was a fabulous discussion on the key topics retailers consider in growing sales, increasing margin & winning the hearts, minds and share of their shoppers.
So much discussed, with some important takeaways and quotes from the panel:
"The role of the merchant has evolved from packaging, product, product, price and promotion to social media, sustainability , personalization and retail operations."
"In considering a "focused assortment," you must also consider inventory levels, delivering just in time & cost management"
"Understand our business model inclusive of our constraints around labor, shrink and inventory management."
"In finding a way to win together, get to know us, be honest, and understand what we are trying to accomplish."
"Focus on courageous conversations, the opportunity cost of not having a courageous conversation is lack of success."
"What are the 1 or 2 things you want me to do , stay focused on your retailer asks."
"Today's CPG sales leaders are like symphony conductors, bring the right players (cross functional departments) in at the right time."
"In thinking about our retail KPIs, our most important consideration is Net Promoter Scores (NPS), how our customers track with us, then we consider the sales, profit and other business metric KPIs."
"Simplicity is critical, our store associates are critical, make it easy for us and them to deliver to execute our goals?
If you are a brand or retailer and would like to get involved in this fabulous platform, ping me. I'd be happy to make an introduction.
