How Retail Stores Make Profit: Differentiation Strategies Focused on Customer Satisfaction

Author: Hawkins
Publisher:
Publish Date: 2005-05-01
Features: "This is a must-read book for retailers, telling them how to successfully leverage information." — Brian Woolf (President of Retail Strategy Center, Inc. and author of Customer-Specific Marketing) "Gary combines insightful, actionable anecdotes with practical, results-oriented examples. This is a book written specifically for practitioners!" — Thomas Murphy (Vice President of The Kroger Company)
How can a retail store sell different products at different prices to different customers simultaneously to maximize profits? This book provides the answers. The themes covered in this book include:
· Membership programs
· Customer segmentation
· Loyalty marketing
· Customer category management scorecards
This book is not just for retailers. As the industry of truly customer-centric retailing continues to evolve, it also holds significant meaning for other aspects of the industry. The content discussed in Chapter 11 of this book will particularly pique the interest of many packaged goods and private label manufacturers. For retailers, once they begin to understand and utilize their customer data, customer-centric retailing will inevitably have a profound impact on their advertising and product sales strategies. The transformative shift brought about by customer-centric retailing will bring unprecedented challenges—or perhaps even a once-in-a-lifetime opportunity. With the continuous decline in the cost of information technology and the ongoing collection of cost-effective detailed customer information, the need to develop new strategies and employ new tactics to wage retail battles has become urgent. The central idea of this book involves many terms, such as loyalty marketing, membership programs, and customer-centric marketing. The author simply chose to use "customer-centric retailing" because it most accurately expresses this central idea.