Do you understand just how important merchandise is to your business?
Besides you, I'm not certain anybody else gets it.
We're optimizing large green buttons instead of small turquoise buttons, 40% off plus free shipping instead of 30% off plus free two-day shipping, and making sure creative looks identical across all channels so that we can achieve omnichannel excellence. When is the last time a customer told you that they bought from you instead of Amazon because your creative looked the same on a phone as on a laptop? Be honest.
Think about this. Merchandise, based on who you ask, counts for anywhere between 60% and 75% of the success of a business (about 70% is the average, when you ask folks), with marketing at about 20%, and creative at about 10%.
And yet, all anybody talks about is how to get an extra 5% out of the 20% that marketing is responsible for (hint - 5% of 20% is 1%). Meanwhile, getting an additional 5% out of merchandising strategy is worth 3.5% to the business.
Where should you spend your time?
Where does everybody else spend their time?
Make a resolution for 2014 - resolve to spend the "right" amount of staff time on Merchandise strategy. I'll predict that your business has a better chance of success if the focus is on merchandising strategy.
I totally agree! Our clients with unique, proprietary, appealing merchandise (versus same old distributed stuff) are the ones who are most successful in today's "find anything online" world. Well said Kevin!ReplyDelete