Aligning with Values: Key Strategies for Retail Success

Welcome to our new Retail Razor Show, DataBlades, our new standalone Retail Razor

Show, where we talk real world numbers andslice through measurable consumer insights

based on research at the point of sale.

And bringing us that slicing and dicing ofdata is Georgina Nelson, CEO of TruRating.

TruRating helps retailers heardirectly from validated shoppers

daily, and recently had a majormilestone of half a billion responses.

Retailers using TruRating average an80 percent response rate on questions

asked, made possible by asking a singlerotating question directly on the POS

pinpad, making it a seamless part ofthe shopper's checkout experience.

TruRating also works with theirretail partners to develop consumer

insights reports by running questionson an industry topic or theme.

These anonymous responses are linked tometrics such as basket size and repeat

visits to produce industry changinginsights like the ones Georgina will share

with us today and raise our data blades.

I'm your host, Ricardo Belmar.

And I'm your cohost, Casey Golden.

Welcome Georgina.

Thank you so much for having me.

So today's Retail Razor Data Bladesegment is how aligning with customer

values still plays a critical role.

So yeah, to that point, we wantedto really find out what was

driving consumers loyalty behavior.

As, as a time when... Retailers arefeeling the, the pinch of inflation

as are their shoppers, we can oftenget to this race to the bottom where

prices are slashed in desperation to,to try and win that customer loyalty.

And so we, we asked somesimple questions as to what was

driving that loyal behavior.

Interestingly, we found justover a smidgen over 50%, so 51

percent of consumers said theywere influenced by their loyalty

card and by money off vouchers.

But a staggering 77 percent saidwhat actually drives their behavior

and their loyalty is whether theirretailers values resonate with

them and they affiliated with it.

And so I think in this modern timeof loyalty, that sends a really clear

message for retailers to understand what,what values do their customers really

affiliate with and how can they marketthose to them and ensure that that's

understood and really build that, buildthat bond with their consumer base.

Yeah.

It really backs up the, communicateyour brand and your values.

Stop talking about price.

Yeah, yeah, exactly.

And even just recently, we'vestill seen that over 75 percent

of US consumers, they do want tobuy ecologically sound products.

They do want to buy organic whenthose choices are available.

And so it's really to retailers,don't squimp on these initiatives

just because times might be toughbecause consumers are still looking

for those and looking for that stanceand values to make their choices.

Georgina, it seems like for thisto really be beneficial for the

retailers that are going to like,are suggesting that they need to lean

into this and not stop investing.

They'd have to really understand how tocommunicate that to their customers to, to

make it really worthwhile and beneficial.

Yeah, I, I think strategies need to be.

It's not like a blanket, one,one email, one shot in the dark,

we really need to have a nuancedunderstanding of the customer

base and what drives that loyalty.

And then that needs to be communicatedacross a website, across product

placements, across brand messaging.

And I think what's important isthat, all customers are not alike.

There's going to be a mix.

And what we see is that mix is more,it's obviously very prevalent at a

store level in terms of each store isa snowflake with different customer

segmentation and really beginning tounderstand that at a store level, how,

and testing and asking customers, howhave your, have they understood the

green initiatives, which you are pushing.

Do they understand thedrive on organic produce?

And, understanding that awarenessand then being able to tailor

better comms and better marketing isabsolutely key and, and we recommend

doing that at a granular store level.

I couldn't agree more.

Well that does it for anotheredition of Retail Razor Blades.

Does this mean I get to keep the segmentintro music every time I'm on the show?

I think we can arrange that.

Thank you so much both.

absolute pleasure.

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I'm your host, Ricardo Belmar.

Thanks for joining us.

Until next time, keep cuttingthrough the clutter and stay sharp.

This is the Retail Razor Data Blades.