Today Evolved Sound attended the launch of the 2013 Manningham Business Excellence Awards.
If you run a business in the area you may wish to consider applying. As Warwick Merry the host said, it’s not just about winning, but the process of entering can boost your business in other ways you may not realise.
All proceeds raised from this initiative will support local projects delivered by Rotary and Manningham Charitable Foundation.
We heard from Manningham CEO Joseph Carbone.
He outlined that this region of Melbourne has 21,825 registered businesses, many spanning diverse specialities and industries. The council is committed to embracing local business through various initiatives run throughout the year.
The keynote speaker was Brian Walker from the Retail Doctor Group. He shared some excellent ideas and the latest trends facing retailers.
Some Retail Marketing highlights we learnt included:
- Knowing what it takes to be a fit retail operator is the key to business.
- Consumers and technology are changing faster than ever.
- 86% of pre purchase research is now undertaken online.
- We need to have an excellent online presence which is also smart phone friendly.
- Online sales represent 10% of all retail sales in Australia and this is predicted to rise to 15 – 20% in the next 3 to 5 years (depending on industry).
- Online is the dominant method for product research.
- The days of mass marketing by retailers are starting to evaporate.
- 247 brand connection is driving the new dimension in retail.
- Retailers need to create branded unique experiences for their customers. This means the customer can see and connect to the same live view regardless of whether they are online or in the physical store.
- Consumers are defining the way we produce retail formats.
- Retailers are focusing on experience rather than product. For example retailer Zara is an example of redefining the need to carry a lot of stock. A short and sharp range that constantly changes.
- Retailers still need to be super local. Speaking more and more to their local community is critical.
- Customers want real time fast access when it suits them.
- A high percentage of the top USA online stores also have physical retail stores as well.
- The days of the store counter are numbered, instead we need to digitally empower staff. The store needs to be designed as the centre piece.
- Retailers need to really know their customers, so they can connect with them, and give them reasons to do more business.
- Retailers need to spent at least 10 to 15 hours per week on their social media, CRM, website, and database.
- 46% of people still want to speak to some-one before purchasing, so this can’t be achieved online only.
- 75% of people walk to the left when walking into a store. The items you want to promote the most should be positioned accordingly.
- Manage inventory – don’t hang onto it for a long time. Never give stock a birthday. Don’t be caught up with too much stock.
That’s it in a nutshell. A fabulous morning, and good luck to those businesses entering the awards.