OwnerIQ Checks in With Its Advisory Board
OwnerIQ held our Retailer and Manufacturer Advisory Board meeting in Chicago on Thursday, April 12. We are always seeking feedback regarding our service offerings and the retail industry directly from retailers and manufacturers, and our advisory board meeting was a great opportunity to do just that.
Much of the conversation focused on the continued shift to purchasing online, and the expansion to industries that previously were impacted on a smaller scale. The group consensus was that much of this change could be attributed to ‘show rooming,’ where people visit a brick and mortar store to view a product and then purchase it online at a lower price. All agreed that traditional brick and mortar stores will need to develop strategies around price, selection, service and marketing to compete in this new buying environment or risk being undercut by large online retailers like Amazon.
Another key topic was how manufacturers and retailers have a valuable asset in their online audience. While few retailers and manufacturers currently take advantage of this asset, companies will become more engaged if they begin to view their online audience as a new revenue stream. However, the separation of roles and responsibilities across large companies requires that corporate leaders view the opportunity to monetize their online audience or share it with key partners to run highly targeted co-op campaigns as compelling enough to bridge departments within their organizations.
Corporate leaders have a lot of industry-wide developments to keep up with. When introducing the process for monetizing and sharing online audiences to retailers and manufacturers, it is critical to stretch and develop their knowledge over time. Manufacturers particularly must adapt. They likely see the retailer as their consumer and thus using their online audience to run targeted co-op campaigns requires a shift in mindset and the ability to integrate a new program with their current processes.
The meeting provided great insight to the challenges facing retailers and manufacturers in the constantly changing landscape of path to purchase. Successful companies will learn adapt to the new buying environment and take advantage of their assets. We left the meeting with strong takeaways about the mindset of retailers and manufacturers today and how we can further tailor our offerings to meet their needs.