Mack Elevation Forum and Drug Store News on the day before the NACDS Total Store Expo brought together eight critical thought leaders from both inside and outside the industry, challenging attendees to think beyond their brands to achieve breakthrough results.
For example, Seth Rogin, chief revenue officer of Mashable, gave advice on how to best access the buying power of millennials. “[Millennials] want businesses to be engaged and do not trust businesses that are not engaged,” Rogin said. “[As many as] 63% of millennials are giving money to charity. Our brands that stand for something can also do well while doing good at the same time.”
Regarding new product launches, Larry Levin, IRI’s EVP and practice leader, proposed that breakthrough brands continue driving trial through the second year of launch. As many as 71% of those products supported in the second year of launch saw their sales grow, he said. “The average expense [year one to year two] went from $11 million to $14 million in media spend, and the sales return went from an average of $35 million to $50 million.”
Brett Goffin, industry head of retail at Google, proposed that the mobile platform is the endcap for today’s generation of shoppers, and that the best user experience will be bridging mobile search with nearby store inventories. “That’s the future of mobile and customer empowerment for omnichannel.”
DSN will feature videos of each presentation in the weeks ahead on DSNTV.