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Embracing The Digital Economy:10 Practical Tips for Mainstreet Retailers

Fergal Coleman

Mainstreet Australia Conference,

Melbourne, 14 May 2013

Fergal Coleman

• Director of Symphony3

• Twitter: @Symphony3Think

• Email: fcoleman@symphony3.com

• LinkedIn: au.linkedin.com/in/fergalcoleman/

• Web: www.symphony3.com

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Introduction

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National Broadband Network = Pipes

“The National Broadband Network is a wonderful commitment

to getting everyone connected. It’s a brilliant foundation – it

will be the foundation for many things. But having established

that foundation, the fact you have a piece of fibre optic coming

out of the wall is really only a start”

Tim Berners Lee, Inventor of the World Wide Web

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Digital economy success depends on…

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We can’t afford to wait

Organisational level

Companies that are using the web intensively gain greater market shares and higher margins

• 20% improvement in marketing effectiveness• 18% increase in customer satisfaction• 10% reduction in operational costs• 15% decrease in marketing costs• 41% increase in employee satisfaction• 20% decrease in travel costs

“The Rise of the networked enterprise: Web2.0 finds its payday” McKinsey Quarterly, December 2010

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“ ”

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1. Understand your customer

Graphic courtesy of Mindshop International

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Smarter Consumers

“There is a set of values – convenience, community, and trust – which underpin how consumers engage with retailers both online and offline. They then share their experiences within their well-connected communities…. These communities are having a massive influence on consumer expectations, preferences and therefore, spending”

Ian Wong, Retail and Consumer Products Industry Lead for IBM Global Business Services A/NZ

http://www.internetretailing.com.au/ibm-2012-consumer-study.html

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2. Think about the customer journey

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3. Collect and Use Data

3. Data used to deliver a better mobile experience

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The Mainstreet Advantage

“The combination of community ties, and mix of retail, civic and residential uses, gives main streets a platform for revival. If they can get their acts together to embrace change they are more natural choices than shopping centres to be true town centres that reflect community values.”

Michael Baker

• http://www.theage.com.au/small-business/aussie-main-streets-get-facelift-20130320-2geid.html

4. The web is social. Think about people connecting.

5. Listen (and understand)

“We have two ears and one mouth so that we can listen twice as much as we speak.”

Epictetus (AD 55-c.135)

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5. Where to listen?

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6. Provide “sweet” content

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6. Content – consumers want information

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6. Content – multi channel/platform – Incy Interiors

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6. Provide content that is visual

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6. Content that shows expertise and personality

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6. Content that celebrates uniqueness

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6. Consider time, and frequency and device

http://www.mobify.com/wp-content/uploads/2012/09/smartphone-context.png

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7. Collaborate with and energise your customers

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7. Collaborate and energise your customers

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8. Use web technologies across the business

Examples• More efficient supply chains• Better recruitment• More cost effective training• Reduced IT infrastructure costs

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9. Train your staff

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10. Work together – create an eco-system

• Share – Services– Training– Expertise– Software– Data– Each others content– Hashtags #mymainstreet

Fergal Coleman

• Director of Symphony3

• Twitter: @Symphony3Think

• Email: fcoleman@symphony3.com

• LinkedIn: au.linkedin.com/in/fergalcoleman/

• Web: www.symphony3.com

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Questions?

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10 Practical Tips

1. Understand your customer2. Think about the customer journey3. Collect and use web data4. Develop a community around your brand5. Listen to your customer6. Provide valuable content7. Collaborate with and energise your customers8. Use web technologies in every aspect of the business9. Train your staff10.Work together – create an eco-system