The Running Event: Strategy On and Off The Track

Strategy matters.

This week thousands of folks in high performance running shoes, clothes of fabrics more engineering than your car, and a shared love of hoppy beverages descend upon Austin, Texas to participate in the 9th annual Running Event. Catering to specialty retailers, the event is a hub for business owners and vendors from around the world. From December 2nd through 5th, the running world comes to Austin to learn new ways to run businesses more efficiently, how to win over conglomerates and Internet competition, and to check out the latest and greatest in running apparel and gear as retailers plan inventory for the upcoming year.

One theme has permeated the messages of breakout leaders and keynote speakers: business must use data to win over competition. As most of the retail attendees represent specialty stores–small retail stores catering to people who are interested in a specific kind of retail experience–the ability for brands to deliver the right experience and the right product to their customers is of the utmost importance. Data is key to that edge.

“The more focused we are on strategy, the less competition we’ll have”
Juan Sanchez, Bermuda Sands

Early on in the day, attendees of the event were reminded that we have entered the age of the consumer. As customers are empowered with tools to research and discover new products online, special orders in retail have increased significantly in 2014. To the customer, the shopping experience is a stew of decisions–with the touch of the tablet or a quick look at their phones, customers can check reviews, availability, price differences, in the end providing the customer with enough information for he or she to diagnose his or her needs and make a purchasing decision without ever stepping into a store. It is no longer enough to buy bulk. Retailers are forced now to buy for customer, not the activity.

In response to the shift in thinking that retailers must have, speakers have encouraged businesses to consider focusing their 2015 strategies around three key points:

1. Data: Using customer data to identify valuable audience segments in order to shape the retail experience to the desires and needs of the customer.
2. Psychographics: Using new tools to understand the nuances of a unique customer base to have the ability to meet encourage new engagement and meet customers with the right products when they are ready to buy.
3. Influencers: Identifying and activating key influencers within customer segments to advocate businesses on and off the store floor.

Customer buying habits are changing. It’s time for businesses to catch up and take advantage of new tools that streamline customer data, giving businesses deep audience insights and an edge over competition.

People Pattern automates the collection and analysis of audience data, providing retailers and businesses deep insights into their audiences for more informed marketing and product purchasing. Interested in learning more? Contact us for a personalized Audience Intelligence Report today, or request a demo below.