Magazines Can Help Retailers Differentiate Themselves, Speaker Says
Retailers have more shopping data than ever at their fingertips and they’re using it to differentiate themselves from their competitors, said Lee Nichols, CEO, Dechert-Hampe & Co., speaking Monday at MPA’s Retail Conference in Orlando.
Retailers understand that consumers are making fewer shopping trips than in the past and have little time to spend on buying decisions, said Nichols. “There was a time when you could only buy a hammer at a hardware store, when supermarkets sold food, and pharmacies sold pharmaceuticals,” he said. “Convenience stores are now serving hot meals. You can treasure hunt for a diamond ring at a mass merchandiser and Starbucks sells music. Retailers have begun to understand the impulse nature of the consumer and their desire to buy related merchandise.”
Magazines can do the same by placing health publications, for example, in retail aisles carrying related products, such as medicine and vitamins. Similarly, food publications can be placed with related food items or pots and pans, and beauty magazines can be placed alongside beauty products. “The only time the consumer actively concentrates on a purchase is in the store at the time of the purchase,” Nichols said. “Category management in its typical form cannot meet this challenge. We need to think about who the consumers are that we’re targeting with our publications and about putting the right titles in the right places in the right stores.”