When diving into the world of retail, brand influencers can seem like mythical creatures. They wield considerable power, and their support can bring in a significant number of new customers. But with an overwhelming set of options and a complex playing field, how do we identify these influencers and, more importantly, how can we get the most out of our interactions with them?
So, what’s the solution? — Welcome to the stage, Pareto Rule.
Understanding the Pareto Rule
The Pareto Rule, named after the Italian economist Vilfredo Pareto, is also often referred to as the 80/20 rule. This little piece of economic wisdom suggests that roughly 80% of our outcomes come from just 20% of our inputs.
Applying the Pareto Rule in Retail: Brand Influencers
The Pareto Rule seems simple enough, but how do we use it to build brand influencers?
In the retail world, sales associates can evolve into powerful brand influencers, given their direct and consistent interaction with customers. They’re the ones who can turn customer curiosity into a product purchase. They’re passionate about the brand, familiar with the product, and they have the ability to answer any questions about the product’s features and benefits.
To leverage this potential, focus on training these sales associates to become experts on the products you sell. As they deepen their product knowledge, they’ll be able to recommend products more confidently, meeting customer needs effectively. And who knows? They might just fall head over heels for your products themselves and advocate for them purely out of conviction.
Identify the top 20% of sales associates who are responsible for most brand interactions. These interactions could be anything from engaging with content, networking with peers, or making the most sales.
Once identified, shower these associates with your time, resources, and efforts. It’s also worth considering special incentives to keep this group of high-performers motivated and engaged.
The retail industry generates over $5 trillion in annual sales in the U.S. alone. Within this ocean of transactions, studies have found that brand influencers drive 16 times more engagement than paid or owned media. They are the lifelines connecting your brand to the consumer landscape, attracting new customers while cultivating loyalty among those already familiar with your brand.
Making Data-driven Decisions
So how do you find this magical 20% of your sales associates? You need an effective platform that provides insightful data to aid your strategic decisions.
Our proprietary Learning Management System (LMS), Atmosphere, does just that. With a powerful analytics system, Atmosphere helps dissect sales associates’ behavior on the platform. This gives you actionable insights to find your top performers.
For instance, during a recent event we managed for a client, we leveraged Atmosphere’s analytics tools to identify the most active users. What we found was pretty interesting — 1 out of 6 active users expressed interest in becoming a brand influencer. Now that’s a result worth talking about!
For this metamorphosis to take place, your sales associates need to transition into product gurus. As they get up close and personal with the features and benefits of your products, they’ll be equipped to field questions and suggest products tailored to the customer’s unique requirements. But there’s a perk that trumps the rest – you’re giving them a golden ticket to fall head over heels with your products and brand. With conviction in their hearts, they’ll champion your products not because they have to, but because they truly believe they’re the best.
The Rule Is Not Absolute, But a Powerful Guideline
We’ve got to remember; the Pareto Rule isn’t a magical formula that applies perfectly in all situations. It’s more like a reliable friend who usually gives great advice. There will always be exceptions, and it’s important to stay adaptable.
However, as a general guideline, the Pareto Rule offers a simple yet powerful way to identify potential brand influencers. And with the right platform and tools, like HALIGHT’s Atmosphere, you’ll have the ability to make data-driven decisions, streamline your efforts, and amplify your results.
Summing It Up
Navigating the world of retail training solutions might seem like climbing a steep mountain at times, but we’re here to accompany you every step of the way. Just like the Pareto Rule, we aim to simplify the complex, making difficult look easy.
Remember, finding and nurturing brand influencers is like tending a garden. Identify your strongest plants, care for them, and give them the chance to flourish. You’ll soon have a lush, blooming garden, full of ambassadors for your brand.
So, dive into the world of retail with the Pareto Rule as your guide. The potential influencers in your team are waiting to be discovered.