Recapturing Consumer Trust

A long time ago, when I was a kid, retailers were trusted sources of information for the consuming public. Granted that there were often many fewer options for almost any product category than currently exist. However, in general, retail equity, once upon a time, was based on the trust developed with the consumer. One inherent aspect of that trust was that the merchandise offered had been specifically and carefully chosen to meet the needs of a given customer group. In other words, as a consumer, you didn't have to become a mini-expert on something in order to feel confident in buying it. The presumption was that the Retailer assumed that role, and had done your investigation for you. With limited floor space and limited open-to-buy, merchandising executives make conscious decisions about the range of products offered to their customers. This responsibility hasn't changed over the years, although the tools, processes and tactics to achieve the result have. So, the "task" of creating a focused, powerful and intentional assortment hasn't changed. Yet, it is almost undeniable that the consumer no longer affords retailers the position of "expert".

What happened? Maybe that's not a good use of your time....looking backward. I'd do it only if you still think you really are given that position of trust and confidence by the consumer. Some retailers have sustained this element of brand equity. I would argue that no one, even the very best of today's retail world, has anywhere near the trust and confidence that some retailers experienced decades ago. Wouldn't we kill for that level of trust and confidence again?

So how do we get it back? First and foremost, as merchants, we have to actually be doing the task outlined above. We have to be creating focused, powerful and intentional assortments. Let me repeat the most important word in that list: intentional. A well crafter merchandise assortment is like a complex matrix of widgets, each of which makes sense both independently and in connection with each other. No single aspect of the assortment exists without a reason. Is that true for your assortments? Or are they accumulations of products within categories and sub-categories which follow some sort of price point or vendor structure? In short, are your assortments a function of your merchandise planning format or are they the result of a creative intentional plan.

Consumer trust can be recapturing by doing what the consumer originally (and still) wants the retailer to do: tailor their assortment to present products which are designed to appeal for specific reasons and offer a consistent value proposition. This is critical. A consistent value proposition. Not that some things are "steals" or "bargains.....no, that each and every item is intended to embody a consistent and clear value proposition. This can be accomplished at every price point and across every dominant, sub-category or consumer profile your assortment is built around. Essentially, given the specific set of features and benefits inherent in each item of the assortment, when compared to the price, a consistent value is delivered. Any one consumer may not be attracted to a given set of features and benefits.....yet there should be, within the assortment, products which DO attract that consumer...given her stereotyped set of needs.

You cannot achieve consumer trust through marketing. All that will do is create the possibility of "trial". The only way to deliver consumer trust is to perform the role the consumer needs from you. Today, in this recessionary environment, it is more important than ever to have some process within your organization which actively questions and challenges assortments. Believe this: retail brand equity is being built or squandered right now at the assortment planning level.