Unlocking Success in Today's Marketing and Retail World
Insights from a conversation with Seth Godin.
Previously, on Giuseppe’s Glimpse: In the last episode, we delved into how AI can influence decision-making across various aspects of our lives, from sports to healthcare and law. If you missed it, catch up here!
Recently, I had the privilege of sitting down with Seth Godin, a titan in the realms of marketing and retail (full interview at the end of this episode👇).
Our conversation delved into the future of these industries, exploring some of the guiding principles outlined in my latest book, Redefining Retail, co-authored with Professor Philip Kotler.
Now, I'm thrilled to share some of the most eye-opening moments from our chat with you! 🎉
The landscape of marketing and retail has seen monumental shifts over the years, driven by lightning-fast technological advancements and evolving consumer behaviours.
While many still view marketing as mere promotion—getting the word out, making a splash—I beg to differ.
Marketing, in its essence, is about storytelling and connecting with your audience. As Seth said, it's about crafting products and services that genuinely resonate with people and help them on their journey.
Gone are the days when marketing was synonymous with flashy advertisements and persuasive pitches.
Today, it's all about forging genuine connections with customers, delivering value and delivering experiences that feel personal and authentic. 🤝
Navigating the post-digital era
In our hyper-connected world, the lines between physical, digital, and virtual spaces have faded, ushering in what we call the "post-digital" era.
Today, consumers seamlessly navigate between brick-and-mortar stores, online platforms, and virtual hangouts, expecting a seamless experience across all touchpoints (check out this post for a good example 👌).
So, how can retailers stand out?
Clearly, just ‘going digital’ isn’t enough.
To keep up, they must adopt a holistic approach, integrating real life, digital world and virtual experience to create a smooth and engaging customer journey—one that sticks with customers long after they've left the store. 🌐
In other words, retailers must be a destination.
Amidst a sea of choices and distractions, standing out requires offering more than just products or services.
Whether it's through a physical storefront, an online platform, or a digital community, the aim is to create an irresistible destination that draws customers in and keeps them coming back for more. 🛍️
Personalisation vs customisation
In a world buzzing with endless options, retailers may feel lost in the shuffle.
But fear not, for there's a golden ticket to winning over customers: be personal.
People crave recognition and individualised experiences, whether it's walking into a store and being greeted with their favourite order or receiving tailored recommendations online.
Careful though: let's not confuse personalisation with customisation. 🙅
Customisation caters to group preferences, providing options that speak to a certain cluster of customers but lack uniqueness.
On the other hand, personalisation delves deeper, using data to craft custom-made experiences tailored to individual preferences and behaviours, ensuring a seamless, one-of-a-kind journey.
Seth came up with a really striking example here, though maybe a bit grim. Imagine you're at a funeral parlour. A tissue company might just see a group of people labelled "those who cry at funerals". ⚰️
That’s customisation.
But to truly connect, you need to recognise that each person is there for a unique reason, shedding tears for a specific loved one they had a “personal” relationship with.
Being personal means seeing each customer as an individual with their own story, quirks, and feelings, and making them feel truly understood.
Now, technology plays a crucial role in enabling personalisation at scale, but it's essential to strike a balance between leveraging technology and preserving the human touch. ⚖️
Even with automation on the rise, it's that personal connection that truly sets retailers apart.
Retailers need to be human.
In the near future, choosing the right balance between tech wizardry and the human touch is where companies will play and make a difference.
Remember, technology is cool, but people are warm ✨ (more about this topic in another episode!).
Stay open in the face of change
Lastly, in today's fast-paced retail environment, agility and adaptability are paramount.
Retailers need to be brave, bold, curious—they need to be ambidextrous.
The idea of "organisational ambidexterity", championed by Charles O’Reilly and Michael Tushman, highlights the importance of balancing what's already working with exploring new opportunities for growth and innovation.
By fostering a culture of experimentation and learning, retailers can stay ahead of the curve and thrive in an ever-changing market.
It’s by embracing these core principles and staying open to change that retailers can confidently navigate the complexities of today's retail landscape. 💡
So, what’s your take on retail and marketing today?
Share your insights and guiding principles for thriving in the post-digital era in the comments below!
Stay curious! 🙌🏽
-gs
For a deeper dive into the guiding principles for navigating the post-digital world, check out my latest book, Redefining Retail, co-authored with Prof. Philip Kotler.
Get your copy here!
And finally, here is the full video of my conversation with Seth:
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Personalization and Ambidexterity: I will use them as lighthouses when reasoning about contemporary retail 🚀
Appena sentito ad Actually, bella chiacchierata!