The New Power in Retailing
By Brian Woolf
Hardback, published in May 1996
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Brian Woolf's book changed the way companies do business. His Theory: 'Mass marketing is dead'. Differentiated marketing-giving different offers to different customers is the new marketing wave. A graduate of Harvard business School and former CFO of Food Lion, Woolf shows how businesses have to practice the ""intelligent loss of business" for greater profits by reorganizing your business along customer rather than product lines.
Customer Specific Marketing (CSM) has taken the place of Mass Marketing. This groundbreaking book explains, in a simple, clear style, why and how this radical change has occurred.
Today, retailers around the world are shedding their old one-price-fits-all marketing strategies and are offering specific prices and benefits to different customers, achieving significant profit gains in the process.
Customer specific marketing is based on two principles:
1. Not all customers are equal, and
2. Behavior follows rewards.
Accepting these principles leads to de-averaging your customers, marketing to each segment individually, and focusing rewards on the desired behavior - frequent, high-spending customer activity.
Drawing from his research and consulting with retailers (ranging from single store operators to some of the largest retail chains in the world), Brian Woolf demonstrates the power and practice of customer specific marketing in six easy-to-read sections:
The basic case in favor of CSM.
The superior economics of CSM.
The ten major characteristics of CSM and how they are practiced.
The exciting new measurement now available to help your business.
How to successfully launch CSM
Speeches from seven leading practitioners of CSM validating the ideas permeating the book.
This book, applicable to every retail and service company, is essential reading for those who want to be in business - and succeed - in the twenty-first century.
Brian Woolf is a global leader in loyalty marketing and has written three definitive works on the subject, Measured Marketing: A Tool to Shape Food Store Strategy, Customer Specific Marketing, and Loyalty Marketing: The Second Act. He devotes his time to helping retailers develop, critique and strengthen their loyalty programs.
The techniques and metrics Brian Woolf has developed have become guiding principles for those operating some of the world's most successful programs. He is the President of the Retail Strategy Center, and has consulted, and spoken at conferences, in the US, Europe, Japan, and Australasia.
Prior to his total commitment to loyalty marketing, his corporate roles included Deputy Managing Director of Progressive Enterprises, a major New Zealand retailer; and Chief Financial Officer of Food Lion, a leading US food retailer. He has an M.Com. (Economics) from the University of Auckland, New Zealand, and an MBA from the Harvard Business School.
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