A Conversation with Jim Wisner
As consumer adoption of digital and social media continues to grow, retailers are trying harder and harder to incorporate digital and social platforms into marketing initiatives for own-brand products. Understanding this, Libertyville, Ill.-based Wisner Marketing Group developed The Digital 65, a utility that provides the latest news, trends and information related to social and digital marketing in the food, drug and mass channels.
Private Label ⇨ Store Brands asked Jim Wisner, president of Wisner Marketing Group, to discuss the growing role social and digital media plays in store brand product marketing.
Private Label ⇨ Store Brands: In your view, how important is social and digital media’s role becoming to retail marketing overall — and to the marketing of store brand products, in particular?
Jim Wisner: The importance of social and digital media cannot be overstated. There are several very important reasons why this is the case. First, the impact of conventional marketing media is in decline. It’s remarkable that many retailers are still spending the bulk of their advertising dollars on print when very few under the age of 45 subscribe to a daily newspaper anymore. Next, some think of social media simply as Facebook or Twitter. They may not grasp the entire digital ecosystem of digital coupons, e-mail marketing programs, targeted loyalty programs, location-based services and other new media and technologies of which social media is just one interconnected part. Finally, social and digital media marketing channels are more cost-effective and efficient than most traditional marketing approaches.
The really big promise here is that there is so much that you can do with digital media, so easily and with so little cost. From a retailer perspective, digital media holds enormous promise for store brands. It is the ultimate loyalty marketing tool and opportunity for customer engagement — customers who will share the positive things they have to say about their store brands in a very public way.
PLSB: What are some of the most common mistakes you see retailers making in their approach here — and what are some of the consequences of those mistakes?
Wisner: I think the biggest mistake is that many companies have just been slow to act. Some look at social and digital trends as if they were some sort of fad; because they don’t use them, they are reluctant to understand them. Equally important is understanding the speed of the change taking place. You can’t wait.
PLSB: Social and digital media overall seems to be in a constant state of change. What tips do you have for retailers to help them keep up?
Wisner: There are a few recommendations that we give to both retailers and manufacturers. First is to simply get in the game. You’ll learn a lot just playing around. But eventually you have to make a commitment — and bring in some young talent that “gets it” on a personal level. And then you need to listen [to] — and act on — what they tell you.
PLSB: Talk about your new Digital 65 Social and Digital Marketing Information Monitor. How specifically can it help retailers?
Wisner: The Digital 65 monitors the top 65 North American retailers across multiple channels of trade. For each, you find everything they are doing in social media, digital couponing, e-mail and loyalty marketing, and mobile marketing. There is also a searchable news feed for each retailer and a monthly newsletter so you can know what’s happening all the time — any time.
For retailers, it provides a great source of ideas. While the Digital 65 is not exclusive to store brands, there is an emphasis on them. From a retailer perspective, this is where social and digital media has a disproportionate opportunity to change the dynamics of their business. It also provides an easy way to keep tabs on what your competitors are up to.