Value of Helpful Expertise on the Retail Floor
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A study led by Marshall Fisher highlights the significant impact of brand training on retail sales, revealing that associates who engaged with product education sold up to 69% more, and those completing multiple modules sold 123% more. The research indicates that training not only boosts overall sales but also enhances brand recognition and advocacy. Enhanced associate engagement with brand education directly correlates to improved sales performance and effective budget allocations for retailers.
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Value of Helpful Expertise on the Retail Floor
- 1. VALUE OF HELPFUL EXPERTISE IN RETAIL Just how much of an impact can brand training and helpful expertise really make on your bottom line? Turns out, it's a lot up to 69% more in sales.
- 2. Big Data 2 Commissioned study led by Marshall Fisher, PhD, Wharton Analyzed data from three retail partners Compared point-of-sale data to sales associates engagement with the Experticity interactive training platform on the categories and brands they sell July 2011 to June 2013 63,500 employees 330 stores
- 3. Data Validation 3 Analysis is controlled for variables including: LogSales = 硫0 + 硫1 * InStock(%) + 硫2 * HsWorked + 硫3 * HsBlock(%) + 硫4 * OtherSalesEmployee + 硫5 * EmployeeTenure + 硫6 * Leaving + 硫n * Additional Controls + 竜 In-stock percentage Number of hours worked Quality of hours worked Competition within the store Employee tenure Employee turnover Seasonality
- 4. 4 Sales associates who engage with product education sell more. A lot more. Associates who took at least one module sold 69% more, on average, than those associates that took no modules Associates that took 6 or more modules sold 123% more than those associates that took no modules
- 5. 5 Engaged sales associates not only sell more overall but they sell more of your brand. For sales associates that engaged with one module for that brand, brand sales were 87% higher compared to those that didnt engage at all.
- 6. 6 The more sales associates engaged with Experticity, the better their performance on the sales floor. Training does impact performance For each additional module an associate takes, their sales increase by 1.6% after taking the module And increased performance means they are building better brand advocates on your behalf Associates that passed at least a typical brand course of three modules sold more AFTER completing the modules than before 9.5%
- 7. 7 Getting associates to engage with your brand is one of the most effective tools for increasing sell-through. For each brand module an associate completed, sales of that brand increase by 2-4% afterward The more they know about your brand, the more helpful expertise they can share with customers Helps you know where to allocate budget
- 8. How can you use this data to improve your business? 8 How do I know which associates are most engaged throughout my retail distribution network? What engagement information should I be reviewing on a regular basis? Who is highly engaged in my category but not with my brand? Which retailers are most engaged with my brands education efforts?
- 9. Lets put the power of helpful expertise to work for your brand. www.experticity.com
- 10. Bio: Marshall Fisher 10 UPS Professor of Operations and Information Management Wharton School of the University of Pennsylvania Co-director of the Fishman-Davidson Center for Service and Operations Management Published multiple times on inventory and supply chain management including his book The New Science of Retailing Earned several awards for his distinguished service in operations and management sciences
Editor's Notes
- #3: Commissioned a study lead by Marshall Fisher, PhD (Wharton), assisted by Santiago Gallino, PhD (Tuck) and SergueiNetessine (INSEAD)Analyzed data from three retail partnersData covers the period July 2011 through June 2013 for more than 63,500 employees at 330 storesCompared point-of-sale data to sales associates engagement withthe Experticity platform on the categories and brands they sell
- #4: Retail data has its share of variability, but we used a leading academic team to help normalize a long list of variables. A few examples: Employees total hours worked Percentage of hours worked during key timeframes Dollars and units sold by brand and month In-stock rates by brand, month and storeeach week Modules completed by employee per brandand month We also considered things like employee tenure,the number of sales associates on the sales floorsimultaneously, seasonality and much more
- #5: [correlation]
- #6: [correlation]
- #7: [causation]
- #8: [causation]
- #11: https://opimweb.wharton.upenn.edu/profile/29/awardsMarshall Fisher is the UPS Professor of Operations and Information Management at the Wharton School of the University of Pennsylvania and co-director of the Fishman-Davidson Center for Service and Operations Management. 油He holds an SB degree in electrical engineering, an MBA and a PhD in operations research, all from MIT. Dr. Fisher joined the faculty of the Wharton School in 1975. Prior to that was a systems engineer in the Boston Manufacturing and Distribution Sales office of IBM and on the faculty of the University of Chicago Graduate School of Business. He has also held visiting positions in the Department of Operations Research of Cornell University, the Graduate School of Management, Delft, The Netherlands, Shanghai Jiao Tong University and Harvard Business School. He served as president of the Institute of Management Science during 1988-89 and as departmental editor of Management Science from 1979 to 1983. 油Dr. Fishers research during his 35 year career has focused on supply chain management, with a varying emphasis that has included private truck fleet scheduling, supply chain management for hard to predict fashion products and a scientific approach to retail buying.油Dr. Fisher has been a consultant to many Fortune 500 companies, including Ahold, Air Products and Chemicals, BMG, Campbell Soup, Dupont, Exxon, Frito Lay, General Motors, IBM, Motorola, Nokia, Scott Paper and Spiegel, Inc., to name a few.油In 1981, he co-founded Distribution Analysis, Research and Technology, Inc., a company that provided private truck fleet optimization software based on his research to major clients such as Frito Lay, Exxon and Anheuser Busch. He served as chairman of the board of directors of this company until its merger with Manugistics Inc. in 1990.油Dr. Fisher is a co-founder and Chairman of 4R Systems, Inc., a company that provides supply chain planning software to retailers of short lifecycle products.油His research has been recognized by numerous awards, including the 1977 Lanchester prize for the best paper in operations research in that year, the 1983 Edelman Prize from the Institute of Management Science for the best application of management science in that year, the E. Grosvenor Plowman Award from the Council of Logistics Management for contributions to logistics, the 1995, 1996, 1997, 1998 and 1999 Wharton School MBA Core Curriculum Cluster Award for teaching excellence, the 2006 Philip McCord Morse Lectureship and the 2007 George E. Kimball Medal, in recognition of distinguished service to the profession of operations research and the management sciences. He is a member of the National Academy of Engineering and a Fellow of the Institute for Operations Research and the Management Sciences, the Production and Operations Management Society, and the Manufacturing and Service Operations Management Society. In 2004, his paper "The Lagrangian Relaxation Method for Solving Integer Programming Problems" published in Management Science in 1981 was voted by the membership of the Institute for Operations Research and Management Science as one of the ten most influential papers published in Management Science during its 50 year history.