Just how much of an impact can brand training and helpful expertise really make on your bottom line? Until now, no one really knew. Turns out, it’s a lot – up to 69% more in sales. That’s just one of many discoveries we made during our third-party academic study of the retail industry conducted by the academic research group at the University of Pennsylvania Wharton School.
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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 = β0 + β1 * InStock(%) + β2 * HsWorked + β3 * HsBlock(%) + β4 *
OtherSalesEmployee + β5 * EmployeeTenure + β6 * Leaving + βn *
Additional Controls + ε
• 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
didn’t 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 brand’s education efforts?
9. Let’s 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
Notas do Editor
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
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
[correlation]
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[causation]
[causation]
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. 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. Dr. Fisher’s 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. 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. 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. 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. 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.