Six tips for building effective strategic partnerships with the world’s largest retailer
“Around the world, our customers and members are prioritizing value and convenience. They’re shopping with us across channels — in stores, Sam’s Clubs, and they’re driving ecommerce, which was up 24% globally. Food is a strength, but we’re also encouraged by our results in general merchandise. … We’re in good shape with inventory, and we like our position for the back half of the year.”
Those were some of the comments made by CEO Doug McMillion during Walmart’s second-quarter earnings report, when the retailer reported revenue growth of 5.7% globally and 5.4% in the U.S. That performance was driven in part by Walmart’s recent ability to attract more middle- and high-income shoppers: Roughly 75% of the retailer’s market share gains in grocery during the quarter came from shoppers with annual household incomes of $100,000 or higher.
As if brand partners needed any additional incentive, this influx of higher-income shoppers to Walmart’s massive customer base — 150 million weekly visits in-store and online — makes it even more critical to find effective ways to collaborate with the world’s largest retailer.
The following are 6 “must do’s” for brands looking to build a strategic partnership with Walmart and a winning engagement strategy for its shoppers:
1. Focus on the Basics. As in Price and Availability. Ensure that your products are always in stock at Walmart’s famous Every Day Low Prices.
2. Make Shopping Easy. Every shopping touch point, from in-store to ecommerce, should be a frictionless experience for shoppers.
3. Be Everywhere. Leverage Walmart Connect’s omnichannel offerings to activate on every engagement platform at your disposal.
4. Stay Ahead of the Pack. Be proactive and bring your collaborative shopper solutions to the table early.
5. Be Supportive. Sign on for Walmart’s own marketing initiatives, activating in ways that align with the retailer’s priorities.
6. Think Big Picture. Identify opportunities to drive category growth rather than just brand sales. If Walmart wins, you win — and you’ll earn more chances to win again.
The Mars Agency’s Customer Development practice is an unrivaled team of in-market commerce experts who simplify the complexity of retail. Located in Bentonville, Minneapolis, Cincinnati and the “backyards” of other key retailers, they provide deep knowledge of the retailer, expertise in key business areas (like strategy, media and creative), and door-opening personal relationships with key executives to deliver an unmatched level of business success for clients across accounts, channels and shopper engagement platforms. For more information, contact SVP-GM Kandi Arrington.