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Brands that service multiple markets, whether diverse by region or demographic, benefit from a multitude of revenue streams – if they can tailor their assortment to each group. A new partnership between Wolverine Worldwide and First Insight will tackle this issue, equipping the footwear company with the data to serve each market individually.
The Wolverine Worldwide portfolio includes Merrell, Sperry, Hush Puppies, Saucony, Wolverine, and Keds. One benefit of having such a range of product is that the company can appeal to a greater swathe of consumers and meet several needs at once.
However, this requires a comprehensive data strategy that can assess each individual component. Each brand has a specific customer and international presence, and thus requires a unique approach to optimize sales performance: Not only will every brand perform differently in a specific market, but it will also vary between different regions.
“‘Think global – act local’ has been a catchphrase for decades, but it’s much easier said than done,” said Greg Petro, CEO of retail predictive analytics company First Insight. “Creating a global assortment and then translating it effectively for local markets is a perennial challenge. Brands can have vastly different perceptions and positioning in different markets.”