PROFILE

Mark Price

Managing Partner, LiftPoint Consulting, Inc.

Mark Price is founder and managing partner and founder of LiftPoint Consulting Group, which he has led for over 14 years.  He is a frequent speaker at conferences as an expert on data-driven marketing and authors articles on the same topic. Mark has a podcast called The Lift Point and also blogs regularly.  He is responsible for leading client engagements, e-commerce and database marketing and talent acquisition for his firm.

Prior to founding LiftPoint Consulting in 2002, Mark was the Practice Leader for Zamba Solutions, focusing on data warehousing, marketing automation and data mining. Mark’s business experience also includes brand management at General Mills and Ralston Purina.

Mark has an MBA from the Darden School of the University of Virginia and a BA from Haverford College. He lives in Eden Prairie, Minn., with his wife,  poodle and Great Dane.

Other Links from Mark Price:

LiftPoint Consulting Blog

 

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  • Posted on: 11/21/2016

    Here’s one way retailers can measure cross-channel influence

    We have successfully measured the impact of store openings and closings at the individual customer level, where you can clearly see the increase in total volume when a customer becomes multichannel and the decrease when that customer loses the retail channel option via a pre-post analysis (accounting for seasonality, of course). If you can track customers across both digital and physical channels, then the data speaks clearly.
  • Posted on: 11/14/2016

    Where are the omnichannel metrics?

    The greatest challenges for omnichannel metrics is the difficulty that retailers face in identifying customers who are engaging them digitally, but not purchasing using ecommerce. Those customers often lack IDs that can be connected to the customer who is making purchases in-store.As a result, retailers often fall back on "personas" of an online behavior pattern as the best they can do.
  • Posted on: 11/04/2016

    At Amazon Books, only Prime members get the best price

    This strategy is similar to the Barnes & Noble membership program, where customers must purchase the membership in exchange for discount percentages. I do not think this program will be a difficult sell and it will probably drive incremental memberships, albeit a small number given the limited footprint of their stores.
  • Posted on: 11/03/2016

    Can anyone fix Target’s grocery business?

    The challenge of the grocery business is the depth of the product assortment that is required by today's upscale customer segment. Target has attempted to replicate European grocery stores in creating a higher-end store brand, but American consumers are more attached to their own brands and do not see the value in the store brand to create a premium price.Target can be a small private label grocery provider or a larger branded grocery provider — there really are not any other choices.
  • Posted on: 10/29/2016

    Retailers’ top four omnichannel investments in 2017

    Given the uncertain nature of the retain environment, the best retailers will have to double down in investments that can drive customer retention and cost management. Inventory visibility will be critical for Buy Online Pickup in Store (BOPIS) as well as ship from store and other initiatives. One important factor in inventory visibility is improved inventory forecasting that includes both the quantity of inventory available and where that inventory is located. Combining both factors will allow the best retailers to reduce stockouts, improve BOPIS performance and reduce costs at the same time.
  • Posted on: 10/25/2016

    It’s the Millennials’ world

    The attributes that Millennials are seeking in their e-commerce experience are the same as many other consumers. the difference is that Millennials are not willing to settle for sub-par inauthentic communications and behavior, while Boomers have learned to accept what they feel cannot be changed.With the increased transparency on the web, Millennials can move their patronage to companies that fit their needs more precisely. As a result, many of the marketing and sales techniques that retailers have honed their teeth on no longer work.The behavior required to succeed with Millennials benefit all of us at the same time, so if they raise the bar, more power to them. Boomers will happily patronize retailers who are transparent, authentic, interested in relationships and market with content as well.
  • Posted on: 10/24/2016

    Should Bass Pro retire the Cabela’s name?

    It is clear that the Cabela's name has equity among certain segments of their customer base. In order to avoid hemorrhaging customers, Bass Pro should maintain the Cabela's name for the time being and research the best way to integrate the two names over time. Cabela's does have a hunting franchise that would be valuable to Bass Pro and the company should be careful not to damage the franchise they just finished paying for.
  • Posted on: 10/10/2016

    Will doubling down on e-commerce pay dividends for Walmart?

    I believe that many people are confusing e-commerce with omnichannel marketing. It is true that e-commerce has rarely been valued at more than 1-3 stores' revenue level. However, the increased interaction of offline with online means that the best retailers must "have game" on mobile, web and in-store to succeed. Increasing the percent of revenue coming from BOPIS (buy online pickup in store) and permitting customers to reassure themselves about the price value positioning of Walmart should prove highly successful.
  • Posted on: 09/27/2016

    Can a revamped Office Depot compete with digital?

    If workplace design and IT help are the cornerstones of the new Office Depot design, then I am concerned with their viability. What is needed is a new look at an old concept — capitalizing on the strengths of retail, the immediacy of the experience and the personalization — to differentiate against the online providers. Training of store associates must be the cornerstone, as well as a true customer first philosophy. Expanding services is part of the answer, but if the customer experience does not move along with it, and if the services are me-too, then the effort will be doomed.
  • Posted on: 09/01/2016

    Has American Girl made a wise move into Toys ‘R’ Us?

    If you are going into mass retail, American Girl is doing it in the right way. Do not offer the core brand, but keep it for your higher end retail channels. Offer lower priced sub brands and accessories at the mass retail level. In this way, you can keep the brand still prestigious and have access to the volume available through a mass retailer like Toys.
  • Posted on: 09/01/2016

    Amazon to test 30-hour week

    I think this move is unexpected, since Amazon is famous for the 60 to 70 hour work week. For warehouse workers and certain non-line departments it may make sense; for the rest of the organization it represents too large a pivot to be believable.
  • Posted on: 08/31/2016

    Retail executives have no clue about digital

    The greatest barrier for retail executives today is the perception that digital, while important, still represents about 1 store's amount of retail dollars. The low amount of total dollars has led retailers to discount the importance of retail and specifically mobile, in consumer purchase activity.The greatest priority, given the uncertain patterns of retail sales, have been on developing the strongest combination of discounts and products to drive enough sales to meet expectations. Long-term vision and planning has been difficult to do in such an environment. However, that is no excuse. Without the short-term there is no long-term; but the converse is also true. Lack of long range planning will lead to more of the same — commoditization and price discounts.
  • Posted on: 08/31/2016

    Is good karma the newest customer reward?

    At this point, retailers have spent their way into parity in loyalty programs. Ultimately, to differentiate their brands, retailers must use content and commitment to succeed. Sharing "karma" opportunities with consumers is one approach, but ultimately to reach a large share of their highly profitable best customers, retailers will need to personalize communications and develop communications that fit the needs of these highly valuable customers.
  • Posted on: 08/02/2016

    Where should retailers concentrate their tech focus?

    Technology presents two major opportunities -- supply chain and customer experience. From a supply chain perspective, costs can be reduced and profits increased by reducing out-of-stocks (which also can improve customer experience). From a customer experience standpoint, optimizing for mobile and improving the website experience as well as improving store associate interactions are critical areas where technology can make a big impact.No need to be "state of the art" -- these aspects are the basic blocking and tackling of improving customer experience to drive greater AOV and customer retention. Make the experience as quick and pleasant for customers as possible -- that is a good investment of technology dollars.
  • Posted on: 08/01/2016

    Is online a bigger threat to independent merchants than big boxes?

    I am not sure that the positioning of "local" will have a meaningful impact on a large segment of customers. Customers are drawn to physical stores for a number of reasons, based on their segments — convenience, variety, service, support, etc. Online is a grater threat to larger retailers because those retailers have more generic product and poor/average service. As a result, they can only compete on price.

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