The 5 P’s. They’re the fundamentals of marketing. Brands and retailers know that if they want to successfully differentiate and grow, they need the right product, right price, right promotion, right place and right people.
Although this model touches on the power of people, it’s in context of the business: customer service, employee engagement and portrayal, and the overall attitude and appearance of employees. What’s missing is a greater emphasis on the customer and their innate needs and expectations of the brand they’re buying from. Sure, some brands can rely solely on providing the right product at the right place at the right time, but for others, relying solely on pricing and a vast assortment can lead to strained margins and the dreaded “race to the bottom.”
That’s why Target, undoubtedly one of the most innovative retailers in the biz, is rethinking how it differentiates and grows — especially within its grocery business. Rick Gomez, Executive Vice President and Chief Food and Beverage Officer for Target, is bringing his 20+ years in CPG to the big-box retailer. Starting with renowned brands like the Quaker Oats Company, MillerCoors and PepsiCo, he moved to Target and has since held several roles.
Rick started his tenure at Target in 2013, first as SVP of Brand and Category Marketing and then as Chief Marketing Officer in 2017. He then became head of Target’s ecommerce business and digital strategy before taking the helm of the food and beverage business. Now, he’s laser-focused on helping Target build and expand its grocery business, largely through its private-label investments and emphasis on diversity and inclusion. Rick is going to be joining us for the Retail Innovation Summit and we’re excited to get an inside look into how he’s thinking about the next stage of the Target brand!
Given Rick’s rich history in product strategy and marketing, we knew we wanted him to have a thoughtful and pointed discussion with a retail expert. That’s why we brought on Liza Amlani, Principal and Founder of Retail Strategy Group. She is a merchandising and planning pro, and is deeply passionate about the importance of serving a more diverse audience. Data has shown time and time again that consumers want to do business with brands that have similar values and prioritize diversity and inclusion. Consumers also are more actively researching and buying from emerging brands.
Despite consumers’ focus on values, they also want great products, great services and great prices. This reality isn’t lost on Rick and that’s why during his session, he’ll share how Target is driving innovation and differentiation by:
- Building on the success of its private-label brands;
- Enhancing industry-leading same-day services; and
- Diversifying its assortment through new partnerships with BIPOC-owned brands.
We’re so excited to see how the conversation unfolds between Rick and Liza. Will we see you there? You can still register to take advantage of Early Bird pricing for an All-Access Pass or Event Pass for the Retail Innovation Summit. Click here to join us!