Interview to Pedro Reig, CEO of Coto Consulting
We are interviewing Pedro Reig Català, CEO of Coto Consulting, a company that works for the retail marketing, finding solutions for improve sales of brick and mortar stores. He will explain us the revolution of retail, all about the importance of Smart Data and the collaboration with companies like TC Group Solutions in order to make the difference in sales.
Tell us what are the goals of Coto Consulting and what is your role in this consulting company.
Coto Consulting was founded in 2004 as a consulting company on business and market strategies for the trade, tourism and leisure sector. Over time, we have gained know-how on retail marketing topics and now, in addition to our work of searching data, we have increased online and offline marketing strategies for stores and businesses that are in direct contact with the customer. These strategies range from positioning to employee training.
In our research area we use innovative techniques and methodologies that allow us to optimize the inversion. We are not the typical market research institute, but we use many channels (online, social, physical, etc.) and mixed techniques that allow us to get personalized results. All this allows us to optimize costs. Ultimately, we are an action-oriented research company.
What is retail revolution?
By computing the technology entry that has allowed us to connect and get to know customers from new and revolutionary points of view, and taking into account the tremendous development of “shopping experience” in physical sales through technology, design, and services in a sector that is closer to the customer than any other one (retailing), we can say that retail is one of the most dynamic and innovative sectors in the economy.
Physical retail is fashionable and, at the same time, online commerce does not stop growing. This is the real revolution. It is no coincidence that many online retail giants are aiming at the physical retailer, opening up new sales points that can create a brand, give you a shopping experience, excite the customer, and raise revenue all at the same time. The latest to launch on the physical retailer was the brand Hawkers, followed by many more around the globe, who make a definite leap towards an offline business by opening outlets or pop-up stores.
Now it’s just about pushing small entrepreneurs, so far only dedicated to an offline business, to open their own e-commerce and expand their market.
What is the difference between Big Data and Smart Data?
TC Group Solutions is the real expert in this field, from which I have learned all that I know. Recently I read the “Small Data” report that gave me an analytical view of the data but, in my opinion, Smart Data is based on the use of the Big Data to analyze relevant, useful and usable data to improve the organization of the company, from the marketing department to the shop staff. This is Smart Data in my opinion.
How entrepreneurs have to adapt to this situation?
There are three basic points. First, it is important to know that measuring is important, but it is even more urgent and indispensable to serve the customer well. Second, it is necessary to use relevant and reliable data, such as comprehensible, comparable and reliable data. Lastly, we must consider the customer as the centre of our universe: what can we do to understand their needs and adapt to it?
How important is to know Big Data report, like the one written by TC Group Solutions over Consumers Behavior?
Surely, it is very important. It gives you an objective and neutral view of reality: from here, you can make decisions and design new market-based strategies. For example, in the case of Valencia City, we could see how traffic improves annually and what the most interesting months are: we have discovered how our stores attract few potential customers but that their conversion to real buyers is very high. This means that we will surely improve the outside appearance of the shop, such as the showcase.
Although our staffs is active, creative, dynamic and prepared, our company needs more solid foundation, strategic thinking, and a higher level of technical awareness. We are accustomed to doing things well for them to work, but not to handle problems with another optic: counting people, programs and software of the last generation – not a matter of indifference.
What are the foreseeable changes in the retail industry in the future?
In the future we will witness many changes in quality and quantity. Certainly, there will be fewer physical sales points, but will surely be superior: shops will incorporate new technologies, improving the quality of the shopping experience etc.