Family Dollar solves the value equation: Quality, social recommendation and local understanding
Stephen WhitesideWarc
Defining exactly what "value" means to a brand's core consumer is one of the most important – and difficult – tasks facing any marketer. Having served low-income shoppers for more than five decades, discount retailer Family Dollar has now distilled this idea down to a precise equation:
Value = ((Quality x Experience)/Price) x Word of mouth
Jocelyn Wong, Family Dollar's chief marketing officer, outlined the firm's attempts to act on this formula while addressing the 2014 IRI Summit – a conference convened by insights group...