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#WowtoWin2014

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The stakes of doing business get higher every day as retailers vie to win the eyes, ears and wallets of customers for their stores. …

The stakes of doing business get higher every day as retailers vie to win the eyes, ears and wallets of customers for their stores.
The Internet has made price almost completely transparent and independent retailers are constantly challenged to find new and unique merchandise that big box down the street don’t carry.
This seminar explores how independent retailers can find merchandise to meet their customers needs while differentiating themselves from other stores.

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  • 1. Wowing Customers and Winning Dollars: How To Differentiate Your Store From The Big Boxes and Get Customers Into Your Store January 18, 2014 3 Ways To Obtain A Copy of Today’s Presentation 1. Log On To Our Facebook Page: www.facebook.com/CBCGroup Post a comment: #WowtoWin2014 2. Go to Slideshare.net Search: #WowtoWin2014 – SFIGF 3. Email CBCG: social@cbc-group.net Creative Business Consulting Group – Lynn Switanowski 25 + Years Retail Industry Experience Fortune 500 Sales and Marketing Executive Successful B-T-C Strategist Experienced Brand Manager And Marketing Executive Social Media Strategist and Developer Contact Information: (617) 437 -9191 Email: lynn@cbc-group.net Creative Business Consulting Group www.cbc-group.net 1
  • 2. The Long and Winding Road Toward Making A Purchase in 2013 • Consumers Now Move Along A Complex, Nonlinear Pathway To Final Purchase • 83% Say Path To Purchase May Involve A Greater Number Of "Stops," But It Takes Less Time Than It Used To • Shopping Today Is A More Personal And Emotional Experience • 79% Of Consumers Say Their Relationship With Brands Is Much More Personal Than Ever Before 617-437-9191 Creative Business Consulting Group www.cbc-group.net Today’s Retail Landscape Is Full Of Competition And Is Increasingly Polarized Who Will Succeed In The Battle For The Customer Dollar? 617-437-9191 Creative Business Consulting Group www.cbc-group.net The Rules For Shopping Have Changed • There Is A Perceived Battleground Between Big Box And Small Independent Merchants • Big Box Stores Can Compete More Effectively On Price Due To Economies Of Scale In Purchasing • Small Independents Must Utilize A Differentiation Strategy To Gain Competitive Advantage • 68% Say Shopping Today Is "Less About The Brands/Products Themselves And More About Me What They Are Feeling Or Needing 617-437-9191 Creative Business Consulting Group www.cbc-group.net 2
  • 3. The Good At Everything Strategy Is A Recipe For Failure • Many Retailers Try (Unsuccessfully) To Follow The Strategy Of Being Good At Everything • Strategy Is About Trade-offs • Strategy Is More About Deciding What You’re Not Going To Do, Than About Deciding What You’re Going To Do • The Good At Everything Strategy Is Doomed To Failure Against The Big Box Because They Can Do Everything As Well As You But At A Lower Cost 617-437-9191 Creative Business Consulting Group www.cbc-group.net The Differentiation Strategy Is An Opportunity For Success • A Differentiation Strategy Adds Value To The Products Sold Or Services Provided And Distinguishes You From The Competition In A Noticeably Superior Way • It Requires Focused Resources Coordinated In A Single Strategic Direction • It Is A Big Reason Why Some Stores Succeed While Others Fail Successful Stores Know Where They Are Going And How To Get There 617-437-9191 Creative Business Consulting Group www.cbc-group.net How Do I Decide On My Point(s) of Differentiation? • Big Box Competitor Weakness Slower To Respond To Emerging Customer Needs Personalized Service Is A Challenge With Large Staffs More Cumbersome Merchandise Adaptations (Big Box Is Aware Of These Weaknesses And Working To Change Consumer Perceptions And Operational Execution) • Our Strengths Flexibility – Be Able To Change Or Be Changed According To Circumstances Intimacy - Relationship Building And The Personal Touch Our Strengths and Big Box Weaknesses Present Opportunities To Compete On Unique Dimensions 617-437-9191 Creative Business Consulting Group www.cbc-group.net 3
  • 4. Flexibility: Independent Retailers Have Ability To Respond Quickly To Emerging Consumer Needs • By Actively Listening And Scanning For New Product Ideas, We Can Be Earlier Movers On New Trends • We Anticipate What Our Customers Want And Move Quickly To Meet Those Needs First • Our Agility And Flexibility Enable Us To Rapidly Change Merchandise And Be First To Meet Emerging Consumers Needs 617-437-9191 Creative Business Consulting Group www.cbc-group.net Flexibility: Speed and Responsiveness To Consumer Trends Requires Active Scanning and Listening • Follow Market Trends In Order To Adapt To The Changing Market Conditions • Where Do I Find The Latest Industry Trend Ideas Scan Industry Magazines Review Retail Newsletters Talk To Other Independent, But Noncompetitor Independent Retailers 617-437-9191 Creative Business Consulting Group www.cbc-group.net Flexibility: Seek Out New Products To Engage, Inspire And Keep Your Customers In Awe Of Your Store • Identify And Understand Your Store’s Target Market To Choose The Right Product For Each Segment Of Shoppers Who Visit Your Store • Flexibility And The Ability To Move Quickly Enables You To Change Product Selection More Rapidly Than The Big Box Shop New Product Aisles At Trade Shows Use Distributors For Unique Sourcing Use Online Resources For New Ideas With Low Risk 617-437-9191 Creative Business Consulting Group www.cbc-group.net 4
  • 5. Flexibility: Update Merchandising Techniques To Maintain Advantage Merchandising Ideas • • • • • Digital Window Displays In-Store Product Information Screens Computerized Selling Tools (Tablets, etc.) Interactive Merchandising Installations QR Code Integration 617-437-9191 Creative Business Consulting Group www.cbc-group.net Flexibility: Ask Yourself if Your Visual Displays Are Attracting Customers and Influencing Sales Color Creative Business Consulting Group www.cbc-group.net Intimacy: Engage In High-Touch Customer Service • Through Continuity In Staffing, Personalized Marketing And An Intimate Approach To Service, Retailers Can Establish Unique Relationships With Every Customer • The Ability To Forge Strong Personal Relationships With Customers Will Provide The Opportunity To Earn Greater Levels Of Customer Engagement And Ultimately Loyalty • Retailers Must Develop Compelling Reasons Why Consumers Should Give You Their Business On Every Occasion 617-437-9191 Creative Business Consulting Group www.cbc-group.net 5
  • 6. Intimacy: Closer Customer Connections, Loyalty and Engagement Increases Share Of Wallet • Consumers Have Discretionary Spending Money They Will Allocate Over A Given Period Of Time To Specific Spending Categories. Your Goal Is To: Increase The Overall Share Of Spending Into Your Specific Category Increase The Your Portion Of Their Spending – “Share Of Wallet” • Consumers Value Service – Those That Don’t Will Only Shop For Price And Will Likely Not Be Your Loyal Customer Base Price Is Important, But Only Apt (Good Enough) They Don’t Want To Feel Gouged, Yet They Are Less Sensitive To Price Gaining Greater Share Of Wallet Requires Exceptional Service – Consumers Will Make You Earn It 617-437-9191 Creative Business Consulting Group www.cbc-group.net Intimacy: Create A “The Market of One” Message With Your Marketing Tactics And Communication Tools • Create A “Market-of-One” Shopper Experience In Your Store With Individualized Marketing Programs Such As: • Specific Mailing Lists (Products/Events) • Personalized Mobile Marketing Programs • Customized Direct Mail/Catalog Offers • Get To Know Your Existing And Potential Customers, Especially Their Needs – Ask How Your Business Can Enrich Their Experience To Drive Repeat Visits • Communicate With Customers Using The Tools They Prefer In Order To Identify Their Likes And Dislikes, Needs And Wants 617-437-9191 Creative Business Consulting Group www.cbc-group.net Intimacy: Don’t Forget To Use Social Media: Customers Often Break Up With Brands That Ignore Them • Customers May Feel The Relationship With A Brand Is Onesided. • The Feeling Of Unreciprocated Admiration Will Often Cause Customers To Break Up With Brands • On Average, A Business Loses About 20% Of Its Customers Just By Failing To Tend To Customer Relationships Getting Customers Back After A Break Up Can Cost You Both Time And Money 617-437-9191 Creative Business Consulting Group www.cbc-group.net 6
  • 7. Intimacy: Deeper Customer Connections Are Possible Using Social Media; The Question Is Where? • People Who Engage With Brands Via Social Media Demonstrate A Deeper Emotional Commitment To Those Brands • They Spend Between 20% - 40% More Than Other Customers On The Products And Services Offered By The Brands 617-437-9191 Source: Bain & Company Creative Business Consulting Group www.cbc-group.net Retailer Authenticity Requires Constant Flexibility and Intimacy Across All Customer Interactions • Consumers Meet Your Business In Many Different Ways Every Day, All Year Long • Your Differentiation Strategy Must Reach Across All Touch Points of Your Business To Be Effective ----And Believable • Create A Product Strategy For Your Retail Store That Meets Your Customers’ Needs • Create Market Of One Messages To Help Your Store Gain Market Share • Technology Can Help Facilitate Your Differentiation, To Use It Consistently – Your Customers Are 617-437-9191 Source: Bain & Company Creative Business Consulting Group www.cbc-group.net Creative Business Consulting Group www.cbc-group.net 7

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