The various strands of the strategy , which include advertising, In store communication, internet Marketing, promotions and public relations can be orchestrated.
Many companies cascade a strategy, by creating strategy tactics that then become strategy goals for the next level or group. Each group is expected to take that strategy goal and develop a set of tactics to achieve that goal. This is why it is important to make each strategy goal measurable
Map your customers needs.Create a niche based on demand.
You will have price sensitive customers and you will have customers who are willing to pay extra for Quality
Remmember you cannot make sense for everything to every body. Have a Target Group which you think will respond to your USP
Every communication Every time should talk about the same positioning else it will be difficult for the customers to relate to you as a retailer and as a business
Avoid multiple channels of communication. Choose the ones with which your customers engage the most. It will also help in measuring the success of your marketing mix.
Monitor constantly through interaction with customers the success of your sales pitch. You could go terribly wrong thinking all the while that you have been able to grab more heart and mind share than your competition.
You may not be able to measure success instantly but you can keep looking for signals which will tell you if you are headed in the right direction.
Ander and Stern’s book Winning at Retail puts forward a model designed by Norm McMillan and Sid Doolittle, that can steer a retailer towards success. It is a simple and straightforward model that has been designed from the consumer’s point of view. The cornerstone of this new model is the Est model of retail success. The Est model guides retailers towards making their firms the best in one of five essential areas:
1. Cheap - Essentially: Winning with Price
2. Big - Essentially : Winning with Dominant Assortments
3. Hot - Essentially: Winning with Fashion
4. Easy - Essentially: Winning with Solution –Oriented Service
5. Quick - Essentially : Winning with Fast Service
The retailers must strive to be the best in their segment of specialization, whether it is low prices they are offering or superior service or the most fashionable clothes. A retailer has to decide on how to differentiate themselves from all the other stores who provide a similar or same service and/or product. Location is often used as a segment specialization but in recent times that has been proven to not be a strong enough reason. It might work in tandem with one of the Est factors but unlikely to do so alone in the long term.
To be successful at holding an Est position, a retailer must ensure that the entire company has the same focus. To sell products keeping a low margin, a company must have low operating costs. Wal-Mart is the perfect example of a retailer in the Cheap-Est position. The company focuses on its products being the cheapest and this position translates into every decision that the company makes.