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Retail Strategy Ric Anderson9.16.10

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    Retail Strategy Ric Anderson9.16.10 Retail Strategy Ric Anderson9.16.10 Presentation Transcript

    • RETAIL STRATEGY FIND THE BEST CUSTOMER FOR YOUR BUSINESS! AND MAKE IT WORK! by RIC ANDERSON
      • OBJECTIVES:
      • Understand the processes to create a Retail Strategy
      • with a Customer Centric Focus
      • Learn to analyze your business and competition from
      • a multi-dimensional point of view.
      • Refine your “Customer Value Proposition”
      • Use Innovation as a Competitive Advantage
      • Understand the power of an “Engaged Culture”
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • MURPHY'S LAW OF MANAGEMENT STRATEGY
      • Some people manage by the book,
      • even though they don't know
      • who wrote the book
      • or even what book.
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • STRATEGY
      • THE DEFINITION OF BUSINESS STRATEGY IS:
      • A LONG TERM PLAN OF ACTION DESIGNED TO ACHIEVE A PARTICULAR GOAL OR SET OF OBJECTIVES
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • AGENDA:
      • Frame of Reference
      • Goals and Point of View
      • Visit the “3 Stages” of Strategy Timeline & Path
      • Breakdown “Stages” into Processes
      • Finalize and Execute
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • WHAT IS THE PURPOSE OF A BUSINESS?
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • EVERY BUSINESS HAS A “PURPOSE!
      • THAT PURPOSE IS TO PROVIDE
      • A PRODUCT OR SERVICE
      • WHERE THE CUSTOMER HAS
      • A PERCEIVED VALUE!
      • KEY PIECE OF THE PUZZLE
      •  
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • WHAT IS YOUR PURPOSE?
      • WHAT SANDBOX ARE YOU PLAYING IN?
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • CURRENT STATE:
      • Your system is perfectly designed to produce
      • the results that you are getting today.  
      • LESSON:  
      • If you want fundamentally and
      • substantially different results, you have
      • to change the strategy and methodology
      • of how you are doing business!
      • Insanity: Doing the same thing over and over again And expecting different results.
      • Albert Einstein
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • THE “STRATEGY” FOR A RETAIL STORE
      • IS A LIVING ORGANISM!
      • INNOVATION KEEPS IT HEALTHY!
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • ANDERSON’s 10 PILLARS: BUILDING A FOUNDATION
      • 10,000 FT POINT OF VIEW
      • CUSTOMER CENTRIC FOCUS
      • INTEGRATED STRATEGY
      • MULTI-DIMENSIONAL SOLUTIONS
      • COMPETITIVE & INTERNAL INTELLIGENCE
      • SUPREMACY THROUGH COMPETITIVE ADVANTAGES
      • ABILITY TO SYNTHESIZE HIGHLY QUANTITATIVE AND QUALITATIVE DATA INTO A LOGICAL CONCLUSION.
      • CONTINUOUS INNOVATION
      • ENGAGED CULTURE
      • COMMUNICATION
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • GOALS: HIGH LEVEL
      • Evaluate multiple “Solutions” to your Strategy.
      • Build a Strategy that can create growth, is profitable,
      • sustainable, scalable, integrated, defendable and
      • has competitive supremacy.
      • Can easily be communicated.
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • GOALS : POINT OF VIEW
      • Profitable “Market Niches” Growth
      • High ROI
      • “ Best in Class” and “Top of Mind”
      • Innovative Customer Touchpoints
      • High Productivity Revenues Channels
      • Flexible
      • Smooth Transition
      • Least Risk
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      •  
      • CRITICAL PATH
      • Predetermined set of Processes and Timelines
      • SEEK OUT, SURFACE AND RESOLVE
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • CRITICAL THOUGHT PROCESS
      • THE “CRITICAL THOUGHT PROCESS”
      • IS THE PATHWAY TO A SOLUTION!
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • THREE STAGES OF BUILDING STRATEGY:
      • 1) Look, Listen and Learn
      • 2) Evaluate, Collaborate and Test
      • 3) Assemble and Execute
      •  
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • STAGE I
      • LOOK, LISTEN AND LEARN
      • CHAMPION
      • A Senior Executive has to be given Authority:
      • Gather Data & Collect Information
      • Ask difficult & hard questions
      • Request other’s time & assets
      • Conclusion and Execution
      • Requirements
      • Listen
      • Open Mind
      • Qualitative and Quantitative Skill Sets
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • MARKETPLACE
      • Which Marketplace?
      • What Products?
      • Value?
      • Channels of Revenue
      • WHERE AND WHAT IS YOUR SANDBOX?
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • BRAND POSITION,
      • CUSTOMER VALUE PROPOSITION
      • and
      • BUSINESS MODEL
      • BRAND POSITION
      • CUSTOMER VALUE
      • PROPOSITION
      • (CVP)
      • BUSINESS MODEL
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • FINANCIAL GOALS and DATA
      • Plans vs. Current State
      • “ Work Sessions” with Finance, Merchants Operations etc.
      • Competitive Intelligence
      • Where are the opportunities?
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • PRODUCT CATEGORY REVIEW
      • MARKET SHARE
        • FINANCIAL ANALYSIS
        • ANALYSIS BY PRODUCT FILTERS
        • COMPETITIVE ADVANTAGES
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • PRODUCT CATEGORY REVIEW
      • MARKET SHARE
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • PRODUCT CATEGORY REVIEW
        • ADDITIONAL ELEMENTS:
        • INVENTORY – TURN – ROI
        • SALES SQ. FT. GM$ SQ. FT.,
        • MARKETING SPEND
        • % OF EACH ELEMENT PER MONTH & YEAR
        • BREAKDOWN: Women’s, Men’s, Kids, Athletic, Work
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • PRODUCT CATEGORIES FILTERS
      • ANALYSIS OF EACH CATEGORY
      • Time Period
      • Product to Market Channel/Path
      • Marketing: Product & Channel
      • “ Purple Cow” Viewpoint
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • PRODUCT CATEGORY FILTERS: MARKET BASKET
      • DEEP DIVE into multiple combinations of data
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • CUSTOMER PROFILE
      • KNOW AND UNDERSTAND YOUR CUSTOMER
      • Current Customer?
      • Analytics?
      • Population of the Market?
      • Filters and Segments?
      • Preferred Customer?
      • Alternative Customer?
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • CUSTOMER PURCHASING DECISION
      • LASER FOCUS ON THE CUSTOMER
      • CUSTOMER TOUCHPOINTS
      • Visual, Physical or Mental
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • COMPETITIVE SUPREMACY
      • BUSINESS WITH THE MOST INNOVATIVE
      • COMPETITIVE ADVANTAGES WINS!
      • Product
      • Price, Value, Quality etc.
      • Business Model
      • Customer Value Proposition
      • Most positive Customer Touchpoints
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • COMPETITIVE INTELLIGENCE
      • WHO? UNDERLYING COMPETITORS?
      • ANALYSIS
      • “ BEST IN CLASS”
      • COMPETITIVE ADVANTAGES
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • COMPETITIVE ADVANTAGES
        • PRODUCT
        • QUALITY
        • BRANDS
        • ASSORTMENT
        • PRICE/VALUE
        • EXCLUSIVE
        • LOCATION
        • ETC.
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • COMPETITIVE SUPREMACY
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • COMPANY HISTORY
      • History: PAST vs. CURRENT
      • What is driving the Business?
      • Revenue Channels
      • Competition: old and new
      • Economic Status
      • Changes in Population Demographics
      • Technology – Innovation?
      • Other Elements?
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • POWER OF CULTURE
      • ASSETS: PEOPLE AND CULTURE
      • ENVIRONMENT is one of trust, engagement, learning,
      • communication, listening and cooperation!
      • LEADERSHIP is at all levels!
      • RESPONSIBILITY for own role!
      • ALL SECTORS to be utilized
      • ENGAGEMENT has to be total!
      • CONTINOUS INNOVATION is top of mind in all sectors!
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • INTERNAL INTELLIGENCE
      • ANSWERS ARE WITHIN THE ORGANIZATION
      • SOLUTIONS TO SURFACE IS THE ISSUE.
      • CROSS FUNCTIONAL SUPPORT GROUPS
      • INTERVIEWS: INDIVIDUAL AND GROUP
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • REVENUE CHANNELS:
      • WHICH ONES FIT YOUR STRATEGY?
      • STORES CATALOG INTERNET
      • B2B WHOLESALE TV
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
      • MARKETING
      • CUSTOMER REACHED?
      • MARKETING CHANNELS?
      • CHANNELS BEST REFLECT
      • THE BRAND?
      • EFFECTIVENESS BY CHANNEL?
      • REACH NEW CUSTOMERS?
      • INNOVATIVE TESTS
      • SOCIAL MEDIA
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • VENDOR COMMUNITY
      • MOST UNDERUTILIZED ASSET
      • Vendor Conference
        • Products
        • Marketing
        • Logistics
        • Customer Experience
        • Competition
        • Innovative Solutions
        • Invite Cross-Functional Support members
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • STAGE II:
      • EVALUATE, COLLABORATE AND TEST
      • USE OF MULTIPLE SOURCES
      • UNDERSTAND OPTIONS
      • ALTERNATIVE SOLUTIONS
      • QUANTIFIABLE TESTS
      • INTEGRATED STRATEGY
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • COLLABORATE
      • TEAM PROJECT
      • MERCHANDISING
      • STORES
      • MARKETING CHANNELS
      • CROSS FUNCTIONAL
      • SENIOR TEAM MEMBERS
      • TRUSTED VENDORS
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • STAGE III:
      • ASSEMBLE AND EXECUTE
      • REQUIRES THE SKILL OF SYNTHESIS
      • CREATE STRATEGY
      • GATHER DATA
      • ALIGN SOLUTIONS
      • INTEGRATE ALL ELEMENTS
      • CROSS FUNCTIONAL SENIOR TEAM
      • SUMMARIZE
      • DISCUSSION
      • HOT BUTTONS
      • COLLABORATION
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • LITMUS TEST
      • BRAND, CVP, BUSINESS MODEL IN SYNC
      • PURPLE COW
      • INNOVATIVE COMPETITIVE ADVANTAGES
      • PROFITABLE
      • SUSTAINABLE
      • DEFENDABLE
      • SCALABLE
      • INTERNAL ALIGNMENT
      • SUPPORT FROM INDUSTRY
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • PHASE III: Assemble and Execute
      •   FINAL STRATEGY:
      • TASK: INCORPORATE AS MANY OF THE GOALS
      • FROM THE REVIEW AS POSSIBLE INTO A SEAMLESS
      • COMPREHENSIVE AND A COLLABORATIVE STRATEGY.
      • THE CORE SENIOR TEAM MAKES THE FINAL DECISION.
      • CONGRATULATIONS!
      • YOU HAVE COMPLETED 90% OF THE GOAL.
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • COMMUNICATION
      • SUCCESS TIED DIRECTLY TO COMMUNICATION
      • DISSEMINATE
      • ACKNOWLEDGEMENT
      • ANTICIPATE ISSUES
      • CHANGE MANAGEMENT
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      • SUMMARY
      • A STRATEGIC PROCESS THAT CAN BE USED BY THE
      • ENTIRE ORGANIZATION. EVERYONE HAS CONTRIBUTED,
      • TAKES OWNERSHIP, UNDERSTANDS AND CAN EASILY
      • ARTICULATE TO OTHERS.
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
      •  
      •  
      • Do not repeat the tactics which have
      • gained you one victory, but let your
      • methods be regulated by the infinite
      • variety of circumstances.
      • Sun Tzu c. 490 BC, Chinese military strategist
      RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !