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Retail Strategy Ric Anderson9.16.10

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  • 1. RETAIL STRATEGY FIND THE BEST CUSTOMER FOR YOUR BUSINESS! AND MAKE IT WORK! by RIC ANDERSON
  • 2.
    • 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!
  • 3.
    • 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!
  • 4.
    • 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!
  • 5.
    • 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!
  • 6.
    • WHAT IS THE PURPOSE OF A BUSINESS?
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 7.
    • 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!
  • 8.
    • WHAT IS YOUR PURPOSE?
    • WHAT SANDBOX ARE YOU PLAYING IN?
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 9.
    • 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!
  • 10.
    • THE “STRATEGY” FOR A RETAIL STORE
    • IS A LIVING ORGANISM!
    • INNOVATION KEEPS IT HEALTHY!
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 11.
    • 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!
  • 12.
    • 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 !
  • 13.
    • 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 !
  • 14.
    •  
    • CRITICAL PATH
    • Predetermined set of Processes and Timelines
    • SEEK OUT, SURFACE AND RESOLVE
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 15.
    • CRITICAL THOUGHT PROCESS
    • THE “CRITICAL THOUGHT PROCESS”
    • IS THE PATHWAY TO A SOLUTION!
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
  • 16.
    • 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!
  • 17.
    • 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!
  • 18.
    • MARKETPLACE
    • Which Marketplace?
    • What Products?
    • Value?
    • Channels of Revenue
    • WHERE AND WHAT IS YOUR SANDBOX?
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 19.
    • 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!
  • 20.
    • 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!
  • 21.
    • PRODUCT CATEGORY REVIEW
    • MARKET SHARE
      • FINANCIAL ANALYSIS
      • ANALYSIS BY PRODUCT FILTERS
      • COMPETITIVE ADVANTAGES
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 22.
    • PRODUCT CATEGORY REVIEW
    • MARKET SHARE
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 23.
    • 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!
  • 24.
    • 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!
  • 25.
    • PRODUCT CATEGORY FILTERS: MARKET BASKET
    • DEEP DIVE into multiple combinations of data
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 26.
    • 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!
  • 27.
    • CUSTOMER PURCHASING DECISION
    • LASER FOCUS ON THE CUSTOMER
    • CUSTOMER TOUCHPOINTS
    • Visual, Physical or Mental
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
  • 28.
    • 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 !
  • 29.
    • COMPETITIVE INTELLIGENCE
    • WHO? UNDERLYING COMPETITORS?
    • ANALYSIS
    • “ BEST IN CLASS”
    • COMPETITIVE ADVANTAGES
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 30.
    • COMPETITIVE ADVANTAGES
      • PRODUCT
      • QUALITY
      • BRANDS
      • ASSORTMENT
      • PRICE/VALUE
      • EXCLUSIVE
      • LOCATION
      • ETC.
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 31.
    • COMPETITIVE SUPREMACY
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
  • 32.
    • 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!
  • 33.
    • 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!
  • 34.
    • 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 !
  • 35.
    • REVENUE CHANNELS:
    • WHICH ONES FIT YOUR STRATEGY?
    • STORES CATALOG INTERNET
    • B2B WHOLESALE TV
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS!
  • 36.
    • 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 !
  • 37.
    • 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 !
  • 38.
    • 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 !
  • 39.
    • COLLABORATE
    • TEAM PROJECT
    • MERCHANDISING
    • STORES
    • MARKETING CHANNELS
    • CROSS FUNCTIONAL
    • SENIOR TEAM MEMBERS
    • TRUSTED VENDORS
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
  • 40.
    • 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 !
  • 41.
    • 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 !
  • 42.
    • 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 !
  • 43.
    • COMMUNICATION
    • SUCCESS TIED DIRECTLY TO COMMUNICATION
    • DISSEMINATE
    • ACKNOWLEDGEMENT
    • ANTICIPATE ISSUES
    • CHANGE MANAGEMENT
    RETAIL STRATEGY : FIND THE BEST CUSTOMER FOR YOUR BUSINESS !
  • 44.
    • 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 !
  • 45.
    •  
    •  
    • 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 !