Winning Retail by Willard Ander & Neil Stern
1. Display your lamps like Pottery Barn. Show your lamp in a mock up of a living room. “Here’s how to make your living room beautiful.†This allows Pottery Barn to sell the complete solution rather than just a product. Selling the benefit rather than just the commodity.
2. If you’re truly going to have a customer-comes-first approach to retailing, then you have be ready to hire a team that’s knowledgeable and highly motivated to provide solutions and help make shopping easy and enjoyable for customers.
3. Do little things that show the customer that you truly understand them and that you’re putting them first.
4. To win over the long-term stores must be best at something—not just good at everything. They have to meet the min standards in ALL areas, excel in SOME areas, and be best in ONE area.
5. Beware that customer perceptions may be totally different that management’s perceptions. Ask your customers to be sure.
6. Customers are very focused when they shop—they typically do not care about most of the messages we are bombarding them with.
7. Management needs to realize that in order to sell more products, the company has to become more relevant in customers’ lives. This means selling more products to existing customers and reaching new customers as well. Introduce new product designs, new colors, and experiment with new materials. This will help you move from being a seller of products to being a lifestyle brand.
8. Live a customer-centric business lifestyle. Customers are becoming less patient. They don’t want to wait for floundering stores to improve. It’s more important than ever for stores to be constantly adapting and testing new prototypes.
9. Hot Topic’s splashy merchandise grabs lots of headlines, but what really makes the company revolutionary is its speed-to-market capabilities. They don’t’ operate a massive central warehouse. They don’t bother with things like vendor rebates or ad planning so there’s no need to order merchandise far in advance. Within days or just a couple of weeks of seeing certain trendsetters wearing something, Hot Topic can have a version of that style on its sales floors.
10. Put your customers in control. Empower them. Trust their intellect. Make your store easier to shop by providing key information. Giving them power makes them come to see a retailer as an advocate rather than an adversary. Let the customers help themselves. Provide them with the tools to answer their questions.
11. Try to avoid talking too much about creating a wonderful “customer experience.†Some customers feel that an experience is “what you get when you don’t get what you expect.â€
12. Be sure to help the customer figure out what to buy.
13. The winning retailers in the future will be master of technology, able to effectively use these tools to streamline costs and better server customers. Retailing is still a combination of art and science though. Developing balance between merchants’ instincts and the vast array of technological advances will further separate winners and losers in the future.
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