Being Remarkable · Customer Insight · Customer-centric · Omni-channel · Retail · Winning on Experience

Let’s get small

For nearly two decades, it was about the super-store, the big box, the overwhelmingly dominant assortment presented in seemingly endless aisles. The big retail winners were Home Depot, Super Walmart, Best Buy and other so-called category killers.

But when you get too big to stay relevant and differentiated, your customer starts to go elsewhere.

When you decide that costs savings trump customer experience, loyalties start to fray.

When you fail to embrace the long-tail of a digital assortment, available anytime, anywhere, share of wallet declines are sure to follow.

When you don’t accept that customer data and insight represent your ultimate competitive advantage, you fall behind competitors that do.

It’s time to think small, which means acting on three fundamental tenets:

First, right-sizing your physical store to the reality of an increasingly omni-channel world.

Second, translating your brand to a remarkable customer experience that fights and wins on a desktop, laptop, tablet or mobile phone.

Third, start treating different customers differently. Develop a deep understanding of your current and potential clients and deliver a progressively more relevant, differentiated and personalized experience.

The lessons of Borders and Blockbuster are clear. Don’t be next.

 

4 thoughts on “Let’s get small

  1. I really like the 2nd idea of making a brand user friendly on all electronic devises. This seems to be really important with the speed of transactions. It would be great if the tablets and mobile devices concentrated on their navigation for their interface designs. If they could get that perfected there would be more speedy transactions or customers finding what they want prior going into the store.

  2. Our area has seen the small businesses fighting for their economic lives as big box stores have steadily moved in. I choose the small store whenever possible not because I have had difficulties with the big ones- but because the small store does small things that show they appreciate my business. Case in point: When we put a large addition on our house, we bought lots of material. Some came from the box stores, some from a local lumberyard. At Christmas that year, a wreath arrived from the local business with a note thanking us for choosing them for our project. This same store supports sports teams, buys ads in the theatre production programs, and donates to scholarships. Are they more expensive? Not significantly- and when you consider what they offer to the community, they are a heck of a bargain.

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