The formula for success in retail–in being intensely relevant and remarkable for customers and investors alike–is ultimately rooted in scarcity.
Scarcity for a highly desired good or service amplifies demand and enables a brand to command a premium price. Conversely, abundance undermines those abilities.
So, let’s be honest, in your market sector are any of these things truly scarce?
- Frequent % off promotional events
- TV ads that focus on the above
- A cash back rewards programs
- Free shipping offers
- Ability for consumers to gather product and price information
- A selection of major national brands
- Sunday newspaper circulars
- A professional looking website
- Convenient locations
- Friendly sales associates.
How about these?
- A story that demands to be told
- Deep customer insight
- Ability to command attention.
In a slow growth, ever noisier, consumer-in-charge world, it’s hard to see how doubling down on the already abundant is likely to get any brand very far. Yet that is where most our focus, energy and resources seem to be pointed.
Unfortunately what passes for strategy at a lot of companies is the notion of being better at being common. Good luck with that.