Increase Retail Revenue by Getting Focused
6 Aug
Sometimes Less is More
When it comes to purchasing for any retail business, the very first thing that must be addressed is clearly defining who you are, what your company stands for and, most importantly, who you are not.
I recently did a speaking engagement in Columbus, Ohio at the Ohio Florists Association’s (OFA), Annual Short Course. The first topic they asked me to present on was purchasing strategies and secrets.
This reminded me that when it comes to purchasing for any retail business (or most any business for that matter), the very first thing that must be addressed is clearly defining who you are, what your company stands for and most importantly, who you are not.
The world’s most successful brands instantly evoke powerful associations in their customer’s minds of what they do best. Wal-Mart delivers the lowest prices, and you can count on Starbucks for its specialty coffees. Here are a few other examples:
| Company/Brand | Known For | Not Known For |
| Subway Sandwiches | Freshly baked breadFresh ingredients | Pizza / BurgersDeep fried anything |
| Ritz Carlton | LuxuryExceptional service | Economy travellingCatering to family travel |
| Bass Pro Shop | Hunting / Fishing | Cycling / Rock Climbing |
| Starbuck’s | Specialty coffeesThe Starbuck’s experience | Sit-down breakfast menuCheap coffee under $1 |
| Costco | Warehouse wholesale pricesSelf services / low price | Boutique / high end productsFull service specialty store |
Many small retailers mistakenly believe that being all things to all people casts a wider net on customers and revenue. But there is a difference between expanding into categories where you have neither expertise nor brand equity, and expanding within categories for which you are known. Case in point: McDonald’s no longer offers pizza. Here is an amusing list of the Top 25 Biggest Product Failures, learn from others, so you wont make the same mistake.
Companies that arm themselves with self-awareness make smart purchasing decisions, reinforce corporate culture and strengthen the loyalty customers have to their unique selling proposition. Once you know who you are, making decisions that move your business to where you want it to be becomes much easier for you and your team.
Know who you are and where you’re going. Be incredibly clear on this issue and all decisions become so much easier to make for you and your team.
Andy
Increase Retail Revenue by getting Focused – Sometimes Less is More
When it comes to purchasing for any retail business, the very first thing that must be addressed is clearly defining who you are, what your company stands for and, most importantly, who you are not.
I recently did a speaking engagement in Columbus, Ohio at the Ohio Florists Association’s (OFA), Annual Short Course. The first topic they asked me to present on was purchasing strategies and secrets.
This reminded me that when it comes to purchasing for any retail business (or most any business for that matter), the very first thing that must be addressed is clearly defining who you are, what your company stands for and most importantly, who you are not.
The world’s most successful brands instantly evoke powerful associations in their customer’s minds of what they do best. Wal-Mart delivers the lowest prices, and you can count on Starbucks for its specialty coffees. Here are a few other examples:
|
Company/Brand |
Known For |
Not Known For |
|
Subway Sandwiches |
Freshly baked bread Fresh ingredients |
Pizza / Burgers Deep fried anything |
|
Ritz Carlton |
Luxury Exceptional service |
Economy travelling Catering to family travel |
|
Bass Pro Shop |
Hunting / Fishing |
Cycling / Rock Climbing |
|
Starbuck’s |
Specialty coffees The Starbuck’s experience |
Sit-down breakfast menu Cheap coffee under $1 |
|
Costco |
Warehouse wholesale prices Self services / low price |
Boutique / high end products Full service specialty store |
Many small retailers mistakenly believe that being all things to all people casts a wider net on customers and revenue. But there is a difference between expanding into categories where you have neither expertise nor brand equity, and expanding within categories for which you are known. Case in point: McDonald’s no longer offers pizza.
Companies that arm themselves with self-awareness make smart purchasing decisions, reinforce corporate culture and strengthen the loyalty customers have to their unique selling proposition. Once you know who you are, making decisions that move your business to where you want it to be becomes much easier for you and your team.
Know who you are and where you’re going. Be incredibly clear on this issue and all decisions become so much easier to make for you and your team.
Links:
OFA: www.ofa.org
Subway: www.subway.com
Ritz Carlton: www.ritzcarlton.com
Bass Pro Shop: www.basspro.com
Starbucks: www.starbucks.com
Costco: www.costco.com
Andy Buyting has been in the retail industry since he was six years old. Today, he applies his entrepreneurial know-how to Green Village Home & Garden, one of Canada's most successful specialty garden stores. Green Village Home & Garden is currently expanding into multiple locations throughout eastern Canada.
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Building a good store reputation is important. When good reputation is already build then your company will be known through the word of mouth, online, and other media.