Can you answer yes to any of these questions?:
- Are you in the retail business?
- Are you waiting for the good-old-days to come back in terms of the economy and retail sales?
- Do you want the world to change back to the way it was before the recession?
If so, I have good news.
The good news is: You can stop waiting!
Those days are never coming back.
Sorry.
So you have no choice but to do the following:
- Double the amount of value you deliver through your service
- Halve the number of products (and services) you offer so it’s obvious you are a specialist in your chosen area
- Choose a single target market and declare that you are actively excluding everyone else
- Double your prices to signal to your customers (and competitors) that the improvements you just made with #1, #2, #3 position you as the best in your category
For each of the retail business on the following list, think about how you’d apply these actions to each one:
- A music store
- A sports foot wear store
- A jeweller
- A cafe
- A restaurant
2 things for you to do in the comments below:
- Either add your retail business below and we’ll analyse it for you
- Or analyse a business on the list add your notes below
Interested in your analysis of our business golf retailer
Excellent Campbell. A few ideas:
Golf Retailer:
*Double the service value:
Invite customers you meet during the week to join you for a round on Saturday (limit it to 6 people). Ask them why golf appeals to them and find a way to double their enjoyment
*Halve the number of products you offer:
People probably expect clubs, bags, balls, shoes and clothing, right? So either get rid of the lower half of each range (eg cut balls that cost less than $10 each). Or, get rid of balls entirely. Or get rid of clubs! Either way you’re saying “we are the best for what we stock”
*Choose a single target market:
Only left handers. Only right handers. Only people 6 foot or taller. Only people 5.6′ or shorter. Just choose and people will beg to be included if they’re not in that target
*Double your prices
Just do it, and pile on more and more service and value to justify it.