Currently, there is hardly a week goes by without news of another high street name going to the wall.
However many high street failures can be put down to more than the economic slowdown:
For example:
Max Spielmann – Did not move with the technology
Woolworths – No real identity
Interestingly the one failure that has been rescued is Whittards – a company with a strong brand and a focused approach to the market.
What can we learn from this?
You are best positioned to survive & thrive in harsh economic times if you have a clear, well researched business strategy and are able to communicate this position effectively to your marketplace!
So what should you do in light of this?
Ask your self 3 questions?
1. Do I know why my customers buy from me
2. Do I know what makes my offering stand out from my competitors
3. At a party, If someone asked you “what do you do?” would your answer keep their interest?
If your answer to any of these was no, then maybe you should take some time out to think about your offering and how to differentiate this in the market. In doing this, you may find the SOSTAC planning guide a useful tool.
If you can answer yes to all these then the next thing to think about is how to communicate this to your marketplace.
Now ask yourself 3 more questions
1. Do I know who my customers are, and do I have the relevant information to communicate with them?
2. Can I define my wider marketplace?
3. Do I have an effective and measurable mechanism to communicate with these individuals?
If you can’t answer yes all of these, then you need to take some time out to consider your marketing communications process. In doing this you may find the CLEVQO model a useful tool for understanding the process & identifying where you should apply your resources to best effect.
Although the document focuses on the B2B business development process, it is equally relevant to the on-line retail (B2C) process.