The Tough Task of Staying Relevant
The task for retail brands of connecting with customers continues to become more and more complex. Increased competition, decreased differentiation of product and price, and more savvy and time poor consumers is providing a challenge many retail brands are finding too touch to counter. The solution although not simple is straight forward. We see the best retailers being those who have successfully created integrated campaigns that incorporate the seven principles of new retail branding.
These integrated campaigns are a combination of traditional retailing principles woven together with a new consumer connection mind-set. There’s no easy fix here, but a clear road-map of the elements required for success for retail brands of any size and every description:
01 Big Picture Brand Messages
Answering the important big picture brand questions; ‘what does the brand stand for in the longer term and why is that important to the customer?’. Having a clear and well defined brand strategy is the best form of direction for all of your retail decisions.
02 Perfect Product
If you keep selling what you’ve always sold, you’ll continue to get what you’ve always got – or more likely less. In the current times of quick stock turn and targeted product stories, the acid is on retailers to have better, more relevant product ranges than ever before. The right product for your market needs to include an innovation element – all retailers need to incorporate a fresh dimension to their offer that appears in store every few months.
03 Visual Merchandising Magic
How do the store windows, product and in-store messaging grab your customers’ attention and compel them to engage? How do they promote the product in a way that builds your brand story and communicates your differentiated proposition?
04 Campaign Communication
Incorporating the use of a range of through the line media, carefully targeted to the customer segment and communicating what’s happening in-store right now and why should they be buying it?
05 Exceptional Front Line Staff Training
It’s not enough for staff to just ring-up the sales any more – retail staff need to be experts in delivering the brand proposition, they must provide customers a compelling reason to be engaged.
06 Sharing the Love
Retail brands have to be facilitating the sharing of these experiences by their customers through their social media – leveraging the value of peer promotion by ‘word of mouse’. And then of course there’s…
07 The Right Price Points
Consumers are as price conscious as ever, and although this doesn’t necessarily mean every consumer should be a discounter, understanding the relationship between brand, product and value remains critical. Product bundling and spread of price points are critical elements to your pricing strategies.