How can “David-sized” retailers effectively compete with Amazon’s growing “Goliath” strength?
For 2018, retailers need to fully understand Holiday 2017 results. Knowing how you finished 2017 paves the way for learning from those recent experiences and should lead the way for solid planning to improve 2018 results.
I’m often asked (in fact, I was asked just yesterday) how to successfully grow with such difficult competition as Amazon.
Here are my 2018 Retailer Resolutions:
- Know your customers – understanding why they have given you their money is critical! Who are your best customers? Why do they buy from you? What do they really like about your company?
- Engage your consumer – content is king – do some market research and understand their interests so you can be part of their conversations and offer content that they welcome seeing from you.
- Loyalty – what can you do for your best customers to keep them buying from you? Work harder to gain and keep your customers’ loyalty to your company. What can you do to improve your relationship? What can you do to meet their needs even better in 2018?
- Fulfillment Flexibility – what can your business do to improve order fulfillment options? What can you do to make the delivery of your product or service even easier in 2018?
- Assortment Offerings – what’s missing in your assortment of offerings that would really add value? What needs to go? What would make your company even more important to your customer’s purchasing decisions?
- Platform Improvement – e.g. mobile capabilities, do you have them? What can you improve to make it even easier to click and buy from your company?
- Innovate to better serve your customer’s needs – remove “pain points” and make your company easier to give your money to (Amazon’s voice technology is a key example). What can you do to better serve your customers’ needs? Why not ask them?
So for 2018, resolve to know your customer better and improve a few important customer-facing elements of your business model to help your company throw a few major “rocks” at Amazon’s Goliath.
Feel free to reach out to me at email@example.com for a complimentary consultation of how to know and engage your customer better in 2018.