In today’s fast paced and highly competitive retail economy too often we see businesses fail purely by lack of direction.
Ever heard of the saying, shoot for the Moon and land somewhere in the Stars? Well this example is true, if you don’t narrow in on a certain speciality your business can get lost as one of the many. A Strategy is fundamental to the success of any sized business as it will help them to stay on track to reach their desired goal.
Now before you start to panic that you don’t have a strategy in place, let me help you with this. A strategy can be something as simple as deciding on a promotion to run for an upcoming National Holiday (Think Australia Day) or something more complex such as a 3 month marketing campaign with the aim of increasing sales by 45%.
Defining on a Strategy will provide your business with the direction and guidance it requires to successfully complete the next 6-12 months ahead.
Let’s take a look at a real life example, the battle between two retail giants. Myer VS David Jones. Both department stores serve their own unique market as they both stock unique labels but often at times see a cross over between customers. Provided with this, what would be the best way for each store to carve out their point of difference? To create a clear and well define Strategy.
Thus, only this weekend passed we see David Jones unveiling their latest strategy for 2016/17 as creatively rebranding to a more iconic and luxurious approach in an attempt to emulate the upmarket US Fashion Boutique, Bergdorf Goodman’s. Then, to see Myer re-shift their focus to drive their online store sales, stock young and fresh brands such as TopShop to attract to cool kids and to enhance the customer’s online shopping experience.
Both strategies are brilliant, well-crafted and guaranteed to provide them with results. Now, what is involved in creating a strategy for any business size? Here at Aesthetic Communications one thing we believe in to factor in all potential threats, opportunities and weaknesses. Its important prior to creating a Marketing Strategy to take an in-depth look at your business and weigh up all of the things you have working for you. The things you have working for you may just be one of the strengths you want to highlight.