The Steps to Business Fitness - How to Improve Retail Business Performance
7: Brand Aid - What is Your Point of Difference?
Brand aid is about the uniqueness and point of difference in a business. • How are you different? • How are you unique? • How are you expressing this uniqueness to the market? • What are you great at? • How does it come to this reasoning? • Does the business have a good sense of the context and landscape? • Has it formed a position in the market for which it is known ? - this is distinct as trying to be all things to all people and not having a distinct point of difference. We...
6: Omni Channel - Building your retail community
Omni channel is about the eco system or the community that the retailer is building. This is through their in store experience, the way they use social media and their capability to drive their community through business information systems, data bases and the collection of data. The ability to convert this into loyalty programs then leaks to their point of difference. It’s about their preparedness, planning and deployment of an Omni channel community offer. For more information please...
5: Category Cardio - The Efficiency and Economics of Inventory
How does you stock supports the point of difference? This is in terms of visual and instore mechanising right through to category mix which can then be linked to performance. Category cardio underpins the point of difference and the best use of available funds as well as generating positive cash flow and margin. For more information please visit retaildoctor.com.au, send us an email firstname.lastname@example.org or follow us on LinkedIn, Twitter or Facebook.
4: Customer Connection - How do you Connect with your Customers?
Do you understand how your business is connected with your customers and how do you monitor this? This means looking at metrics – customer satisfaction, mystery shopping, research, insights and anything else that can tell you about the consumer experience. Asking the questions: • How customer-centric your business is? • Do the staff/ leaders talk about customer experiences? • Does it have a culture of connecting of customers? • Are there great stories in the company about connecting...
3: Visual Impact - The Theatre of Retail
Visual impact is about the theatre of retail. You need to own the space and make a visual impact. This is all about excitement, inspiration and education converting the retails space into something that builds on brand aid and links to strategy. You need to have all the principles of visual merchandising to support this. For more information please visit retaildoctor.com.au, send us an email email@example.com or follow us on LinkedIn, Twitter or Facebook.
2: Fiscal Physical - Interpreting Financials
Underneath every businesses sustainable cash flows lies the machinery which we know as Fiscal Physical. These are the core numbers in a retail business –profit and loss, cash flow and balance sheet. It is about understanding the trends – how money moves through the business, how it is made, how it is lost and understanding the relationship between the net worth of the investor, balance sheet and cash flow. Ultimately, it is about having a good working knowledge of the numbers and knowing...
1: Steps to Retail Business Fitness
Effective People Retail Doctor Group, In partnership with the National Retail Association, has developed this series of podcasts to guide retailers through the steps to improve their business fitness. This week we will discuss Effective people. Imagine that you are starting your first day in a retail business, you walk into the business and ask the boss what you are here to do. There is no sense of outcome in the business, no progress or procedures, no accountabilities, no compliances...