Is Knowing How Not To, Just As Valid As Knowing How To? And Which Comes First.
We're a big fan of Jeff Randall. He is a bit grumpy at times but he's never shy about making a point clearly.
Big retailers are certainly finding it hard at the moment. M&S has been the weather bell for years of what's happening on the high street and how consumers are feeling. Recent results would certainly suggest that things are looking very gloomy for the economy. But Jeff has nailed it in his article; M&S aren't the barometer they were. There may be hope for us all.
The problem is not just the economy but the fact that M&S are getting it wrong (again perhaps) in terms of their strategy. Getting your strategy wrong in tough market conditions equals big problems.
The fundamental point Jeff makes is around the Ten Commandments of Business Failure (Donald R Keough Penguin Press) 9th Commandment "Send out mixed messages" [especially to your customers]. Good point Jeff. But if we may, this is a very supply push argument. Being clear about what you sell is not going to make you as successful as being clear about what your customers want to buy.
At Data Discoveries we have helped a number of retailers including Matalan (Matalan Defies Economic Slow Down) to be very clear about what it is their customers want. And then being very clear about sending out the message; that is what Matalan supply, to the relevant customers, shows the emotional intelligence that will draw customers to you. (See Our View: Making the Tills Ring Means Making an Emotional Connection)
Making sure your customer demand is met by your communication of supply is what Data Discoveries does. And they can both come first.
Big retailers are certainly finding it hard at the moment. M&S has been the weather bell for years of what's happening on the high street and how consumers are feeling. Recent results would certainly suggest that things are looking very gloomy for the economy. But Jeff has nailed it in his article; M&S aren't the barometer they were. There may be hope for us all.
The problem is not just the economy but the fact that M&S are getting it wrong (again perhaps) in terms of their strategy. Getting your strategy wrong in tough market conditions equals big problems.
The fundamental point Jeff makes is around the Ten Commandments of Business Failure (Donald R Keough Penguin Press) 9th Commandment "Send out mixed messages" [especially to your customers]. Good point Jeff. But if we may, this is a very supply push argument. Being clear about what you sell is not going to make you as successful as being clear about what your customers want to buy.
At Data Discoveries we have helped a number of retailers including Matalan (Matalan Defies Economic Slow Down) to be very clear about what it is their customers want. And then being very clear about sending out the message; that is what Matalan supply, to the relevant customers, shows the emotional intelligence that will draw customers to you. (See Our View: Making the Tills Ring Means Making an Emotional Connection)
Making sure your customer demand is met by your communication of supply is what Data Discoveries does. And they can both come first.
Marcus Brook
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