No amount of happiness training can motivate employees to sell products that no one wants to buy. No amount of digital presence and marketing will sell products no one wants. No amount of social media presence can make up for continuous poor service. Business relevance and longevity are complicated, and too often, the “Floating Duck Syndrome” is a practice used by some to market ideas and make them look easy and misleading you to believe that everyone will have the same measure of success. All you have to do is follow these easy steps. No greater lie has been perpetuated on retailers than this. The idea that if you do this, then that will happen is simply bull.
Most of the best-in-class retailers struggled a great deal, even facing personal financial failure on the part of the founders. Even as we talk about incorporating AI today, it will not magically increase sales or make you an overnight success. A great deal of work goes into success.
As a retailer, you are either in the business of selling needs, wants, or aspirations, but it is very difficult to be all things to all customers.
Selling “needs” focuses on essential items, such as groceries or health products, that customers must have to meet their basic requirements.
Selling “wants” caters to desires that enhance the quality of life, such as luxury goods or trendy apparel. In this case, it is about instant gratification.
Finally, selling “aspirations” involves connecting with customers’ dreams and ambitions, whether through high-end brands, experiences, or transformative products. Many try to incorporate aspirational positioning into their brands, but often, they drift back into their comfort zones.
Understanding which category your business falls into is crucial. This shapes not only your marketing strategy but also the overall customer experience, leading to more meaningful engagements and sustainable sales.
Many retailers are led to believe that they can turn their retail business into something that it isn’t. With a laundry list of things you can or must do. Embrace technology, use mobile, become digital, focus on people, communicate with your customers, and try new things. Unless you lead one of the top one hundred retailers, much of this is a big stretch for most retailers in resources, talent, implementation, and execution.
The hard truth about retailing is that you have to choose the right products to sell, target the right customers you are buying for, and market to them so that they know you have what they are looking for. Most failed retailers have gotten stuck trying to compete with the same tactics repeatedly.
There is no single success story that we can replicate, and we hope to meet with the same success. But here is the unveiling of what matters.
There are three rules to remember: Purpose, Convenience, Operational Execution, and Continuous Improvements. You need a vision or purpose for being in business; this will define what products and services you sell. Delivering convenience is a golden rule. It could be a personalized service or a self-serve operation, but at the end of the day, it is about how convenient it is for your customers. That brings us to operational execution. We are now discussing consistency in your operations; you don’t need an expensive course to understand this one. Just look at some of the best fast-food operators and why they are successful. Because they are consistent with what they do, and lastly, they continuously improve, whether it’s just incremental improvements or market-changing innovation.
If you want to enter the retail world with your own brand, you need to be prepared for the long hours that it will take to plan and deliver excellence. Yes, you need to be flawless in every aspect of running a business because if you are not, what will happen is that, eventually, it will filter into your customer’s experience.
You will lose sleep and have less of a social life because the success of that business will not be a part-time job. It will be a big part of your life and your family’s life as well. Always trying to find the next opportunity to improve and grow your customer base will forever be on your mind. It will not be as easy as that duck looks seamlessly streaming over a pond.
For me, retailing is about art and aspirations, and I have to throw this in: AI. We are going to be facing a very important shift in the world ahead; retailing is going to take its lumps and bruises. Just make sure you have your disinfectant, bandages, Tylenol, and ice packs handy. The best retailers use them frequently and have the scars to prove it.
CEO | MBA | Author | Advisor | Speaker | Business Visionary
George Minakakis is a Thought Leader and Keynote Speaker. His experience leading, developing, and reviving global brands make him a sought-after Executive Advisor.
