3 Steps to Your Retail Strategy
Since our establishment in 1992 we’ve helped a great deal of UK and global retailers of all sizes to achieve retail success. One of the ways in which we do this is by establishing a retail strategy. At Retail Vision we employ a three step method to help you get your business to where you want it to be:
- Find out who your Customers are
- Discover what they want
- Establish what needs to be done to deliver to your customers
Essentially you’re asking yourself the question: “What do I need to do to give my customers what they want?” Discover the answer to this question, and you’ve got yourself a retail strategy; a plan of action to help you improve your existing business or exploit a new one.
Part of our retail strategy consulting service is to ask the following three key questions:
1. Where do you want to go?
First of all it helps if you can identify a business competitor who you would like to use as a role model. Break this down and ask yourself the following things:
- What are you aiming for?
- What are your objectives?
- Are there several strategic options?
- In what areas do you need to increase performance?
- How do you measure performance?
- What are the risks?
2. Where are you now?
It’s important to be brutally honest with yourself; take a step back from the day-to-day running of your business and look at what you really are, and why you need to change. Break this down and ask yourself the following things:
- What is happening in your market?
- What is happening in your company?
- What do your shareholders, colleagues, and staff require?
- Why do you need to take action?
3. How do you make it happen?
Once you’ve established where your business is currently, and where you want it to be, you’ll need an action plan to get you there. The team of highly skilled retail strategy consultants at Retail Vision can help you to formulate an action plan that will help you achieve the following things:
- Acquire and utilize resources and skills
- Develop the appropriate structure
- Implement new systems
- Measure performance
- Take corrective action
It shouldn’t be too difficult to assess where you are now and decide where you want to be, but the third question may prove quite tough. If you’re unsure about how to achieve your retail strategy then ask yourself several more questions: Do you have a clear business goal? Do you know the steps to be taken to achieve this goal?
How can Retail Vision help?
If you’d like some help in answering any of these questions and finding the right strategy for your retail business then get in touch with us. As experienced retail strategy consultants we have the knowledge and skills to guide you through the planning process.
Our fixed cost Retail Vision Diagnostic provides a review of your retail operation, and recommends all the necessary procedures, systems, techniques, structure, training, and information technology you need to achieve best practice operation, customer service, sales and profitability.