Enabling clarity so that people serving brands can maximize their influence in the marketplace
Increased Participation in Black Friday Promotions: The survey showed a rise in shoppers’ intention to participate compared to last year, indicating heightened consumer anticipation for Black Friday deals. There is not a better time for shoppers on a tight budget to grab some fantastic deals.
Selective Ignorance Can Foster Resilience: Like Huang and Winfrey, embracing ignorance of negative probabilities can encourage a ‘can-do’ mentality. By asking constructive questions like, “How hard could this be?” leaders can shift focus from obstacles to opportunities.
Following the concept of “The Power of Ignorance,” this article explores how intentionally tricking our brain into selective ignorance can propel us towards achieving our goals and visions. This approach involves a blend of optimism, data-driven decision-making, open-mindedness, user-centric focus, and a selfless attitude.
Gone are the days when retailers could be content with one-off, transactional interactions with customers. The relationship between retailers and customers has evolved into a dynamic, two-way exchange, and it is crucial for retailers to take the lead in fostering this connection. While some customers may not actively seek this relationship, it is the retailer’s responsibility to initiate and nurture it.
We have discussed the importance of educating your customers and effectively showcasing your offerings. Now, it is time to delve into the third key area of success: incentivising.
When customers engage with your brand, they are inherently asking, “What’s in it for me?” This simple question drives much of their decision-making process. To maintain their attention and drive action, you need to provide compelling answers.
Encourage your customers to share their experiences and feedback. User-generated content, such as reviews, photos, and testimonials, adds authenticity to your offerings. Highlight these on your platforms to show potential customers how real people are benefiting from your products and services.
I was recently shopping at an apparel store, and the sales associate asked for my personal details without much explanation. It struck me how vital it is for businesses to educate customers on why their data matters.
My personal experience at the store made it clear that the burden of education often falls on businesses.
Investing in technology that adds value to your business is paramount. For retailers with products sporting small profit margins, measuring critical metrics such as basket sizes and foot traffic becomes essential. You cannot improve what you do not measure.
The success of an organization is often attributed to external factors such as market conditions, economic trends, and unforeseen challenges. While these elements undoubtedly play a role, it is essential to recognize that results depend more on what organizations do than on what the environment brings. To illustrate this point, let us delve into …
Achieving long-term success is no simple feat. While factors like innovation, cost efficiency, and product superiority may secure short-term gains, the secret to enduring prosperity lies in market orientation. Market orientation may not be an immediate prerequisite for success, but it is the compass that guides organizations towards sustainable growth and relevance eventually.