Multi-channel retailers can’t afford to stand still in today’s competitive marketplace. You need to ensure you can keep your business at the sharp end of this ever-changing industry.
Here’s the best ways to ensure you remain competitive:
1. Know where you’re going and how you’re getting there
If your business doesn’t have time to review its strategy, who knows where it will end up?
It doesn’t matter if your business strategy is just a few words or a few pages, what’s important is that you have one and that everything your business does is measured against it.
2. Understand your place in the world
The core of a great business strategy is knowing what you are right now – and what you want to become.
Misunderstanding your place in the commercial ecosystem can result in poor decision making based on wrong assumptions.
Take stock of where you stand compared to your competitors. Know your strengths and weaknesses. Have a clear grasp of your USP, of what makes you different.
3. Broadcast your message loud and clear
Your target market needs to know exactly what it is you offer them, and why they should buy from you.
It’s great that you’ve got a strong business strategy and that you know where you’re going. But the marketplace needs to know too because they need to see how that fits with their decisions.
4. Choose the right infrastructure for today and tomorrow
Select the people and processes needed to execute your strategy.
This includes selecting the appropriate multi-channel software and systems to support strategic decision-making and efficient day-to-day operations.
Don’t allow your business strategy to be undermined by an IT platform that lacks the capacity to support your ambitions.
Learn more about the state of retail in 2015 and beyond, with this guide: ‘Retail Insights Survey 2015 – Essential Understandings’
This post originally appeared on the Sanderson blog.
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