Lessons from Toys R us - How to Remain in Business and not Lose Brand Equity
Curated from: forbes.com
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Digital/Online Is The Present And The Future
Every brand that is serious in securing equity in the market place must leverage every digital opportunity that exists.
But it is not just about having a website, it is about having a clear business strategy that leverages online opportunities to maximise sales. Clearly, Toys’rus could have done more with their online game.
The reason is simple - more consumers now opt for online shopping, but you need to attract them to your online store.
The moment you don’t take the digital space as seriously, you’re already taking major leaps backwards into extinction.
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Customer Experience Is A Game Changer
The summation of all the interactions between your customer and your brand is the overall customer experience.
Leave a gap and the customer is already making their way towards your competition.
It is no longer about a good product only, there is more focus on how a customer feels through the experience shopping with you.
Both in-store and online shopping experiences of the old toys’rus were not as seamless as new decade consumer experiences. This is a major issue that leads to customer attrition in any brand.
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Convenience Is A Core Customer Need
Shopping is clearly now an omnichannel experience with customers buying in store, online or switching across both experiences simultaneously.
Within these experiences is a huge customer need that must never be underestimated - Convenience.
Every winning brand know that it is not enough to have limited options. Customers want the flexibility of shipping choices, quicker delivery, various payment options and much more. At the core of this is convenience.
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Data Reveals More Than You Can Think
If data is not seen as gold by any brand, then they are already coasting towards extinction.
But data is not just about seeing what is truly happening. It is also about making every attempt to anticipate where the market, customers and the business industry is heading.
The key here is to stay ahead of the game by anticipating market changes that can impact your business so you can make data-driven decisions to keep your brand afloat and winning.
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Listen To Your Customers
The last point is all about being customer centric. If Toys’rus had put just a bit more focus on listening to what their customers were saying, and studying what their customers were doing and not doing, it may have revealed risks and opportunities within the brand.
When you ignore the importance of the customer’s voice, you may just end up building a brand without the customers you’re looking to win in the first place.
No customers, no business!
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IDEAS CURATED BY
Built a CRM Tool. Company Founder. Consultant for Customer Service & Customer Experience
CURATOR'S NOTE
It took me a long time to believe that Toys’rus had truly disappeared from the streets of retail. While I am glad the brand is making its way back, here are some key business lessons for any brand that wants to stay in the marketplace.
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