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How to stand out in a crowded marketplace

strategy-business.com

A good customer experience is essential

Competition for brand recognition is fierce. While digital-native newcomers with their tech-savvy, direct-to-consumer approaches enter with ease, the traditional retailers are struggling.

A big part of the problem is the inability to connect with customers. One PwC consumer...

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Companies fall into one of four groups:

  • Differentiators have a differentiated brand strategy and effective operations.
  • Visionaries only have a differentiated strategy.
  • Doers

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Becoming a differentiator

The path to differentiation depends on whether your company is a hopeful, doer, visionary, or a differentiator.

  • Hopefuls need a strong brand strategy.
  • Doers will benefit from a capabilities-driven strategy. First, identify you...

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Hopefuls and doers should put the customer at the centre of their approach in the four brand strategy components: identity, value, perception, and awareness. Then they should build operational capabilities on top of that strategy.

  • Focus on what you do best for your...

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Operational excellence doesn’t require differentiation in all six areas. Most successful companies focus on only a few of the areas.

Operational areas:

  1. Product offering. Adidas set record-high sales by focusing on its portfolio, where ot...

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Retailers continue to face a changing environment, such as market disruption, changing macroeconomic conditions, competition. 

Consider the following tactics to stay relevant:

  • Embrace disruption from new entrants. Continue to innovate and reinven...

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