How to stand out in a crowded marketplace
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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 survey showed 73 per cent of respondents valued customer experience. The same survey showed that consumers are willing to pay up to 16 percent price premium for a superior experience.
Companies fall into one of four groups:
Assess your company's effectiveness and rank yourself using a scale of 1 to 4.
You should rank at a 3 or 4 in each of the brand components and at least 2 of the operational components.
The path to differentiation depends on whether your company is a hopeful, doer, visionary, or a differentiator.
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.
Operational excellence doesn’t require differentiation in all six areas. Most successful companies focus on only a few of the areas.
Retailers continue to face a changing environment, such as market disruption, changing macroeconomic conditions, competition.
Consider the following tactics to stay relevant:
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