Learn more about business with this collection
Essential product management skills
How to work effectively with cross-functional teams
How to identify and prioritize customer needs
Focus on a few operational areas
Operational excellence doesn’t require differentiation in all six areas. Most successful companies focus on only a few of the areas.
Operational areas:
- Product offering. Adidas set record-high sales by focusing on its portfolio, where other retailers often do the opposite.
- Strategic pricing. Everlane positioned itself as an ethical value player in the clothing industry.
- Digital engagement. L’Oréal encouraged people to experiment online with their products.
- Loyalty programs.
- Multiple channel experience. Online and a store.
- A well-functioning supply chain is crucial.
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A framework for success
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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259 reads
How to build strategy, then operations
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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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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Keep evolving
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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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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A framework for success
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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