Two recent business articles have caught my attention. One points us towards “the best of times” in retailing while the other details the quickly developing “worst of times” for many retailers.
The worst of times? “Retailing Chains Caught in a Wave of Bankruptcies” – a story in the NY Times.
“The consumer spending slump and tightening credit markets are unleashing a widening wave of bankruptcies in American retailing, prompting thousands of store closings that are expected to remake suburban malls and downtown shopping districts across the country.”
The best of times? “It’s All About Experience,” an article in Business Week Magazine.
“There is still one frontier that remains wide open: experience innovation. This is the only type of business innovation that is not imitable, nor can it be commoditized, because it is born from the specific needs and desires of your customers and is a unique expression of your company’s DNA. Yet the design of an experience is often overlooked in the rush to market.”
The key phrase – “… because it is born from the specific needs and desires of your customers and is a unique expression of your company’s DNA.”
How do you address your customers? Do you meet both their needs AND their desires? Are you sure? How do you know?
What do your customers experience when they visit your store? When they contact you by phone? When they visit your website?
What are you doing to create a memorable experience for your customers? What are you doing to differentiate yourself from your competitors?
There are three areas for a business to compete; three areas to differentiate your business – people, products and price. Trying to compete on products or price puts you into a vulnerable position. Look at a few stores that are caught in the wave of bankruptcies: Continue reading “What do your customers experience?” »
More reasons why names matter
“Thank you (fill in the blank) for your business.”
Don’t you hate form letters? I do. But I have a small problem and I hope that you can help me solve it.
First the good news. I am proud to say that my post yesterday – “Why names matter” – is now my all-time best in terms of the number of readers who clicked on it. Thank you one and all! And that is my problem.
I was able to personally respond to the readers who sent me an email commenting on the article. We started a dialog because the first barrier was crossed – we now know each other’s names and we can start to talk to one another. In a manner that is meaningful to each other.
But how do I start to have a dialog with each of you? In a manner that is meaningful to you? Are you interested?
I suppose that you could say that we already have started. You wouldn’t be reading this post if the content didn’t provide something of value – to you. But you know more about me than I know about you.
It all starts with a name. Knowing your name. Addressing you by your name. Getting to know what makes you unique. Getting to know what we have in common. Where we disagree.
In order to start a conversation with a stranger here are two points to consider:
a. people don’t really know everyone, even if they think they do.
b. if you don’t know someone’s name, you are hesitant to talk to them.
c. if you don’t talk to them, you never get to know them and you both lose.
d. if you are wearing a name tag, it’s an invitation to start a conversation.
I do believe that my blog is getting more attention because I am paying more attention – to what others are writing about and commenting about on various blogs. I have started to add my comments when I feel that I have something to contribute. I always leave my full name and email address. I never hide behind a pseudonym. I am curious – I enjoy exploring different points of view. I like to ask questions. I like dialog. How about you?
If you are reluctant to post your comment here on my blog, that is okay! I welcome your thoughts. I invite you to send me an email – danny@thecompanyrocks.com. My name is Danny Rocks. I am interested in whatever you are interested in.