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?” »