Why the highstreet needs to keep two steps ahead...
2009 so far has witnessed the death of so many legendary names on the high street; Woolworths, Zavvi (formerly Virgin Music) Adams and Dolcis!
All these goodbyes have brought me to thinking about why some retailers grow in uncertain times and others fall over, and in marketing terms I think it is clear.
Many years ago I began my career in retail, Harrods in London to be precise, working with some of the UK’s leading cosmetics houses. It was during that time the cosmetics industry was encountering difficulties; consumers were becoming more educated and sophisticated due to the growth of magazines promoting miracle beauty and the industry had to wise up accordingly. Some brands like Lancôme & Elizabeth Arden were traditional brands with products which had been used for generation. Lancôme realised during my time with them that their audience was literally a dying breed and so the brand underwent a total refocus on who their customers were. Their target was no longer the granny who purchased one product a year and made it last. Instead they introduced a new strategy and product range with sexy packaging and marketing to appeal to the new breed of 'results-hungry' customers - at the same time they embraced relationship marketing tactics to keep in contact with their new audience.
My point in all of this is that retailers, who fail to acknowledge that their market is changing or growing older, simply fail in the end. Dolcis is the prime example of this - as a teenager I loved the brand, in fact I have had blisters from many a pair of shoes and boots from them over the years. As I have grown, the brand seemed to lose relevance and not once did they attempt to communicate with me in a meaningful way. The result? I haven’t considered entering their store since my mid twenties and thus they are no more.
Every brand needs to take a long hard look in the mirror sometimes, whilst stopping to research their customers - what we want from them and benchmarking the offer they put out there against what the consumer wants - is vital to the future of any brand. Reacting to market changes will give every brand the opportunity to see what is coming over the hill and to be flexible enough to drive the brand forward while avoiding any potential icebergs the market i.e. us, throws at them.
Failing to understand your market place and what your competitors are doing can only lead to one place -the great shoe store in the sky - don’t go there!
20/01
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