Retailer Survival Guide: Your Brand

Just in time for the National Retail Federation's big show in New York, this week's Chain Reaction newsletter (subscribe here) examines what makes stars in the retail world. The short answer: brand, specifically, those retailers that are more than just stores, but have built a brand that resonates with customers and keeps them coming back. Think Best Buy, Target, and Whole Foods and what they do differently than Circuit City, Linens 'n Things, or other struggling or defunct companies.

Read the full column here (preview account required) and let us know what you think.

Comments

[Steve Biciocchi]

Don't you think Retailers also wrestle with two other significant dimensions of the brand/intangible product equation:
- how to segment, quantify and monatize different value areas (for example, consumers gathering information prior to purchase vs actual value content)
- how "experience" adds to and/or augments both brand and intangible content value. (If not familiar, suggest a review of Pine & Gilmour's "Experience Economy)

[Kevin O'Marah]

Yes, and thank you for pointing these out. The whole idea of a content economy depends in large part on experience creation in the first place, which is by no means free. Think of the cost of a theme park visit or a sporting event. The same applies to a retailer deciding to spend money on the store in an effort to enhance the experience –sounds appealing but is just as fickle as getting a feature film right. On the first dimension you cite, yes again. This is where those retailers who master this whole idea can do a better job in a multi-channel retail world. How does a retailer’s web presence enhance shopping and at the same time inform the retailer about assortment and price preferences? Retailers are, I’m sure, wrestling with all of these things. I would hope they can distill the questions enough to frame strategic investment decisions against the real cost and real benefit of this admittedly fuzzy area of competition.

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The same applies to a retailer deciding to spend money on the store in an effort to enhance the experience –sounds appealing but is just as fickle as getting a feature film right. On the first dimension you cite, yes again.