Developing a retail strategy

Analyse your place in the market

Be very aware of the financial size of the retail market in you intend to operate in. In the UK very detailed information can be found on the Office of National Statistics (ONS) website .

Once you’ve analysed your place in the market you can make informed decisions about your brand and operations. So what next? Look at:

• How to give your business brand authority
• Plan your buying carefully
• Stock turn
• Developing your ‘own’ brand
• Adding value to your brand

Brand Authority is a key part of your strategy

Your new brand must recognise that consumers now expect retailers, both online and in shops, to offer an experience. A good experience will convey:

• AUTHORITY: What you do and know well, your skills, your specialism, coming through in everything you do.
• PERSONALITY: How you express yourself, how you ‘look,’ how you ‘feel,’ how you ‘sound’ and the total experience your business creates in every sphere of operations.
• VALUES: What you stand for, your beliefs, your personal and online service.
• PEOPLE: Your colleagues, whom you need to ensure fully understand, and buy into, your brand, so that they can sell and talk about your business with both conviction and authority. This is the point of difference you strive for and which will set you apart from your competitors.