Small business retail - success or failure?
As a marketing consultant for small business based in Sydney, this week I will be writing an article for the publication "Australia's Best – Retail". I thought I'd provide a brief version of the 1600 word article for this weeks article.
Think of your nearest street full of retailers. Over the past 10 years, what has the rate of turnover been in your vicinity? There a number of factors that make retailers a success or a failure. I believe the biggest element of success or failure comes back to what the brand is portraying in the marketplace. In essence, what position does the retail brand own in the mind of potential consumers? Can you tell me what Boost Juice stands for? Would the 7 words include a description of a specialisation based on the type of clientele, product or service offering or location? Can you tell me what Starbucks stands for?
Like any industry, an industry can also grow as businesses start to create new categories and become more specialised in their offering. Looking back, if someone was first in the minds of their clientele, introduced something new to the marketplace, were consistent in their communication, were innovative or were extremely specialised, we would find the leaders of industry.