A Good Understanding Of Your Brand
One of the key characteristics of a retail business is a strong understanding/knowledge of the company’s brand. Companies with successful retail concepts tend to have a strong vision that connects them to a core group of customers.
Your customers need to know who you are. The way you portray yourself online and in your brick-and-mortar store reveals everything about who you are, what you sell, the messages you want your customers to hear about you and your brand, and who your target customers are. The offering, target group identity, and value proposition are clear.
A good understanding of your brand comes down to several key factors. Are the items you offer high-end and made abroad? Or are they relatively cheap but sustainable and made in America? Are you targeting the six-figure corporate executive or the frugal student? Do you represent manufacturing and consumer sustainability?
The more you know who you are as a brand and who you serve, the clearer your message will be. Brands like L.L. Bean, REI, Walmart, The Body Shop, Muji, Tokyo Hands, IKEA, Zara, H&M, Enterprise Rent-A-Car, Best Buy Geek Squad, Whole Foods Market, Subway, Apple, Zappo’s, and dozens of others have successfully maintained a distinctive offering that attracts an extremely loyal customer base. If you connect to a market segment, as long as it’s a reasonable size, you tend to have a sales base, a clear message, and a set of nodes that can communicate and define your concept. A clear vision helps make that connection.