As the retail marketplace becomes more competitive, one
of the best advantages independent jewelers had was an ability to connect with customers
on the local level and form real community relationships. In contrast, “Big Box”
retailers often relied on standardization and centralization for success. Those
days are over.
Companies like Best Buy have moved from being
low-price leaders to focusing on the customer experience, said Jamey
Wojciechowski, Best Buy’s program director of CRM. He discussed the retailer’s local
strategy in the session, “Community-Centric
Retailing: Getting Closer to Where Your Customers Live,” held during the
National Retail Federation’s 98th Annual Convention & Expo,
January 11-14 in New York City.
Wojciechowski says some ways Best Buy is positioning itself in communities includes:
- Leveraging local media with local marketing
- Participating as a neighbor by supporting the
community and becoming a center of activity
- Enabling local intelligence by empowering those
closest to customers
Companies
like Best Buy are making headway with these strategies, but independent
jewelers have a good head start. In addition to ensuring you’re doing all of
the above, to stay competitive in your local market you should:
- Remind customers that your store’s community roots
make localization more than a business strategy, but a way of life.
- Take a hard look at how the community you operate in
has evolved. Have you kept up with the changes? If not, get moving.
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