S-CUBE Fixtures

 S-CUBE Publication
June 2016: Issue Seven
 
What's in Store...
 a division of specialty store services

Planning to Fail?

What do the United States Constitution and your business plan have in common? Both are, or should be, a living breathing document. Wait. What? Len Lewis, in his April 26 article “Failing to Plan or Planning to Fail?”, digs deep and excavates some changing beliefs about the traditional business plan.

Planning to Fail?

Time was, a long range business plan was the only way to go. It was a steady roadmap to measurable goals that ensured success. But that was back in the day, you know, ten to fifteen years ago when the only constant platform for retail was the brick and mortar store itself. Times have changed and the “glacial pace” of retail has melted into a high speed, multi-platformed, attention-grabbing race.

Today’s consumers have instant access to information…and distraction. Generation Z, the evolving shopper aged 12-18 years, has everyone guessing about how to best reach them. These are the clients who grew up with a screen in their hands. They have been described as being in a “’constant state of partial attention… shopping in mobile time’ and toggling across multiple screens”. What is clear is that any business plan written a decade ago could never predict the wants of this easily distracted consumer.

The benchmark now for retail success is agility and resilience. Lewis sums it up best when he observes, “Basically, retailing and marketing needs to be in a perpetual beta state where nothing is set in stone, changes are made rapidly and frequently and goal setting is a short-term, moving target”. One way to achieve this is to use multiple ad platforms that can be tailored to consumer group, retail store, season and even device.

According to a study by the Advertising Research Bureau, “companies’ return on investment for ad dollars could be boosted as much as 35 percent by using multiple ad platforms to maximize reach and relevance”.

Lewis observes that leasing floor space to a third-party has worked well for retailers such as Macy’s and Bloomingdale’s. Ten years ago no one could have predicted that. These companies had the foresight and guts revive their business plans by breathing new life into them helping to strengthen their success.

All quotes courtesy of http://www.therobinreport.com/failing-to-plan-or-planning-to-fail/


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Table of Contents



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The Experience Economy

The Experience Economy

The experience economy is based on the logical premise that when consumers are having an experience that is both pleasant and compelling, they will plan their visits ahead of time, stay longer and ultimately spend more money. Integrating child-friendly elements such as “mini-shopping carts, arcade games and play spaces” is, in reality, helping to form a connection to the parents. Geoff Hineman, author, sums it up succinctly: “Think collaboration: When you’re willing to create kid-accessible space, you are forging an alliance with parents who will appreciate the convenience”.

The Experience Economy

As with much of 21st century life, technology has changed the construct from simply “shopping” to a shopping experience that is a more interactive and social. Creating a child-friendly experience seems like a no-brainer for the larger stores that have more resources to develop one.

But what about the small business? Perhaps it’s best to think about it as a pediatrician’s office without the shots and the barky coughs. “…designing a kid-focused space is entirely scalable. Examples include tiny-tot tables furnished with crayons and coloring books, to floor space outfitted with a cheerful rug, Legos and puzzles”. The bottom line on wooing parents with children is, indeed, the bottom line. Offering a space that ensures some entertainment for the kids while their parents shop will not only improve the customer experience and encourage loyalty but will add to the profitability of your company.

All quotes courtesy of http://blog.specialtystoreservices.com/2016/03/22/kidfriendly- retail-is-profitable-business/


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Millenials

Millenials

They’re brilliant! They’re selfish! They think outside the box! They need to move out of the box! “They” are…drumroll please…MILLENNIALS!! These are the trend-setting darlings of American Culture. They have stolen the Baby Boomers thunder as the most influential generation and have changed everyday America in countless, insidious ways. Interestingly, this generation may be the true Sandwich Generation as they leave “an indelible mark on its generational neighbors, most particularly Boomer and Z”.

Millenials

Think about it: the leftovers and scraps of social media have been left to the Boomers. Facebook is now referred to as social media for old people. Millenials have moved onto Snapchat, Instagram and Twitter. In the mind of those 18-33 year olds, Facebook is the MySpace of today. Boomers are slowly migrating to different media platforms and accepting them as an integral part of everyday life.

And of what of Generation Z, the Millennial’s successors-what have they gained? Millennials were the first generation in recent history to eschew the corporate life and embrace entrepreneurialism. You Tube is filled with high schoolers and college students making a mark and gathering subscribers as they give out make-up and fashion tips or play video games as others watch. Gen Z’s will be the generation to bid adieu to network and cable TV as they are the group whose predecessors introduced streaming, apps and virtual reality.

In terms of direct economic impact, this is the generation that demands corporate responsibility, they are not fond of mass-produced but support “niche and small batch” items and the same goes for “entertainment, food and travel”. They are more careful with their money than their forerunners and look for quality and value over price and volume. This gaggle of consumers absorbs experiences in a myriad of ways. “The Millennial generation is decidedly multi-sensory. At its simplest, they have re-imagined food and beverage. Audio solutions are on the uptick and synesthesia-driven art and entertainment enthrall.” Wrap all this influence in an expectation of tailored and unwavering customer service and a consumer juggernaut awaits at the literal and virtual door of retail while being accompanied by their parents and children.

All quotes courtesy of http://www.therobinreport.com/


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