Evolution is often misunderstood.
“Survival of the Fittest” doesn’t mean the strongest. It means adaptability and alignment to the changing environment. Think dinosaurs and lizards.
No doubt, some retailers, brands, and malls will go out of business during the horrid coronavirus crisis. Some, however, will thrive.
In the United States, Amazon, Kroger, and Target are experiencing a surge in sales.
True, these are big retailers who already have the e-commerce infrastructure and buy-online-pickup-at curve organization.
And yet, as a smaller business, regardless if you are on the client-side or the provider-side of people tracking technologies, you can survive, adapt, and evolve.
Here’s how –
#1 Start from Strength
I’m in week #4 of lockdown. 24 people tested positive for coronavirus in my neighborhood.
Here’s what happening in my life:
My neighbor found plastic and transparent sheets in her garage. She got ribbons and headset and enlisted her son to make “face shields.” They donated 250 shields.
A local sandwich shop created a “Cheese & Bread Basket” that sells for $50 and is excellent for a family of 4. Considering the average order is $15, that’s a good deal. You drive to the store, and a person (wearing a mask and gloves) brings the basket to your car.
My friend’s IT business is now full-time remote, with people in Namibia (Africa), Paris, and Fort Lauderdale. We’re members of a local business club, and we get briefings on from experts in banking, insurance, and tax accountants on the government’s programs for the crisis.
I’m zooming with my clients and coaching club :)
If there is one theme that keeps appearing in almost every conversation is the challenge to find the Return on Investment (ROI).
In fact,
53% of the participants in Behavior Analytics 101 claim they cannot or uncertain about ROI.
Talk to your customers. Find out why they love you. Do more.
#2 Build in 90 days
Regardless of where you are in the coronavirus curve, the next couple of months are going to be difficult. Therefore, I’d like to introduce you to the 90 Days challenge.
I often get the question about how to get clients to “rollout.”
The answer is simple:
The technology solution must be “mission-critical” to the client’s operations.
Below are ideas on what retailers, brands, and malls are looking for today:
- How do I increase profits from my storefront?
- What is the best proximity solution for a large scale deployment (3000+ stores)?
- What do I need to know about the in-store infrastructure as a luxury brand?
- How can I make better product decisions for my newly launched brand?
- How to translate an online study on emotions and sentiments to the physical store?
These are real questions from real people and actual companies.
If I had only one sticking point, it would be this -
Only 37% of you have access to real-time analytics.
In 2020, you should have access to real-time analytics, preferably as a mobile application, because that’s how people get information.
What are you going to do in the next 90 days?
#3 Ask what I do NOW that will make me, and my company, stronger in 1 year
You should always work today in context to your long term goal.
Your 90 days goal should solve a specific challenge and have an ROI.
The more profound question is -
Where do you want to be in 12 months?
Here are some aspiration goals:
- Create a store layout and display system that communicates the magic of our products and drive purchases.
- Learn how to do a better job with retail store operations and understanding what our customers want to buy.
- Understand the relationship between foot traffic and the key contributors inside a shopping mall environment.
- Become the experts in measuring the behaviors of visitors and the insights they provide for moving perishable goods inside a supermarket.
- As a retailer, I’m continually looking to provide seamless customer experience without confusing any point on the purchase funnel.
There is a persuasive lesson from the coronavirus:
In 2021, it’s going to be a lot harder to make decisions based on “the opinion of the highest-paid person in the room.”
