Assortment Strategy and “Customer Centricity”
We have heard successful CEOs describe their range of products or assortment strategy as their “company’s personality”! How close is your assortment to the positioning you want for your business?
The trick at the center of this issue is to be very good at identifying your consumers’ needs! This sounds relatively simple but actually it’s not! Consumers’ needs change with seasons, events, family development, age and a whole host of other circumstances. Keeping track of those changes and changing your assortment is a critical process in being relevant to the consumer. It’s often remarked upon as keeping pace with the times!
Kodak, Nokia, Woolworths and BHS (UK) are all in the graveyard of companies that didn’t “keep up”, specifically they did not focus on what their customers wanted and lost them to better and more relevant brands. The vital process is to ensure the company focuses on “customer centricity” putting the customer’s needs at the center of every decision. At Foley Retail Consulting we are good at providing an insight into the overlay of what consumers are focusing on in product needs, and what the retailer actually provides! If there is a perfect overlap then frankly we’re not needed, but if there is a “mismatch”, then identifying what’s going wrong is why we get employed!
We run the following programmes:
Foley Retail Consulting’s experts combine operational experience at C-level in both retail and FMCG businesses which brings us a very good feel for products and brands positioning in a retail environment. By covering all the above services, we can ensure your range optimisation is professionally implemented and leads to the desired business results.