4 Ways to Stay Ahead and Be Prepared to Navigate in New Directions
The retail landscape is constantly evolving, thanks to many factors including technology advancements, new (and different) competition, global market shifts, and the ever-changing expectations of shoppers. Marketers need to constantly be on the lookout for ways to lead the front edge ideas of tomorrow.
Earlier this month, Kim Feil, CEO of bizHive, spoke during the PowerReviews monthly webinar about the importance of going back to the marketing strategy drawing board in order to remain competitive in an ever-changing world. During the webinar, she shared these four ideas for staying ahead and being prepared to navigate in new directions.
- Encourage competition between cross-functional teams
Make sure your cross-functional partners see and embrace the changes ahead. Assign cross-functional teams to compete with each other, and give them the task of playing the role of a competitor or an industry you want to understand better. Bring everyone back together and let them argue about how those competitors or an industry change could potentially put you out of business, and how you’d shift your strategy to prevent that from happening.
- Dedicate team time to debate impacts of external trends and identify contingency plans
Think about the possible positive and negative impacts external trends will have on global industries and brainstorm ways your company can capitalize on possible business deals. In other words, ask yourself what these changes mean for your company and how you can pivot in order to come out on top. For example, if a particular technology is commercialized by a company, what can your company do to be stronger and better?
- Shop your category with Millennials
Millennials have a lot of money and influence. They don’t care about how things were 18 years ago — they just want to know what’s available to them today. They constantly want more, and your company needs to be prepared to give them that. Shop your products with a Millennial, and you’ll get some really eye opening insights.
- Identify potential support partners and resources to be part of your strategies
Ask yourself where can you create joint ventures and acquisitions (such as the case of Amazon and Whole Foods). Identify where you need to build, to buy and to ally.
Curious what else we discussed during the webinar? Check out the on-demand session today.