What’s your market position? How do you differentiate yourself from your competitors, increase customer value and influence consumer perception of your brand?
Retailers have many hard choices when it comes to determining promotion, price, place and product, and a revenue model is essential in that decision-making process. ‘Front office’ decisions include sales channels (online, offline), sales outlets (branches, franchises, shop-in-shops, wholesale trade) and locations (local, regional, national or international). ‘Back office’ and financial decisions include ways to generate traffic, increase conversion rates and purchase amounts, and improve margins and volumes.
All these choices are based on a good understanding of your opportunities from a customer perspective. Delivering the right product range, service level and market presentation within a distinctive format will lead to the right earning model.