1 month ago
Can you notice how many stores is in the picture?
Is it 7? Or it looks like 10?
The fact is as a consumer you probably don't even care since they look pretty much the same.
Yep, the "same". Many businesses, especially SMEs, focus relentless effort in selling and operation where they go by reducing cost, be more efficient in X and thus killing competitors.
The problem with this model is only the BIGGEST will win. Unless you can maintain your healthy cashflow all the time, otherwise it's really a "moment in time" strategy.
Don't believe? Look at Billion Hypermarket (in 80s), then observe what is happening to Giant, Carrefour (exited Malaysia) and Tesco. You can even compare between Parkson and Aeon.
A big part of your strategy should focus on differentiation. Btw, you're not doing it because you want to be "different" from your competitors.
Differentiation comes from doing things that add value to your customers. One good example of being different is to CARE about your customers.
You CARE about them so much that:
✅ you give them suggestions
✅ you greet their names
✅ you ask them for feedback about you
When all these things add up, it becomes an impeccable advantage, becase you made a difference in their lives.
Maya Angelou said this "I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel." Don't be the same, be different.