This is the FIRST of FOUR articles in SIRS Shopper Insights & Retail Solutions.  These articles will take you through 10 Factors that some of the most successful merchants have focused on to adjust to today's new Shopping Value Equation caused by a seismic shift in consumer demands and expectations resulting from the current economic upheaval.   They also happen to be some of the most common areas where merchants who DON'T get credit for Value fall down.
 
I. STRATEGIC AREA: CONSUMER CENTRIC STAKEHOLDER BELIEFS... Alignment Around Clear & Important Value & Trust Drivers
 
The most successful merchants at creating an effective Value appeal have developed & communicated formal answers to the following questions among at least three of their key stakeholder groups. 

 

Answering the QUESTIONS after each Key Factor will allow you to identify if you are focusing resources on the right or wrong areas, perpetuating good or bad habits, miscommunicating to employees and/or becoming resistant to change.  It will also allow your entire team to speak with one clear voice to shoppers - reinforcing the strengths of the organization.
 
Key Factor #1: Consumer Beliefs & Trust In The Value Proposition & the Strategic & Tactical Elements that Drive It...Among All Potential Trade Area Shoppers.
 
KEY QUESTIONS: What is your Value Proposition? How is it perceived & believed by your CURRENT & POTENTIAL targeted customers?  Which value elements are critical or important to it?  Where are you strong or weak?  Where will improvement yield the largest trade area share gains?
 
Key Factor #2: Store Associates' View Of Your Value Position & How They Can Affect It.
 
KEY QUESTIONS: How is your value proposition and position perceived by Store Associates?  How do Associates believe their stores compare to competition in key consumer value drivers?  Do Associates know what to do to improve their store's position?  How do they communicate it to shoppers?
 
Key Factor #3: Management Goals & Beliefs About The Brand Value Position Relative To Consumers, Store Associates & Other Stakeholders.
 
KEY QUESTIONS: How well is your Value Proposition understood and supported by Management?  Are Management's understanding & beliefs in sync with Consumers, Associates & other stakeholders?  

 

How all three major groups...Consumers, Management, and Associates...view, understand and believe your Value Proposition is the foundation of your success.

 

COMPARE YOURSELF:

HOW EFFECTIVE IS YOUR VALUE APPEAL TO TODAY'S SHOPPERS?

 

The survey link below contains questions that can allow you to identify how well your stores are creating an effective "Value" appeal to today's shoppers compared to some of the most successful value driven merchants.  More importantly, your answers can help identify what areas you need to address to improve your Value Position at a time when doing so is critical.
 
Please take a few moments to answer these questions.  As a follow up, we will share with you how your responses compare to some of the most successful Value Merchants & how these comparisons identify where your efforts need to be focused.  We will treat your input with the utmost confidentiality - our reputation depends on it.