What forms our perception of luxury and value? If you develop a new product, how do you decide where to position it and how do you create a desire in the appropriate market?
Obviously quality, craftsmanship and technical specification all play parts as does the various costs to produce, but how do you ensure if you charge a premium that the consumer will accept your prices?
What if there was a viable less expensive alternative that was nearly as good – how do you uphold your market position? Too often not enough emphasis is placed on customer needs or recognition of the needs they didn’t know they had. Embrace the power of social media and the digital market and use it to your advantage to reach the right forum.
The same applies to retail concepts, how do you ensure your concept is actually what the consumer wants? It’s great to have new ideas and new propositions but most importantly it’s about understanding the needs, wants and desires of your target customer. Take time to listen, research and establish principles you can deliver.
Too often, within a very short time, new concepts get diluted by the addition of less relevant product as the retailer reacts and again tries to be all things to all people. It takes time and energy to really believe in something.
Do it with authority and it will pay off.
Having successfully launched new products and retail concepts I can help you and your teams focus and use the energy to best resource. Let me share my passion for doing things differently and efficiently.