Walmart Canada is dropping Visa, citing unacceptably high fees. Walmart’s dispute with Visa is on brand for Walmart. It’s a bold move, and I have to say, I like it.
Why should your customers come back? Customer retention starts with your brand. Focus on these 7 points to engage your customers and bring them back again and again.
It all starts with a choice. Are you supplier, or a brand? In 2008 Neatfreak made that choice, and transitioned from being a private label manufacturer to building a brand. Today they are the category leader for home organization and storage.
Talent is a foundational building block of a sticky brand. Capital Iron has grown a sticky brand with a very purposeful HR strategy. Close to 90% of their staff are full time employees compared to the retail industry standard of 15 to 20%. Their staffing strategy is designed to support a highly unique retail experience.
A brand’s heritage is a competitive advantage. There’s something remarkable in saying your company has been around for 20, 30 or 50 years. And it’s even more remarkable if you can say your company is 92 years old.Vets Sheet Metal has a unique brand asset: its heritage. They are a 92 year old, fourth generation family business. Their heritage is a competitive advantage, and their stories, relationships and history are brand assets.
Branding on price is very hard, if not impossible to defend. The issue is there can only be one cheapest provider at any time. Everyone else is more expensive. Think twice before positioning on price.
One stop shopping is not a value proposition, it’s a compromise. Great brands are not all things to all people. Trying to serve everyone is a formula for losing your competitive advantage.
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