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Calm The Chaos Part 2: A Better Strategy, Not a Bigger Budget

3 min read
Jun 17, 2022 7:45:00 AM

All retailers are not created equally.

The country’s largest retailers have no problem finding products and vendors. Walmart, for example, has a fleet of 18 private jets that buyers can use to travel all over the world to source products and meet with vendors and suppliers. The majority of other retailers don’t have this luxury. Most retailers spend much of their time trying to build crucial relationships with vendors to gain access to high demand products.  

You can still compete, even if you aren’t one of the largest retailers around. After all, this is the era of micro-retail. Many young upstart and seasoned brands are winning without behemoth operating budgets. As Winston Churchill once said, “It is not the size of the dog in the fight, but rather the size of the fight in the dog.” 

By achieving a data-informed understanding of your customer, you will be able to respond to their needs faster than the megaliths. 

Create an actionable overview

Let’s take a page from Churchill’s book. Just because you can’t outspend the biggest players doesn’t mean you can’t out-strategize them.

Here’s how:

Knowledge is power. But your process to attain that knowledge should not involve printouts, rulers, or digging through stacks of paper. A winning strategy combines planning and development BEFORE the SKU in order to most effectively arrive at your purchasing decisions. Effective planning requires historical data that exists in one place for a single point of reference for everyone involved. Effective product lifecycle management requires seamless collaboration and communication by all team members, internal or external, within a single PLM system. Once both of these systems are in place, you can get ready to start running a more efficient, profitable retail operation. 

A quick side note: We mentioned everything that happens before the SKU. Don’t forget to incorporate the way you treat your brands into your strategy as well. Take care of the brands that you sell. Put concerted effort into displaying products, instead of throwing them on a shelf with no thought or strategy. Brand storytelling and product use cases definite your brand to potential customers, inspiring them to convert by laying a firm foundation of trust through transparency.

When making it rain doesn’t work

Most retail budgets don’t allow you to simply throw money at a problem to make it go away. Instead, you need high quality data at your fingertips to conduct a proper analysis of past sales for future decision making. You need to be able to find answers quickly to stay ahead of the game. This means that you can’t afford to have data spread everywhere and locked in PDFs and emails. The old way of doing things is simply too puttering for retailers to utilize it on a tight timeline. 

 A retailer’s reputation is built by the efficacy of your products. In this day and age, how your products are presented online are your customers’ first and last impression of your brand. Your reputation depends on your online and in-store experience. And modern consumers gauge that experience by your level of product transparency. 

To provide product transparency, you need a product lifecycle management tool that allows for quick collaboration and fast access to data with all team members within the system. You want a tool that shows actual products on screens with custom, adjustable formatting, so the product display process is efficient and effective. With the right PLM, you’ll actually know what you’re looking at and analyzing at first glance. For a faster, more enjoyable, more profitable retail business.

It’s time we got better acquainted. Book a custom demo with one of our Product Lifecycle Management experts today!

Product lifecycle management is a quickly evolving industry with a lot of moving parts. We do all of the research, so you don’t have to. Stay ahead of news & trends by subscribing to our Product Lifecycle Management Blog.

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