All in Retail
When Amazon launched Prime back in 2005, Jeff Bezos’ central premise was that it should be “such a good value that you’d be irresponsible not to be a member”. This was when it offered 2 day free shipping.
Now, of course, it offers a whole lot more and there are more than 200 million Prime members today. There are two takeaways from this.
There's a trend line that we all live through in any endeavor we’re a part of. That trend line can be positive or negative but it’s a constant - there’s no question that there is no such thing as a ‘permanent’ status quo, that things will inevitably progress in some direction to a redefined (temporary) equilibrium.
Most of the time that trend line is drawn out over some material period of time. If we are on the ascent, that ascent can continue for years, driven by a mix of factors both internally driven and externally influenced.
There’s a difference between “personal” and “personalized”.
In an age where Marketers are working to find ways to make their messages more customized, more tailored, more specific to who we are, there’s still a marked difference between the two. Just because that email is addressed to you, or there’s a special offer made on your birthday, doesn’t actually make it personal. It’s simply programmed to appear that way.
Strategy is an interesting topic.
You and I can be working in similar areas of management. We can have gone through the same set of experiences in our time at our organization. We can even have a similar view of what defines success in our chosen markets. Yet we can have markedly different perspectives as to what approach it will take to get there. And that’s perfectly normal - in fact, it’s almost always a good thing.
All too often, when we’re evaluating a new product or service idea, we get caught up in the notion of '“competitive dominance”. That there can only be one competitor who owns that space and, hence, competing in that market is a non-starter. Or, alternately, that there are so many players that that market has become commoditized. Either way, there’s no point playing in that space because the opportunity (for us) is gone.
We tend to romanticize the path to success. We maintain this perception that getting there was a straight-forward path. Particularly when we see others achieve it. This view that these folks took step 1, then step 2, and so on and so forth, until they achieved what they set out to do. That it was a clean path. That things just happened for them.
The truth is…
There's a cynicism we tend to have when it comes to advertising and branding.
So many brands adopt personas based on their desire to attract a certain type of consumer. These personas are fashioned on the basis of deep consumer research, canvassing their likes, dislikes, tastes, preferences and more. Some of these personas succeed, others don't.
Change is the one thing, in addition to death and taxes, that you can count on.
Whether in our personal or professional lives, after a while, you can count on the fact that the way things are cannot be the way things stay. Especially if the goal is to evolve in any sort of positive, developmental fashion.
"It's not for you."
If what I'm offering - a product, a service, a connection, an idea, a friendship - doesn't resonate with who I'm offering it to, the tendency is to try harder. To promote it more vigorously. To look for additional angles to 'make the sale'.
I was listening to a podcast the other day in which the main subject of the show - a storied entrepreneur - made a very interesting comment.
If you have to create an “innovation center”, then you’ve already failed.
"We are living in an increasingly digital world that craves analog sensation."*
Digital is ubiquitous. From our work to our hobbies to our entertainment to our commerce, the digital-to-analog ratio in our lives has ramped up exponentially over the last two decades. To the point where the promise of digital has now become very much a reality.
Listen more than you talk.
I heard this last week at a conference about retailers and consumer brands. The point was that, in a world of push-over-pull, persistent over-communication and rampant messaging, we need to spend more time with our mouths closed and our ears open.
When we enter into a negotiation (in particular, a B2B deal), our usual (and natural) goal is to push for the very best deal possible. We analyze our situation, detail our requirements, assess the competition and evaluate alternative options that meet (or come close to meeting) our needs.
So, I got this email the other day from a company that offers bespoke clothing for men. By all accounts, it's a brand that offers quality, tailor-made products at reasonable economics. They sent me this promo because - as you'll see in the headline - I'm a VIP.
In 1994, Hong Kong businessman and socialite, David Tang, opened a designer boutique on Pedder street in Hong Kong. Shanghai Tang, as I remember it, was startling in its style, its sophistication, its message. It represented a fusion between traditional Chinese style and Western chic.
Seen at Ping Pong restaurant in Covent Garden in London.
Welcome back to Part 2 of the Omerisms Podcast on Retail in India featuring my conversation with Raman Mangalorkar.
As I mentioned in Part 2 of the podcast, Raman and I get into the details of the state of the sector in India and speak to some of its interesting nuances.
Welcome back to Episode 2 of the Omerisms podcast, where I discuss, explore and debate interesting business, career and personal development topics with interesting business leaders across industries and across the world.
