Vision is
an essential element in many aspects of life but in business it is critical. In
fact, for traders, it is probably the most important single ingredient at this
time. In this article we attempt to identify an important vision element.
Queen
Victoria Market Traders are not alone in this search for direction. The global
retail market is struggling to cope with wayward consumer sentiment. Myer CEO,
Bernie Brooks recently observed - "The reality is that we've got a very
frugal, a very difficult customer and one that we have to work harder to
please."
Recent
survey results suggest that consumers are not going through a passing phase of
frugality. In fact they are becoming more likely to save rather than spend. So
it is retailers who need to adapt. Retailers need to break out of the old ways
and face the challenge of exciting their customers.
A full
vision statement requires a lot of input from all stakeholders at QVM and, as
much as we need it, that is not going to come from this article. But that
shouldn't stop us from choosing a simple vision like "Creating a market stall that excites my customers and identifies
me as a destination retail outlet superior to my competitors in mainstream
retailing."
For many
of us it is unlikely we can achieve that vision by presenting our Queen
Victoria Market stalls in the same way as we have done for the last 5 or 10
years. Most of us need to raise the bar and to assist in that we have designed
a self analysis questionnaire that identifies many of the things we need to
consider. How do you rate on these criteria?
Poor. Below. Average.
Above. Very Good
Average. Average
Overall
stall presentation -
Individuality
and point of difference -
Clear
message -
Signage -
Quality
of fittings -
Verbal
presentation -
Attentiveness
-
Product
innovation -
Customer
services (delivery, contact, etc.) -
Basically
we are in competition with every other retail outlet in Melbourne (and online)
and many if those are not going to survive. QVM Traders need to set a new
standard of excellence to ensure our survival. Are you up for it?