Strategy Bits–Part 3: Market Feedback-Key to Identifying Growth Opportunities
Strategy Bits – Part 3
By Denise A. Harrison
We are posting a series of blog articles with tips for your strategic planning. This is the third one. These tips are taken from the article Strategy Tips first published in Compass Points in June 2004.
Market Feedback: Key to Identifying Growth Opportunities
Key to market segment analysis is market feedback. The retail industry is particularly prone to changing market trends and the whims of consumer. Business Week (4/04) reviewed Coach, a formerly stodgy manufacturer and retailer of handbags. In order to spruce up the image to add style and fun to the brand the CEO hired a new designer. The designer was an important piece of the revamp, however, each new style was piloted in specific retail stores to develop feedback. Changes were made based on the feedback before the product was launched. By first evaluating the success of new styles before a national launch and making course corrections where necessary, Coach has been able to double its sales in a slow growth market. Who would have known that shocking pink would be a fast selling item? This constant customer feedback (over 10,000 interviews/year) enabled Coach to gain significant market share and change its image in the market.
Strategy Tip: Be sure that you get impartial feedback from your customers. This feedback is key to spotting changing trends before your competition.
If you are interested in taking your strategic planning to the next level, please listen to our webinar: Why Isn’t My Strategic Plan Working or contact Denise Harrison; 910-763-5194, firstname.lastname@example.org .
Denise Harrison is a senior consultant for the Center for Simplified Strategic Planning, Inc. She can be reached at email@example.com.
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