How to Focus All Your Assets on Your Most Profitable Customers
The Retail Strata:G® Business Wheel: Cause-Effect, Cause-Effect, Cause-Effect
“How are sales?” is essentially the universal greeting between retailers. As retailers focus their attention on increasing sales, they ask, “How can I most effectively push for 'top line growth'?"
To answer that, we must first answer the question, “What drives retail sales?” Is it the economy? Location? Advertising? Low prices? No, not really. When it comes down to it, retail sales are driven by customers!
In our view, the key to survival in retail is not profitable lines of merchandise, nor even profitable stores. Instead, those retailers who will survive and thrive will be those who have the most profitable customers!
By using the Strata:G® Business Wheel to analyze and plan your business, you can refocus your store—not on merchandise or price, but on customers!
The Strata:G® Business Wheel merges strategic marketing with strategic financial planning. By focusing on the customer who is most profitable for your business, you can more effectively make decisions about what financial changes can and should be made to maximize results and minimize risk.