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The H-Factor: Driving retail success into the future
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Dr Dennis Price THE H FACTOR
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Presentation delivered at a conference by Dr Dennis Price. The focus (brief) was on identifying the single most important factor in retail success.
Transcript of The H-Factor: Driving retail success into the future
Dr Dennis Price
THE H FACTOR
50%WILL FAIL…
WILL YOU SURVIVE?
The OBVIOUS question is.
?HOW?
DO YOU HAVE WHAT IT TAKES?
RETAIL EVOLUTION1OBVIOUSLY
SOCIETAL S H I F T
2OBVIOUSLY
3
CHANGING CLIMATE
Who believes…
NOT SO OBVIOUSLY
CHANGING BUSINESS PARADIGM
4
LEAST OBVIOUSLY
Photo credit: gordonandthewhale.com
Para
digm
s 8 54 9 1 7 6 3 0
eight fivefour nineone seven six three zero
Production Orientation
Marketing Orientation
Mutualistic Orientation
by ju
mbl
ejet
on
flick
r
Mutualism is any relationship between individuals of different species where both individuals derive a benefit.
D*A*B*D*A
WHAT ARE WE TO DO?
NEW PHILOSOPHYA
“We don’t see things as they are. We see them as WE are.
Anais Nin
NEW BUSINESS MODELB
FLEXIBLE RETAILING
TRENDWATCHING.COM
CUSTOMER EXPERIENCEC
ANATOMY OF AN
EXPERIENCE
PROMISE…
PROPOSITION…
POTENTIAL…
CUSTOMER EXPERIENCE
Situation Moderators
Consumer Moderators
PASTCUSTOMER
EXPERIENCES
Retail BrandExpectations
ProductPrice
Presentation/ Atmosphere
Alternative channels
Type of Store & LocationEconomic Climate
CultureSeasons
Goals/ Task OrientationSocio-demographics
Attitudes
Adap
ted:
Ver
hoef
et a
l (20
09)
© 2
011
D P
rice
SOCIAL ENVIRONMENT…
SERVICE INTERFACE…
Reference Groups: TribesReviews
Staff/ SkillsSystems
Style
CUSTOMER EXPERIENCE IS COMPLICATED
CUSTOMER EXPERIENCE
Social
Affective
Cogn
itive
Physical
TouchSeeSmell HearTaste
NoveltyEpistemic
Social ProofFamiliarityReciprocity
ConsistencyLiking
AuthorityScarcity
IT IS EMOTIONAL
IT IS SOCIALIT IS M
ULTISEN
SORYIT
IS E
DU
CATI
ON
AL
ComplimentAttractive
Similar
EM
OT
ION
= L
IKIN
G
SOCIAL
IT IS TEMPORAL
SE
RV
ICE
EN
TE
RTA
INE
MO
TIO
NA
L
PRE-VISIT INTERACTION POST-VISIT
IT IS CUMULATIVE
ENDORPHIN
OXYTOCIN
IT IS BASED ON TRUST
1. Emotional2. Social3. Educational4. Multisensory
SUMMARY
1. Cumulative2. Demonstrate Trust3. Temporal
CONSTRUCTING THE EXPERIENCE
DELIVERING THE EXPERIENCE
THE USUAL
1. How can you make this Emotional
2. How can you make this Social
3. How can you demonstrate Trust
A FREE MAP
WIDELY DISTRIBUTED
IN FULL COLOUR REMIND THEM IT IS
AN EXPERIENCE
EXAMPLE 12 Sep 2011
EXAMPLE
THANK YOU…
The H-Factor
“Once we’ve thrown off our habitual paths, we think all is lost; but it’s only
here that the new and the good begins.”
- Leo Tolstoy
