Lessons From The Retail World
By Marijayne Flaherty
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Semaphore, Inc.
www.sema4inc.com - mflaherty@sema4inc.com
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Think about successful retailers like Nordstrom, LL Bean and Nike – legendary names. These companies study retail delivery. They excel at it and it shows; they are extremely successful financially.
Companies that succeed in the competitive retail world can yield vital lessons for bankers who are becoming increasingly retail- focused. Everything you do in your retail spaces, from holiday decorations to plasma TVs, should be informed by the power retailers.
Lesson 1 - A strong brand differentiates commodity products. Think about Nike. Like banks, Nike is a provider of commodities. However, Nike has enveloped its products in a brand that evokes emotions, success, and a “Just Do It” attitude that has nothing to do with sneakers and T’s. The brand is what sells for Nike.
Lesson 2 – Give your customers what they need, good basic service, but create an environment that encourages them to stay and experience more. Starbucks is a great example. Starbucks gets its simple transaction customers in and out quickly. For those who want to linger, learn, experience and shop, Starbucks has created an environment that welcomes them to stay a while and browse (and spend some money).
Lesson 3 - Good retail practices are good business. Financially successful companies that provide a great retail experience, like Disney, L.L. Bean, and Nordstrom, study every element of the customer experience. They know customers form immediate impressions based on visual cues. Every point of contact needs to be neat and professional, on message and in concert with the brand.For bankers, this means the basics - drive-ups, front doors, teller stations, check desks, even the ATM.
Lesson 4 – Constant refreshment and maintenance are critical to the success of your retail program. When Walt Disney was asked when construction at Disney World would be complete, he famously said: “ it’ll never be done.” For a retail environment to attract and engage repeat visitors, it needs to be changed, updated and refreshed on a regular basis.
So what does this have to do with retail banking? The power retailers say we need to use our facilities to support and promote the brand, provide quick convenient transactions plus an environment that welcomes a visit, pay attention to each and every customer contact point, and keep the place fresh and visitors on their toes.
Everything you do in your offices, from hanging the holiday wreath to installing plasma TVs, makes an impression on customers and should be instructed by these lessons. So, when you take on a big project like digital merchandising, make sure you support the brand and make only positive impressions on customers. Don’t fall into the commodity trap; make sure your customers know why you are different. Get those people who value convenience in and out quickly and efficiently, but also provide an environment that may entice them to stay.
Keep all your content branded, informative, fresh and heed the lessons of the power retailers and you, too, can become one.
Flagstar "tech kiosk"
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Flagstar Bank is a launch client for the new "tech kiosk", designed by Brand Partners Group. The latest upgrade includes a built in printer, which banking customer can use to print out daily rate charts and account statements.
Other self service functionality includes: separate video training libraries for customers and staff (with immediate testing), online account applications, check reordering, online banking training, corporate video announcements and more.
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Plasma screens used for digital signage cost less than 50% of the cost of like sized LCD screens. One benefit of LCD: Repetitive graphics will not stain the screens with burned out pixels.
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The Kiosk and Display company has been contracted by Plains Capital Corporation to install electronic merchandising in their brand new branch in Lubbock, TX.
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