Today is the critical time for strategy, vision, and asking tough questions

In my last post, I talked discussed how the face of retail is changing. Extending on the same Forbes article, which powerfully states:
 
 “The retail territory of the next 10 years is truly up for grabs. New retail concepts, and even manufacturers that want their own stores, have big opportunities to become the big retail success stories of the next decade. Those that dazzle their customers with distinctive offerings and environments for purchasing them will thrive alongside the Wal-Marts and Amazons of the retail world.”
 
At times like this we tend to focus on tactics – are we doing enough to cut costs, what layoffs are coming up, what is the best discount to run, etc. – and too often strategy gets left behind. This is a critical time for strategy, vision, and asking the tough questions.
 
You’ve probably heard about marketing myopia, and the story about the fate of the railroad industry but a refresher is always useful. The question is, why did the railroads not become the airlines? The problem is that they saw themselves as being in the railroad business, not the transportation business. They had a vision problem, and a fatal one. What is your vision? What business are you in? Selling groceries? If you change that to ‘home convenience’, how does that change your business model? Do you ‘sell clothes’ or do you help your customers with their confidence and presentation?
 
We are looking at some rapid changes in the months and years ahead. The company that sees these changes the best will prosper. What are you doing to prepare? Do you know your customers well enough to make sure you thoroughly understand the value you bring them? Do you know their needs intimately?