A huge amount of change is occuring in retail right now. In fact, we’re seeing too many companies struggling and even paying the ultimate price and going out of business. And the reason? Not transforming to evolve with the changing environment that we find ourselves in today. So, this episode is part 2 where you can learn the expert opinion, strategies, tips and tactics and advice from the host Oliver Banks and the special guests who have appeared on the Retail Transformation Show. Hear the best bits and the golden nuggets that featured in the previous episodes.
In this episode, discover:
- How to hack your brain to help you deliver better performance.
- Why you might be viewing the wrong world.
- What is the hardest bit about retail transformation.
- Plus even more!
Also in this episode, you’re going to want to explore the previous episodes of the Retail Transformation Show.
More golden nuggets
This episode is continuating to celebrate the first anniversary of the Retail Transformation Show podcast. In episode 54, you can hear some of the most fantastic golden nuggets. This episode continues to build a fantastic resource of golden nuggets to help guide retailers like you through the changing and challenging landscape.
However, retail transformation is hard. There are many pitfalls and obstacles in your path. So, I’ve created a Transformation Trifecta of the 3 key elements that combine to create a successful transformation. If you’re weak on any 3 of these elements, then your transformation could be about to fail. And if you are weak in all 3 elements then that failure could be spectacularly bad.
But good news. You can get my Transformation Trifecta now, for free. Just fill in the form below. Plus, you’ll get my weekly Retail Transformation Briefings which help you cut through the noise and understand the key trends in the world of retail transformation and change.
Now, onto those golden nuggets…
Oliver Banks: digital transformation is misleading you
In episode 44, I unpacked a mistake that many companies are making. Using the words digital transformation means that you risk restricting your brain. There will be many elements that you need to transform and digital is just one of those elements.
To understand what your transformation could look like, you should also listen to episode 53: The Retail Transformation Menu. This episode has been referred to as “the retail mini-MBA”.
Poppie Mickleburgh: the opportunity of strategic partnerships
Retail Week Events Director, Poppie Mickleburgh, explored how strategic partnerships could help you to be the best at what you can do. Essentially, this point is about dispelling the concept of every retailer becoming a tech company. Instead, let the tech companies be tech companies. And as a retailer, focus on being an excellent retailer – rather than a “jack of all trades”. The excerpt is from episode 47: Tech Driving Retail Transformation.
Rebecca Morrison: what should the future generations learn about
Also in episode 47, Retail Week’s Content Manager, Rebecca Morrison also explored one option for what future generations should learn in their education. In turn, this will define (and be defined) the role and relationships between humans and machines.
Michael Grange: technology is enabling ecommerce growth
Michael Grange is COO for Ecommerce at Xpediator plc. In this highlight, he recognises that ecommerce can be “easy” but essential. This has been simplified by the development of technology but customer expectations have increased too. So, go and take a listen to episode 14: The Future Of Retail In 2019 (part 3), featuring Michael Grange.
Tim Mason: digitally enabled and data driven
Tim Mason is the CEO of Eagle Eye Solutions and former Deputy CEO and CMO at Tesco. His book, Omnichannel Retail, a key concept is about being digitally enabled and data driven. Through launching the Tesco Clubcard initiative, Tim has learned the benefits of being customer focused and data driven. You can listen to the full episode by listening to episode 30: Winning At Omnichannel Retail (part 1) and episode 31: (part 2).
Oliver Banks: the reticular activating system
In this episode, I’m explaining how you can hack your own brain to help focus on the right data to optimise your performance. The Reticular Activating System (RAS) filters through the millions of bits of info that you see, hear and feel. This allows your subconscious brain to look for patterns and opportunities. By regularly focusing on certain KPIs or metrics (not all of them), you train your RAS to look out for evidence to support a focus on those same KPIs and metrics.
It’s fascinating science which can help you focus on what you need to for success. You just need to make sure that you’re really focusing on what will make you successful.
Listen to the whole of episode 8: Transform Your Data Into Real Results.
Andrew Busby: KPIs from 20-30 years ago are no longer relevant.
Andrew Busby is one of the top 20 retail influencers in the world. He is the Founder and CEO of Retail Reflections. One of the golden nuggets that Andrew gave us was the realisation that the KPIs from 20 or 30 years ago are not relevant today. These were driven from a financial perspective but in today’s market, there must be more customer focused metrics in place.
Ian Shepherd: are you viewing the wrong world?
Ian Shepherd is the author of Reinventing Retail which is a highly recommended read. Previously, Ian has held a number of very senior roles in large retailers so understands the challenges facing retailers. In the first excerpt, hear the danger of splitting out the difference of store profitability and ecommerce profitability. Instead, realise that you only have customer profitability and all of those customers are can use all of your channels at any moment in time.
The second clip from the conversation with Ian refers to the challenges of actually making transformation happen. It is difficult to make change happen. There are many barriers and by creating his book, Reinventing Retail, Ian realised that many of these are psychological.
Oliver Banks: luck is not a strategy
The final golden nugget says that if you recognise the need to transform then you must do just that. You must have the strategy, the plan, the approach, the conviction to make it happen. This one was from episode 40: 5 Big Challenges Facing Retailers.
Remember to sign up for the Transformation Trifecta to help overcome the biggest challenges that get in the way of delivering transformation. In addition, you will get my weekly Retail Transformation Briefings to help stay up to speed with the world of retail transformation which will help you stay in touch and stay nimble to the ever changing world around us.