With increased pressure in the retail industry, it’s essential to ensure that your retail business and operation is transforming and evolving to stay relevant and fit. In this podcast episode of the Retail Transformation Show, Oliver Banks lays out a series of “10 P”s (these are in addition to the classic 4Ps of Marketing) to help you transform retail and ensure that you’re considering all elements.
Listen to this episode to discover:
- Why are the 10Ps important.
- What are the first five Ps.
- Which “P” can make or break your business.
- Which “P” makes me geek out.
Example purposes as mentioned
In the episode, there were several retailer purposes and missions mentioned. They are:
TOMS (a greater good style purpose)
TOMS shoes has been mentioned in the podcast before for their purpose and mission.
“Match every pair of shoes purchased with a pair of new shoes given to a child in need. One for One.”
Patagonia (a greater good style purpose)
Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.”
Patagonia has a much broader to purpose. In fact – it’s mission is:
“Patagonia is in business to save our home planet.”
This is an interesting Forbes article exploring their mission in more detail.
Tesco (a customer centric purpose)
Our core purpose: Serving shoppers a little better every day
Our business was built with a simple mission – to be the champion for customers, helping them to enjoy a better quality of life and an easier way of living. This hasn’t changed. Customers want great products at great value which they can buy easily and it’s our job to deliver this in the right way for them.
Amazon (a customer centric purpose)
“We aim to be Earth’s most customer centric company.”
“Our mission is to continually raise the bar of the customer experience by using the internet and technology to help consumers find, discover and buy anything, and empower businesses and content creators to maximise their success.”
You may also enjoy listening to episode 25: Become A Relevant Retailer and episode 26: Defining Your Retail Operating Model. Both of these explore purpose in more detail. Plus include the steps to turn your purpose into an aligned operating model.