Business growth. Two simple words that every business aims for, but how do you define it? What does growth actually comprise and how can you, as a retailer, meet your growth goals quicker and more easily in a market that is more competitive than ever?
Introducing the Multichannel Growth Model
InternetRetailing has teamed up with eCommerce experts, Greenlight Commerce, to identify six areas where concerted efforts will deliver positive results – we call this the Multichannel Growth Model.
The 36 page eBook aims to help you define the notion of growth for your business; understand the various strategies that will help you achieve that growth and put in place the right foundations and platform to deliver upon that promise of growth – both now and in the longer term.
The eBook is split into six chapters, with each chapter looking at a specific strategy. At the end of each chapter we have highlighted six key ‘Top Tip Takeaways’ which should help in your role.
Chapter One: Customer Growth
In this first chapter, we explore why customer growth isn’t just about building numbers but ensuring that follows through to engagement and conversion too, looking at how and why you, as retailers, should exploit your strengths to win new fans and make your customers do the hard work for you.
Chapter Two: Product and Services Growth
In the first chapter, we looked at finding, attracting and converting customers to drive growth. But this means nothing if there isn’t the product innovation there to both satisfy customers’ needs and stimulate their interest to want more. Managing product growth needs the same focus on your USP as customer growth and it may be that adding services could be the bigger win.
Chapter Three: Channel Growth
Having looked at how to grow your business by expanding first who to sell to and secondly what to sell to them and the additional services you can offer in this third chapter we examine how to build further growth, by expanding the ways in which you sell to your customers. We look at how to add additional channels and still drive incremental sales without taking your eye off the ball.
Chapter Four: Business Operating Model
In our first three chapters, we have examined how to expand customers, products and services and channels to deliver greater growth for your business. However, if the business operating model isn’t enabled or flexed to adapt to changes or growth initiatives within your business then all attempt to grow will fall flat. In this chapter we look at how best to structure your business, the sorts of KPIs you need to put in place and other tips for getting the business operating model right.
Chapter Five: Change and Innovation
Retailers can’t afford to stand still in today’s market. The retail industry is changing on a daily basis as the digital and physical world entwine ever more closely. In this chapter, we look at how a focus on change and innovation is vital – and how your business should have the ability to flex and adapt to deliver new industry firsts.
Chapter Six: Mobilisation
In our previous five chapters we have looked at all the things you need to focus on to enable growth – driving customer, product and service and channel growth; enabling it through a business operating model that works and flexes with the culture of change and innovation that modern retailing demands and finally, in this chapter, we look at how to inject the impetus into your people and business to make it all happen and ensure those growth dreams are fulfilled.