Retail Strategy: Tips from Peter Drucker

One of the great things about the late Peter Drucker is that he can be summoned to solve just about any problem.
One of my clients is a web retailer. They’re having serious issues with “customer hesitancy.”
And of course the headlines are now full of bad news in retail.
So we had a long chat about customer hesitancy. What makes the customer hesitant? Is it really the news on TV? Is it the fact that they might be out of a job?
My first piece of advice to them was straight out of Drucker: Stop selling and start buying for the customer.
Are you buying for the customer? Really?
That line of reasoning led to these predictable questions: so exactly who is your customer? Are there segments you aren’t serving that you should? Are there segments you should stop wasting your time with?
We were able to go and look at their historic web-sales data (for the past two years down to the last two weeks) to find out who their customers really were. And surprise, there was no customer hesitancy there!
All they needed was to focus on the right segment. We changed the website to do just that.
Listen to good old (in this case a younger, “1.0 version”) Drucker:

Leave a Reply

Your email address will not be published. Required fields are marked *