Walmart launches a new home shopping site for furniture and home décor
Wal*Mart, Amazon and Target are busy providing retailers, brand managers and and analysts with much food for thought and new business partnerships to study. What lessons can small businesses learn from these industry giants?
First, focus on what you’re already doing well.
Identify the markets that you serve best, and then create a profile of your “ideal” customer.
It’s safe to say that Amazon and Wal*Mart are both focused on the price-sensitive shopper. But what about product expertise? A customer shopping at Wal*Mart probably doesn’t expect a lot of product-specific advice.
Second, Look at what’s working for others in the market.
A quick look at the Home offerings on Walmart.com pretty clearly shows the company has noticed how Houzz presents itself online. (Hello, ambiance and longer, “inspirational” product descriptions.) It also noticed what’s selling elsewhere, like IKEA, and introcuded lines designed to compete with their offerings. And because Wal*Mart is well, Wal*Mart, it not only took at look at home furnishing companies, it also took a few people from successful companies (like Hayneedle).
Finally, stay true to your brand.
Make sure you know what your customers like about your product and service offerings, and don’t change what’s clearly working. The key to staying true to your brand is to package your company’s goods and services appropriately, even if those goods and services are new to you.
In Wal*Mart’s case, that means very affordable, practical offerings – with a little extra flair.
So you’re not a Wal*Mart, Target or Amazon. Smart marketing helps small businesses grow while staying true to their core strengths and building their brands. Contact us to find out how we’re reinventing small business marketing.
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