And one thing that is apparent with the performers vs. the losers, they have clear values, take opportunities and have a well-defined strategy for growth.
Going totally of tangent but you will see my point in the minute.
Do you remember when you could walk into HMV, hum part of a long lost song and the assistant would know exactly what you are talking about, take you straight to a random section in the store flick through a few CD’s pull out an album from 10 years ago and state “its track number six feel free to have a listen in our listening booth”?
How things have changed now, HMV is or was until recently, largely driven by pulling customers in through discounts with little customer interaction with exception of the till transaction after a rather long demotivating queue down a narrow aisle.
It’s safe to say HMV didn’t 1) stay true to its knowledge and customer service values, 2) take the opportunity to invest in online streaming and 3) obviously didn’t have a future strategy.
The pub trade is no different to our counter parts in the retail arena. My own business doesn’t go down a discounting route and we simply believe in ‘values over value’. We for one won’t be getting into a price war but will be driving our business through our values.
Take our pantry pub The Grove Ferry for example. We now grow our own stock, have rescued animals, become a zero wastage business, source locally and provide real jobs with career development. We’ve integrated into the local community and because of this our business is growing despite a recession.
Our marketing is not focused around price points and promotions but is built on subtle stories and actions that outline who we are and what we do, we give our guests a reason to visit our sites.
If HMV had stuck to their original ethos they may be in a different position now and there is a lesson for all of us to learn from the outcome.
- Anthony Pender is director of Yummy Pub Company