Do you Know what your Drivers and Influencers Are?
At a recent Sherwin-Williams color presentation in Kansas City, the presenter talked about three touch-points that they use to create their new color lines each year – Drivers, Influencers and something they call “On Our Radar”. This concept was interesting to me not because it’s a new idea but rather how they used it to look at what and how they will drive their sales in the next year.
What’s important about this thought process is that it requires some rather deep thinking and investigating of one’s own focus. For example, in the commercial general construction industry, there is a trend in strip shopping centers, to use a restaurant (or several restaurants) to drive people to the center to spend their money. The formula used to be to bring in an “anchor” store such as a grocery, a big-box, or a department store and then bring in other types of retail such as a clothing store, a card shop, a dry-cleaners, a barber shop, and maybe a restaurant, but the formula has changed. Currently, restaurants are the “anchor” and because of this change, those of us in commercial building are now focusing our sights on restaurateurs, national brand restaurant chains and developers who understand this change. This is our driver.
Look to convenience and time as the Influencers of this change. Today, the mixed-use properties with shopping, living, office and entertainment space not only marks a major shift in retail, but resonates with time-crunched shoppers looking to combine entertainment and eating with doing errands all in one trip and, hopefully, all in one place. The other element is a need by consumers to have a localized area within one’s own neighborhood that feels more like a small downtown which is walkable, convenient and aesthetically reflects the neighborhood where these shoppers live, work and play.
By identifying what the drivers and influencers are and how they have changed the retail landscape, an excellent opportunity is created for those of us in the commercial general contracting industry to think in new ways and answer the needs of our customers in workable and intelligent manners. What are your drivers and influencers and how can you use them to your advantage?
Check in next as we discuss what’s “On Our Radar”.