Bennetts in Derby, England, is regarded as the world’s oldest department store. It was closed down in 2019 due to COVID-19 conditions and other factors but has now been reopened. It was inaugurated in 1734 and operational till 2019. It is being reopened, and a series of smaller stores will also be launched after that.
Success stories like these inspire many people, especially small businesses, and startups to make a mark for themselves. But obviously, it is easier said than done because lots of factors hamper the launch and operating of a store. In addition, wherever you go, it is a cutthroat marketplace, so making a product work is not an easy feat.
It is very easy to market a product or service which has already a built-in customer base. Just like Bennetts, businesses can start expanding their shops as the profit soars. Businesses need to think about applying the four Ps of marketing to make them work on a winning track. These are Place, Price, Product, and Promotion. The seven Ps include people, process, and physical evidence too, but most businesses can do with four Ps.
Let me define how Bennetts can make its case strong by aptly applying the four Ps and getting back on the winning ways. And then, I will discuss how businesses can make it happen for them if they are trying to market an established product to get the lion’s share of the market.
The product from Bennett is already established as they had just closed down two years ago. But there will be some apprehension from the people they have to win over. And even most of their loyal customers must have changed their preference during this period. That is where making them go for the product is not an uneasy thing.
In the case of Bennetts, the products will be Christmas gifts, so there is a high probability that it will see brisk business. But again, there are many factors against it so that the exact sales figures, as to how much the public will go for it, cannot be said with certainty. This is one reason why businesses need to be on their toes to make things perfect for them.
Regarding pricing, stores like Bennett are expensive as they are speciality stores. So people need to think about what can be done when we talk about an average store or shop. Nowadays, even premium stores need to rethink their strategy to get the lion’s share of the market. They do not need much in terms of branding as they are already famous, but this fame doesn’t translate into big money automatically till they do something they can create about it.
Take the example of Harrods, which is also one of the world’s oldest and premium departmental stores. On its website, it proudly claims that it is the most famous department store in the world. Its revenues are still north of one billion pounds even after closing down for several months due to COVID-19. And after the reopening, it has shown no signs of the session for any negative aspect. This is what businesses must look forward to and learn something from their marketing and branding strategy.
When we talk about a general store or shop trying to market its product, the pricing is critical. Because there could be dozens of other stores in the same market offering the product at a cheaper rate. So, it could be game over for any company before they know it.
For Bennetts, the promotion that it has opened can be the catalyst in making it again all of its old customers within a few weeks. In the neighbourhood where it is situated and, in the vicinity, it should not be a problem because its opening is big news in itself. Word of mouth can also be one of the best ways to make this happen, but it is not a piece of cake. Otherwise, every other company would do that.
Promotion in the holiday season is at the same time straightforward and complex. Easy in the sense that everyone is looking forward to new deals and discounts. Every company is promoting its products and services, and that’s where it becomes challenging to make room for your company. To make a mark for your product and service can be the most difficult thing to do. Even if you are an established firm, things may be difficult for you in the long term as small businesses, and startups give you a run for your money with innovative Strategies and marketing.
The opening of new stores for Bennett is already underway but in another location from the store opened in 1734. The iconic store is yet to open because of some issues related to coronavirus end, and the current owners know that this is going to be huge. People who have a long association with the store from their childhood and generations will automatically connect with the original place.
A premium location in an upmarket neighbourhood is the first requirement for other companies. But not all businesses can afford to open a store lavishly, and for small businesses and startups, this is the last thing on your mind. That is why you need to develop a strategy concerning the location of the stores.
You will be one step closer to success if you can complete this process because the store’s location for the consumers is significant. Not many people want to drive for several miles to reach their destination. That is why businesses must look for a place that is not too far from their target market to have a better chance of reaching the masses.
Over to you
If you think that you can add something valuable to this blog or want to ask a question, you are more than welcome. For any feedback too, please use the comments section below.
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