The following is the second in a series of guest posts from the latest issue of Global Retail Brands. Throughout the week we will feature one article a day from the new publication – please take a few minutes and click through to the site – read the entire article and see what the rest of the world is up to.
By Perry Seelert
In life and business, let’s face it, the followers outnumber the leaders; it’s a fundamental truth. The word “follower” shouldn’t have a negative connotation, but in business we sometimes interpret it as tepid and risk-averse, when actually it is strategically wise. Apple basically created the market for tablets today with its iPad, but you wouldn’t call Amazon and Samsung unwise for seeing the width and opportunity within this still emerging category and capitalizing on it.
For years, retailers and their private brands have been more about following than leading, but globally this is changing across all retail channels, and it begs the question, what does it really take to lead? Here are four attributes that are important if you want to lead:
Conviction & Attitude
Leaders act with conviction and swagger. They operate with a command of the facts, but leave room for reasonable intuition. In private brands we often want a “sure thing” in launching a product or adding to the brand portfolio, but you have to leave yourself open to experimentation if you are to lead. Across every “best in class” private brand program there is not just a willingness to take reasonable risks, but also a leader who is empowered in the organization at a high level, not a surrogate with thin infrastructure.
Know Your Path
Having a penetration and share goal is good, but many organizations don’t know how to arrive at the target for private brands. Leaders have done their homework on where the “white space” is and how they will take advantage of emerging consumer trends. To lead, the vision must be resoundingly clear to your own organization and understood by your suppliers. There should be two-way dialogue in creating the path, and once it is charted, report progress frequently.
FOR MORE INSIGHT FROM PERRY…
The Untold Story of the
Walmart Private Brand Portfolio
My Private Brand SIGHTLINE
The 2013 Walmart Private Brand Portfolio
For a thorough analysis of Private Brands at Walmart watch for the new series of challenging, insightful and in-depth reports of retailers’ Private Brand portfolios and the business strategies that make them successful called SIGHTLINE. My Private Brand President Christopher Durham has collaborated with retail branding expert, Perry Seelert, to cut into the world of Walmart’s own brands like no one has ever done before. This unique SIGHTLINE will take a look at Walmart’s Private Brand portfolio beyond Great Value, it will tell the untold story of the Walmart Private Brand portfolio and present an analysis spanning more than 300 pages dedicated specifically to Walmart’s 50+ Private Brands, including:
- An overarching look at the Private Brand portfolio across each department as well as each brand role in the Private Brand architecture.
- The Top 10 Walmart Private Brand strategies and insights
- The Top 10 opportunities for retailers, manufacturers and national brands to compete with Walmart Private Brands
- The first ever marketing, merchandising and design analysis of the Walmart Private Brand portfolio
Sightline is the must-have report on Walmart private brands for all retailers, manufacturers, national brands and analysts.
SIGHTLINE: THE 2013 WALMART PRIVATE BRAND PORTFOLIO report will be available within the next few weeks – Stay Tuned!
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The MPB SIGHTLINE: The 2013 Walmart Private Brand Portfolio report will be available soon in limited quantities and may quickly sell out. Join our no-obligation reservation list to get first crack at ordering the report and receive a 10% discount off the regular $4,999. As soon as the report is ready, we’ll email you your coupon and you’ll have 30 days to purchase a single unit at the reduced price. There is no obligation to purchase.