MBA Geek

Woolworths has announced that it’s starting it’s closing down sale in a bid by tthe administrators to try and raise as many funds as possible for creditors as possible. One year shy of it’s centenary there doesn’t seem to be much hope for a retailer who’s name has become synonmous with the British high street. It’s a great shame, but a lesson for all that without continual reinvestment in a brand, failure is the only option.

I blame the demise on a 2 factor theory. The biggest problem in my eyes was the attempt to cram everything under one roof. Consumers nowadays are much more picky and prefer going to a specialist to ensure quality in their purchase. This has let to Woolworth’s market share being eroded by a multitude of specialist stores which have a more defined identity and segmentation strategy. The other factor, obviously, was the economic climate; credit is harder to achieve and the pre-Xmas pressure was just too much.

It’s the end of an era for the UK High Street, but how many will mourn Woolworth’s demise?

Just had a brilliant experience at Boots the other day. The customer in front of me had a big pile of shopping that she popped in front of the cashier. The girl who was serving her took a quick look over the items in front of her and split them into two piles. She explained that if she processed them as 2 transactions, the first transaction would entitle the shopper to a £5 discount coupon which could then be used on the second transaction.

I was pretty impressed by this. The cashier had no incentive to help the customer out, yet her actions made sure that the experience was memorable to the customer, positively reinforcing the shopping experience and ensuring the client returned again. Retailers spend lots of time and effort in trying to entice customers back to their store but a positive experience can outweigh any promotional products or discounts that the shopper may meet. Now if I could find someone who would cut me a deal on some baby furniture, then maybe I can finish off Arthur’s room

Came across an interesting service today that lets you verify if a VAT number someone has supplied to you is correct and valid. It’s called VIES and is managed by the European Commission’s Taxation and Customs Union Directorate-General. It looks like this:

All you need to do is provide the member state the VAT number belongs to, the VAT number itself and the system returns the name and address the VAT number is registered to.

Useful thing to know isn’t it?

Interesting post by Kevin Kelly who believe the drivers in today’s emerging economy can be distilled into the statement: Where ever attention flows, money will follow. It’s an interesting idea which is hard to negate, as can be evidenced by new giants like Googe, Amazon and eBay. Here’s an interesting section:

New things that don’t work or serve no purpose are quickly weeded out of the system. But the fact that something does work or is helpful is no longer sufficient for success. Good, useful stuff is now the minimum standard. I might even make the argument that great stuff is the minimum. Now anything that lasts has to also maintain our attention.

And when it wins our attention, money will follow. Money is one way we acknowledge our attention. We “want” something — an intense form of attention — and we use money to fulfill this attention. Using the product or service is a continuation of that attention. Recommending it others is a further extension of that attention.

bbgm likens this to Peter Druckers take on innovation, but I think a closer line can be drawn to Seth Godin’s “Be Remarkable” mantra. It doesn’t matter whether you’re selling ball bearings or you’re a satellite internet provider or just looking to become the world’s most influential geek, attracting and maintaining attention can be the key to your success.