There may be hope this Small Business Saturday if local businesses implement the right strategy, products (a singular focus), and customer service.
Local bookstores are reportedly “booming,” according to a CBS News column published on Nov. 23, 2018, Black Friday.
The success can be traced to a singular focus – books – specialization, and customer service in local communities.
Also on Friday, a report from newser.com announced a Toys R Us resurrection, with pop-up shops just in time for the holiday season. Even Geoffrey, the chain’s giraffe mascot, is making a comeback, after calling it quits earlier this year.
I’m confident Toys R Us, and other retailers on the brink of collapse, can still survive in this market.
Nostalgia can only take the store so far. It will take a narrowing of the products and services, hopefully shedding Babys R Us and other spin-off stores.
But for many brands, going back to the basics is a great place to start.
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Disney this week announced the name of its new streaming service, said to be a direct competitor to Netflix.
I’ve been listening to The 22 Immutable Laws of Branding via Audible. Great read…or listen.
A section that really caught my attention was on naming a company, particularly when entering a new category.
According to the 22 Immutable Laws of Branding, if Disney wanted to compete with Netflix, it should have gone with a completely new name.
Instead, they went with Disney+ (Disney Plus).
This was a mistep for a couple reasons. For one, the Disney brand means a lot more to people than movies, so having a Disney Plus doesn’t really signify what the product is.
And secondly, Plus is common word, one used in recent startups like Google Plus (shut down in 2018); as well as Nike Plus; and most notably with Hulu Plus (which Hulu later dropped), another streaming service, owned by none other than The Walt Disney Company, along with 21st Century Fox (acquired by Disney), Comcast and AT&T.