Steve Dennis on the Shifting Retail Space
Steve’s book is noteworthy for its historical contextualization of retail, as well as for its eight practical principles. After asking Steve about the writing process itself, Andy wants to explore both sides of the book. Together, Steve and Andy discuss the need for retail businesses to be remarkable, the “muddled middle,” and the massive disruptions that have arisen within the retail space in recent years. Businesses have had to navigate unchanging variables, manage pressure on expense budgets, determine how to balance physical and digital spaces, and much more. All the while, the most successful companies have been those keeping the customer central, cultivating empathy, fostering personalization, and improving processes. As the conversation concludes, Steve pitches the retail profession, answers student questions, and shares what gives him hope.
Key Takeaways:
0:42 - This episode features Steve Dennis, author of “Remarkable Retail”
2:01 - Steve’s decision to write and his book
8:41 - The “muddled middle”
12:40 - Certain variables are constant in the industry
18:08 - Driving sales and managing expenses
22:13 - Authorization of markdowns and the downside of averages
27:17 - The topic of customer-centrism
39:49 - The principle of being personal and methods for learning from customers
46:52 - Making a pitch work in the retail space
51:34 - Harmonized retail
55:14 - Characteristics of success
58:14 - Retailer ratings in 2021
1:00:16 - Steve’s hope for the future and Andy’s episode takeaway
Links:
Learn more about Steve Dennis, and connect with him on Twitter and LinkedIn.
Access Steve’s book, writing for Forbes, and podcast (especially the episode with Seth Godin!).
Learn more about Andy Murray.
Learn more about the “It’s a Customer’s World” podcast.
Learn more about the University of Arkansas and its Customer Centered Leadership Initiative.
Learn more about the University of Arkansas’ business school,
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