As I was taking a shower- my best place for coming up with creative ideas- I was thinking about Target. Now if you are in the US, let's just say you're lucky to have such a store. But if you are in Canada, you know we were soooooooo excited to get a Target and then BAMMMMMMM…. total and utter…
BIGGEST RETAIL FAILURE IN NORTH AMERICAN HISTORY
So it got me thinking. I believe Business is Business no matter what industry you are in. That being said, we can all learn from failure. So here are the top three mistakes made by Target's international expansion into Canada and how to NOT make the same photography business mistakes.
1. Poor Market Research. Target did not conduct adequate market research before expanding into Canada. As a result, the company did not fully understand the Canadian market. They didn't even know WHO they were selling to. What do to in YOUR business: You need to know Who is your target audience? Not sure? Ask yourself Who are you selling to? Who do you want to attract/repel? Answer questions like, where do they live, where do they work, income, how many children do they have, where do they shop, what activities do they do, how do they value photography, etc…. Get as specific as possible. This makes marketing and selling MUCH easier in all aspects of your business. 2. Over-expansion. Too much, too fast. Target opened too many stores too quickly, without giving each location enough time to establish itself in the market. What do to in YOUR business: I know, I know. You want everything to work like RIGHT NOW. But that's just not how it works. It takes time to build a business, position oneself, then sustain and then thrive. It doesn't happen over night ( even though we are often fooled into believing this). Slow and steady is the way to go. How can you do this? Create small goals and objectives to achieve over a few month. Long term goals should also be made. One of my long term goals is a 3 year plan- I'm almost there. So be patient, my friend!
Need help? Watch the business goals replay here. 3. Target just wasn't different. In the US, Target stores have always taken the “different” positioning. Target stores never found a way to separate themselves. They weren’t different enough from Walmart. Importantly, they disappointed potential loyal Target consumers in Canada, who had already bought into the US version of Target. What do to in YOUR business: Do you catch yourself researching what other photographers do in your area and then you do the exact same thing? Instead, figure out how you can stand out from the crowd. What can you offer that is different? How can you make your experience one of a kind? What is your special offer? You shouldn't be competing with your community, you should be distinguishing yourself. At least, that's what I do ;)
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