Oh This superstore is meant for Rich class people!.. The goods will be expensive here!..we may not find our common items here! I am comfortable at my regular super store!
To further explain these above statements, let me put forth a technical question...."Does a brand perception (of being a Elite class superstore) play a role in either inviting or limiting customer flow in a super store? The answer is definitely YES!
" Brand perception is the driving factor for pulling the type of customers you receive in your stores"
" Brand perception is the driving factor for pulling the type of customers you receive in your stores"
To define Brand perception, it is a impression created by consumer experience with the brand's
product or service. In other words, perception is the emotional values consumers
attach to a brand. It is a set of beliefs held about a specific brand.
Let us analyze the concept of brand perception from a point of view of 2 types of superstores that exists in Goa, for Eg. Magsons (primarily perceived as Super store for the rich and middle class), others like kitchenette, Borkar super stores who have not yet labeled themselves as Elite class super stores.These differently perceived superstores have different sets of customers visiting them.
When it comes to brand perception for a super store, I feel there are 4 important and critical perceptions that a superstore brand cant go without.
- Brand which offers quality service,
- Brand which stocks quality products,
- Is a one stop shop for every need,
- Has a dignified value for being in the biz for long/or knows how to run this biz
Magsons superstores have been one the most prestigious brand in this biz, they have uniqueness in their products offering, their brand is perceived having all the above elements, they are also known to be the leader in this biz in Goa and are perceived to be the best.
But i feel they have gone little further in nurturing only a particular segment of customers and this has limited the flow of other sets of target customers in their stores.
Well, currently it may not impact their top line or bottom line in any ways, they may be happy with the number of customers they have, But my point is to understand this from the future point of view, especially when strong competition may come in. In this industry there are no entry barriers, no permanent loyalties and no strong competitive advantage, a player with deep pocket can replicate this biz model easily.
Going ahead, competition may eat up into the Magson's elite class customers and if this happens, pulling in those sets of customers who are comfortable with a common man brand of superstores will be a difficult task. In this biz you have a daunting fixed operating cost always around, any drop in the customer flow may make a deep dent financially to your biz.
Point is that Magsons should make deliberate efforts through a marketing campaign to change its brand perception, this needs to be done in a very smart way where in they don't detach the existing set of elite customers for whom Magsons is the first choice, as well as start pulling in those customers which otherwise where not visiting Magsons. Pulling Customers from larger segment always makes biz sense. Secondly, I cannot see any strategic benefit (for a superstore) in building a brand perception that comforts a niche segment, especially when it is discouraging other target segment towards your brand.
To sum up, the future for super stores in Goa is bright, and the top players will be those who have larger customer base.
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