Sunday 11 September 2016

The Scientific Solution To QVM Renewal

Like warring factions the pro renewal and no renewal camps are creating an uncomfortable environment that is making it difficult to reach a solution. Both sides want the same thing, a better market, but the current process of politics, propaganda and 5 minute experts seems a crazy waste of time, effort and money. We need some science.

One of our long term traders (45 years with the market) disagrees with both extremes (pro and no) and says we are focussing on the wrong things. The no renewal camp are ignoring the realities of a struggling market. The pro renewal camp are mesmerised by $250m which, if spent in the wrong way, will fix very little. There is a middle road that is more likely to bring results.

Essentially he is saying get back to retail basics, and makes the point that retailing is a science not for amateurs. A full examination of his proposal is beyond this article but here are the main points -

1.    Acknowledge that we have a market/patient in need of revival.
2.    Identify the core reasons for the patient dying within a framework of historical known customer drivers - price, choice, convenience.
3.    Work on each of those core reasons and correct them using modern retailing expertise where appropriate.
4.    When the patient is on the road to recovery (but not before), adopt modern marketing and advertising practices to encourage, develop and grow.

Retailing is a science with known behaviours and known solutions. Tweak it a bit for a public market (just a bit), add in some modern methods of communication, and you have a framework for gradual correction of what ails us.

This sounds like a debate worth having.