Companies that understand that they are not in the business of selling certain products or services, but rather in the business of delivering lifestyle enrichment to customers, are the ones that prosper.
In my latest example, see how companies like the Tommy Bahama clothing chain, are using Slingshot-like thinking to combine already existing yet previously separate elements to broaden their lifestyle inprint. In Tommy Bahama’s case the combination is that of a traditional retail store with that of a restaurant — in its aim to provide a fuller, multisensory experience to customers, which in turn increases sales, brand relevance and customer loyalty.
More retailers are lighting up the stove as they look for ways to attract customers to their brick-and-mortar locations. With the National Retail Federation forecasting that online sales may rise to 16 percent of the expected $586 billion in holiday revenue this season, traditional merchants are eager to slow that encroachment. Many view the growth in farmers’ markets and the popularity of cable-TV cooking shows such as Bravo’s (CMCSA) Top Chef as evidence that consumers are hungry for culinary adventures alongside their shopping. Eating provides a memorable experience, “and a lot of lifestyle retailers have been exploring it,” says Aaron Spiess, co-founder and co-head of Big Red Rooster, a brand consulting firm. Spiess says he has spoken with three companies about incorporating food into their stores.[Original image from Slingshot: Re-Imagine Your Business, Re-Imagine Your Life.]