Strategies of some of the fastest growing companies in the United States

Here are some of the strategies of some of the fastest growing companies in the United States.

Trader Joe’s

·       Sells mostly its own private-label products. It has a lot of control over the offerings, so they can remove any low performance products to make room for something better

·       Unique products sourced from exotic locations. This creates an enthusiastic customer base.

·       Variety of flavors and cuisines. This keeps loyal customers interested and coming back.

·       Flexible and innovate approach to merchandising, so it can easily adapt to customer behaviors and market trends.

·       Strong brand identity, which creates a sense of community in the customers.

Primark

·       Low prices. Primark focuses on price, sourcing from low-cost countries, operating with low margins, and minimizing marketing and advertising costs.

·       Trendy designs. Primark focuses on innovation in the fashion industry, constantly updating the styles and following what’s trending on social media to influence their inventory. This attracts customers who are looking for something fresh and fashionable, and has appealed, in particular, in young shoppers and female shoppers.

·       Strong brand identity. Easy slogan “Amazing fashion, amazing prices”.

·       Loyal customer base: Primark’s customers are engaged on social media platforms, where Primark is interacting with its followers, fans and influences.

·       Strategic locations. The locations are selected based on the visibility and accessibility of the site. Large prominent, centrally located stores in and near major transport hubs.

·       Some of the largest and most attractive stores in the world, creating phenomenal word of mouth marketing. (the one in Birmingham has a beauty salon, a Disney-themed café, and a barbershop)

·       Very little online shopping presence (there is limited online ability to select products for pickup): this vastly reduces the cost of returns, shipping costs, and other margin issues. It also increases the likelihood that customers will make larger purchases since they drove to get there.

Chipotle

·       Motto of “food with integrity” appeals to the growing demand for healthy and ethically-sourced food

·       Small menu, reduces inventory and waste

·       Corporate-owned structure, allows for maintain tight control over its operations, quality and standards. No franchises.

·       Focus on innovation and adaptation: new products, such as queso, sofritas, and lifestyle bowls. As well as mobile ordering, delivery, and loyalty programs

·       Very interactive with their social media influencers

·       Online presence is fun with movies and other customer-focused fun games and challenges.

Spirit Halloween:

·       Unique products and friendly service

·       Mostly private-label products from exotic locations

·       Limited time availability: this creates flexibility for some desperate landlords, and a scarcity/demand effect for customers

·       Constant innovation with their products and emphasis on social media to create a buzz with customers

·       Creative social media marketing and meme usage

·       Stores are designed to be fun to go to, it’s like an event just to go shopping there.

Lego:

·       Constant innovation, high quality, and familiarity, leading to a strong brand identity

·       Recent years the new products are about 50% of the offerings: this variety and innovation keeps customers coming back

·       High investment in staff training and education, leading to a great customer experience.

·       Global expansion, leading to increasing brand recognition

·       Multi-faceted approach with movies, games and other digital experiences, leading to an enthusiastic customer online community

The similarities between these companies are numerous. Key are the customer-focused initiatives, such as interacting with customers online, creating a pleasant shopping experience, and having products that are unique and low cost.

We can also notice that the companies tend to have private label and maintain control with strategies such as having no franchises. Having flexibility and agility to rapidly changing market trends is key to being able to provide the customers exactly what they are looking for.

Another similarity is the online presence. Interacting actively with social media and social influencers, as well as providing a fun online presence are key to a company’s growth.

A community feel of these groups, with a focus on the products and services, is also a great way to significantly enhance sales.

Whether it’s by having a great experience in a physical location, or a fun and community experience online, it’s clear that focusing on the customer experience is key to creating a rapidly growing and successful business.