For 7-Eleven, that would be convenience and low prices. Granted, it is still a habit for many to stop at the corner store on the way to and from work, school and play. But for 7-Eleven to remain relevant, it needed an updated definition of “convenience” for its best customers: Millennials.
Their research revealed that today, people are eating five and six times a day; over 40% of adults are eating alone and on-the-go. So 7-Eleven expanded its private label brands into portable, snack-sized “healthy and fresh foods”, geared especially to their Millennial shoppers.
- Their Go!Smart brand offers an array of fresh foods especially appealing to women shoppers (small portions of turkey chili and cornbread, kale and quinoa salads, hummus, all labeled with nutritional info).
- Their branded items also include gourmet nut and fruit snacks.
So far, it has been a winner! Sales of their private brands have grown smartly (30% in both 2015 and 2016). Since over 50% of their customers are Millennials – who now are old enough to buy beer and wine – the future looks bright as well.
7-Eleven: Updated, but back to its basic convenience premise.
Similarly, McDonald's is returning its focus to delivering what it’s known for. In their case, of course, it is burgers and fries. At low prices, from clean stores, and fast. (Oh yes, Egg McMuffins - how about all day long?)
Through their research, they discovered that fewer people were coming into their stores each year. Definitely not a recipe for success!
Their new goal: “A better McDonald’s, not a different McDonald’s.”
- They are simplifying the menu, to reduce the complexity of ordering and preparing (saving costs and time.)
- They still offer choices to the customer. But not of different items (wraps? salads?), but more choices about the burgers.
- Their focus is on what customers expect and want when they go to McDonald's. “You want fries with that?”
Ahh yes. Back to your roots. The value of going back to the basics of what you are primarily known for.
So, once upon a time...What were your stores known for?
- What about your stores do customers really know and love?
- Does that still matter to today’s customers?
- If yes, how do you make it even better for that customer?
- And then, Get cracking!
