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This article explores pushing the boundaries of your own retail comfort level and looking at channels that aren’t necessary alternative, because they are already selling products from your category. I’ve got 2 great examples of retailers in this story – and as the title suggests – they might hold the key to big dollar and lots of leverage in general!
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I don’t know if I’m suggesting something as radical as the authors of the book “Blue Ocean Strategy” would suggest – I’m merely advocating you change the channel by looking beyond your existing business. That being said, pursuing new channels does have some similarities to the core philosophies shared in “Blue Ocean Strategy”. Think about your existing retail channels in context of the Red Ocean Strategy below, and then look at the Blue Ocean Strategy. It makes a Blue Ocean Strategy in retail seem worth a shot.
Key Benefits To Pursuing An “Alternative Channel” Strategy:
1) If you successfully develop new customers, you lessen your dependance on existing customers
2) Experience serves as a “Learning Lab” where you can test new ideas & apply learnings in your existing channels
3) Opportunity to create new demand for your product by positioning it for specific applications / uses
4) Growing sales in new channels may help lesson impact of seasonality in your existing channels
5) Buyers / merchants tend to stay within the retail industry – your new friends may pop up in your existing channels down the road.