New Markets, New Customers
On the heels of its successful generic prescription drug plan, Wal-Mart announced in 2007 that it planned to open several hundred medical clinics within its retail stores. Wal-Mart CEO Lee Scott believes the number could grow as high as 2,000 by 2014.
The model was simple. Doctors or nurse practitioners provide routine medical care - testing for strep throat or giving flu shots at a fixed rate. CVS, Walgreens, and Rite Aid were quick to follow suit, saying that they were considering similar measures.
It's a classic example of Blue Ocean Strategy. Faced with slowing revenue gains, Wal-Mart decided to curb its expansion plans and focus on deriving more income from its existing stores. Rather than battle Target or CVS and accept diminishing returns, the company set out to get ahead of the curve and launch a retail, healthcare operation.
Trim the fat. Make more money. Really listen to people. It's that time of year when we set out to meet new goals and commit to reinventing ourselves.Our customers are making the same promises. Traditionally, companies have taken notice by offering two-week trial memberships or free toasters. But the marketplace today demands much more than product incentives; it's about becoming an integral part of your customers' lives. Learn how to make your brand a necessity by understanding and facilitating the shared interests, values, and goals of your customer community.
Media content has lost value because of the proliferation of potential sources clamoring for the eyes and ears of consumers. However, as the number of media outlets increase, advertisement campaigns can actually be more interactive and creative than ever. Sprite hides messages in its television commercials to make people stop fast forwarding with their TiVo. Doritos buys a Super Bowl advertisement created via entries submitted on YouTube. Advertisers are adapting their campaigns to the media. In short, we're evolving.
