29 May RadioShack uses data to help implement rebranding strategy
RadioShack is in the midst of a rebranding strategy that it hopes will erase the stigma of the company being out of touch with today's consumers.
For years, the electronics retailer has suffered from a poor reputation, which ultimately allowed it to be passed by companies like Best Buy or Apple's retail division. But Jennifer Warren, RadioShack's chief marketing officer, hopes that giving the store a facelift will yeild strong results. Warren spoke with the Dallas Business Journal about her company's strategy and suggested that changing the company's customer experience initiative will allow RadioShack to compete with the leaders in consumer electronics retail.
"Right now we're the stop for people to get products so they can go play in life. But with the redesign, in addition to being on the way to play, we'll be a destination for play," she said. "We're going to look to strike the balance between making sure we stay relevant to our current customer base and broadening and becoming relevant to a younger base as well."
A rebranding strategy cannot happen on a whim. It requires a tremendous amount of planning and data analysis. RadioShack executives likely had to examine the behavior of its current customers and compare it with that of those who shop at its competitors. Compiling this information and managing it requires a system that can allow users to properly analyze data. If RadioShack didn't use the right solution, it wouldn't be able to extract the most value from its data, and its rebranding strategy would not live up to its potential.
Implementing a custom database software system can help organizations in a similar area compile data and use it to their advantage, which will help users make smart decisions throughout the rebranding process.