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Why retailers need to slow down to go fast

Christine Andrukonis, founder and senior partner, Notion Consulting, offers up insight on why the idea of making haste slowly can help retailers truly understand the consumer and craft the business strategy around them.

Photo by istock.com

December 13, 2019

By Christine Andrukonis, founder and senior partner, Notion Consulting

Why does the idea of going slow to go fast still resonate — at a time when retailers face pressure to move faster than ever before?

Caesar Augustus is said to have first adopted the motto: Festina Lente. Make haste, slowly. He even had gold coins printed with a crab and a butterfly to symbolize the idea. This simple phrase, "go slow to go fast," has captured the imagination of countless leaders over the centuries, and it remains with us today.

We've worked with hundreds of leaders from organizations across dozens of industries, all of whom are working hard to help their companies to go fast. One of their most common insights is that in order to evolve, leaders make time to pause, clarify direction, and engage people in the journey before making big moves. And they must pause regularly, both at the outset of major projects, and at key milestones along the way. As a result of taking this time, individuals become more committed to the journey, and teams have a clearer focus. This results in faster progress, better results and a lot less "noise" in the system when the business faces uncertainty or setbacks.

It seems counterintuitive, especially in retail — where the consumer is moving at the speed of light, competition is fierce, and businesses are facing pressures to invent and reinvent themselves almost daily. But for retailers, this idea of making haste slowly can help you truly understand the consumer and craft your business strategy around them.

Here are some of the ways to "slow down to go fast":

1) Ask your your people what they think and really listen to their response — you might uncover something you didn't know before - and at the very least, you will signal to your consumers that you care what they think.

For example, when Masahiko Uotani wanted to turn around Japanese cosmetics brand Shiseido in 2014, he visited more than 10,000 of his own employees in his first year in the job, on a global tour of the company's operations. From this listening tour, he created "a six-year transformation plan," known as Vision 2020, which four years on is driving remarkable success. In its last earnings call, reporting for the first nine months of 2018, Shiseido said revenue rose 10% year-over-year to $7.4 billion (805.8 billion yen), with sales improving across all its segments, driven by upbeat performance in Japan, China, and duty-free outlets."(Jing Daily, June 28, 2019)

2) Make space for dialogue and creativity. Especially with your employees who work closest to the consumers — give them space to reflect and be creative. If you encourage them to discuss, debate, and experiment, and remove traditional barriers, they will likely innovate to better serve the consumer.

For example, at the new Atelier Beauté Chanel in SoHo (NYC), Chanel is experimenting with a type of consumer experience that blends in-person service with social and digital experiences. To develop their unique approach, they started with consumer insights and enlisted the creative power of their most passionate people to think outside the typical retail box. Now, they are winning consumers' hearts and minds by providing engaging, immersive and transformative experiences in their atelier. They are employing personalized apps, Instagram-worthy spaces, a high-touch consumer-centric approach, and unlimited time and tools for consumers to come, stay and play at their atelier.

3) Commit to regular "pauses" to give your leadership team the opportunity to reflect — on what's working and what's not. For retailers, this means building in time to consider how to keep up with evolving consumer demands. These pauses give you the opportunity to consider critical shifts, such as what changes are necessary to develop new business models, reconsider your real estate needs, and create a roadmap for cutting costs.

So the next time you are tempted to move quickly to be first to market, or turn a troubled business around fast, be sure to carve out time to talk to consumers, employees, and each other. Remember the crab and the butterfly — and think about how, with a little bit of crawling, your team will ultimately be able to fly.