In a recent blog post, Hujia Yang acknowledges Swedish retailer IKEA’s would-be-stint in the food industry which has actually flourished into a genuine component of their business. Yang points out that IKEA’s success pertaining to this endeavour is largely due to their establishing their point of difference early on. IKEA took the road less traveled by food retailers and opted for a menu consisting of staple items. This is a demonstration of their cognizance of the composition of their customer base. IKEA did not set out to be a behemoth in the restaurant industry; it simply aimed cater to its existing customers: fatigued shoppers with an appetite. In doing so, in recognizing the reality of who they’re serving, IKEA has been able to serve them better than they otherwise would have.
Knowing who the customer is is integral to any business. Another company who this has occurred to is Kleinfeld Bridal. Kleinfeld Bridal has extended its services to assist clients with hotel booking for wedding guests. Genius, considering its client base is already made up of individuals who this particular service will appeal to: brides and grooms. The service is called Hotel Blocks and being very well received.
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