CREATING A RETAIL EXPERIENCE

Powerful changes are happening in the retail industry. As former profitable companies like Blockbuster, Toys R’ Us and Kmart collapse, a plethora of online retailers step in to fill the void. As we approach designing and updating customer experiences we need to first ask, “What are your customers looking for and how can traditional brick and mortar stores meet their expectations?”

The key to finding your solution, is to first look at the customers’ experience. Whether they are millennials, baby boomers or somewhere in between, more and more customers are looking for an interesting, unique experience every time they decide to venture off the couch. In the article Welcome to the Experience Economy, the Harvard Business Review states, “An experience occurs when a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event.” This is where the thoughtful design and layout of any store or restaurant is critical. With this need to create memorable events as part of the shopping experience, here are three recommendations to help identify your customers’ ideal experience.

Human Connection

First, recognize the value of human connection. Despite all the hype regarding e-commerce, customers will continue to return to unique shops, restaurants and cafes because they give an experience you can’t find elsewhere. A great example of this is the continued presence and even growth of independent bookstores. There is no practical or logical reason why book stores should still exist. Ordering books online is easier and provides a far better selection. However, according to Marketwatch, the American Booksellers Association reported a 35% increase in the number of independent booksellers from 2009 to 2015. This is mainly due to reader’s looking for an experience with their books. As Ryan Hand from the DC Office of Planning states in the same article, “Shopping for a book is an emotional experience.”

Image Source

Social Connection

Next, provide a reason to have your business posted. Millennials and generation Z are constantly seeking ways to share their every experience with the world. Retail design that provides customers with a unique, sharable experience will be more likely to be tweeted, snapped or “grammed”, helping to drive traffic to the store. This concept is easily seen here in Cincinnati when we compare the success of the new shops of Over the Rhine (OTR) with the dated malls or shopping centers of the area. While mall design can vary, there is a standard cookie cutter formula to malls. You see the same national stores with a similar layout. It serves a useful function but is not a particularly exciting use of your time. This helps explain why Credit Suisse predicts that 20% to 25% of malls will close in the next five years. In comparison, OTR’s unique shops and restaurants are set in a one of a kind urban environment. You can not buy the walkable experience of OTR anywhere online.

Over-the Rhine – Author’s own photo

Rethink Brick and Mortar

Last, rethink what a brick and mortar store offers. Most retailers now offer the ability to purchase their products online. So what differentiates their store to encourage customers to drop by? Many companies have looked to combine some form of food or beverage along with the shopping experience. According to the Harvard Business Review, “..to realize the full benefit of staging experiences, however, businesses must deliberately design engaging experiences that command a fee.” This gives the customer a reason to stay far longer. At United Dairy Farmers, they have rolled out larger convenience store destinations. K4 Architecture has worked with the company to design a larger parlor for families to hang around after purchasing ice cream. Large storefront windows provide a fantastic opportunity for people to watch the traffic at the gas canopy and store. The response has been incredible and other neighborhoods are demanding the ‘new UDF’ stores in their neighborhoods.

UDF North Bend – Bella Photographics

Online sales will continue to be a large player in the economy for the foreseeable future. The three solutions offered above will not change that but it can provide a blueprint for a successful physical retail market.

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PANTONE COLOR OF THE YEAR 2024 IN CORPORATE OFFICE INTERIOR DESIGN

By Jeff Klump • 20 Dec, 2023

In the dynamic world of corporate office interiors, staying ahead of design trends is crucial to creating spaces that not only inspire productivity but also reflect the latest aesthetic sensibilities. As a firm specializing in corporate office design, K4 embraces Pantone's Color of the Year for 2024 - Peach Fuzz. This warm and inviting hue offers a fresh perspective on creating contemporary workspaces that balance sophistication and comfort and an opportunity to infuse sophistication, and a touch of modernity into the corporate design landscape. Peach Fuzz, a delicate and nuanced shade blending peach and blush, brings a sense of tranquility and optimism to any space. When incorporated into corporate office interiors, this color has the power to redefine the atmosphere, promoting a positive and collaborative environment. K4 is committed to enhancing the workplace experience, and we recognize the significance of color in influencing mood and productivity.

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By Jeff Klump • 07 Nov, 2023

In the dynamic landscape of community banking, where the strength of relationships is paramount, the role of design extends beyond aesthetics—it becomes a strategic catalyst for talent acquisition and retention. In an era where attracting and retaining top talent is pivotal for organizational success, the significance of an intentionally designed workspace cannot be overstated. In this article, we delve into how strategic design decisions can not only enhance the physical environment but also foster a culture of engagement, innovation, and long-term commitment among employees, contributing to relationship building and the overall prosperity of community banks. Join K4 on this journey through the intersection of design and community banking, where the blueprint for success lies in the spaces we create for those who make our banks the heart of the community.

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By Nicole DeRogatis • 07 Nov, 2023

In the previously published Journey to Brand Consistency: Part I, K4 addressed Facilities, Marketing & People as the three pieces that comprise the Financial Success Puzzle for community banks. This article examines one level deeper in unifying physical and digital marketing assets within the Financial Success Puzzle, and the importance of creating a harmonious and powerful brand identity across all platforms. In the fast-paced and ever-evolving community banking industry, maintaining a strong and recognizable brand presence is vital for success. As a full-service design and branding firm working closely with community banks, we have witnessed the transformative power of consistent marketing assets in bridging the gap between the physical and digital realms. By solidifying the customer experience across all touchpoints, banking institutions can establish a stronger emotional connection with their customers and create a lasting impact on their success. Investing in brand consistency is not only a strategic move but also a reflection of a bank's commitment to their own stability and future growth.

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By Jeff Klump • 07 Nov, 2023

Now more than ever, brand consistency is of utmost importance to financial institutions. Creating brand consistency goes a long way in building brand trust, increasing customer/employee/community loyalty, and impacting your bottom line. Why is there so much brand inconsistency in the community banking landscape? Because being brand consistent requires change and commitment, and it can be tedious and expensive. Taking the first step is often overwhelming. Where do you start? What do you update first? These are excellent questions, but there are other important questions to consider. What is the cost of NOT getting brand consistent or what is the cost or potential loss of creating brand confusion? Inconsistencies are costing your bank time and money. Not practicing brand consistency will cost you significant consequences to customer experience, brand reputation, and overall loss of trust – all of which can impact your bottom line. Conflicting brand usage accounts for a damage to brand credibility, making it harder to compete in the market. As K4 gets ready to hit the road in 2023, presenting at various community banking conferences on this topic, we thought it was important to preamble this timely subject of the Financial Success Puzzle. At K4, we define the Financial Success Puzzle as a 3-piece formula to creating and maintaining brand consistency for community banks. This formula is simply the act of connecting people to place and connecting brand identity to place. Many retailers have capitalized on this concept for years. Your branch facilities, marketing & people MUST work together to create stability and not only that…they must be triplets, not just siblings. They can’t just resemble one another; they need to be nearly identical in their delivery.

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By Jeff Klump • 08 Dec, 2022

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By Jeff Klump • 07 Nov, 2022

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