A few years ago I spoke at a convention in which another speaker did a workshop on creating customer experiences. His showcase company was Barney New York, which he presented as being cutting edge cool. He compared it with what he called the tired, old school style of Nordstrom, which he said was “absolutely yesterday.”
Flash forward to today. Nordstrom just had one of their best quarters in years. Barney New York is in talks with bankruptcy attorneys.
Cool, edgy, wow………they can make for fun customer service stories. But don’t ever confuse “cool” with being profitable and the ability to sustain that profitability. If you win on the the basics – you win.
Note: I didn’t say “if you are competitive on the basics” – I said “if you WIN” on the basics – you win. Period. About that there can be absolutely no debate. Put a cherry on top of the fundamentals with “cool factors” – I’m all for it. But first, win on the fundamentals.