For those unfamiliar with this "Philly landmark", Franklin Mills is considered to be the area's first huge outlet shopping mall. It was marketed as a "destination" and "a mall to end them all" when it opened in 1989.
Well, much has changed since 1989. In addition to the economic turndown of the mid-2000’s, outlet shopping became commonplace and the novelty wore off. Looking to “reinvent itself”, the property's management redefined its value proposition. Rather than a theme-park like destination, they now are repositioning the mall as offering “budget-conscious shoppers more selection for less."
What lessons can be learned from the rise and fall (and perhaps re-birth) of the Franklin Mills Mall? Customer needs evolve and change. What was once a novel idea can become not so "shiny and new" over time. Companies must continually evaluate customer needs to determine if they are still being met.
Has your industry changed since your company’s value proposition was first defined? Do customers have offerings similar to yours or perhaps other means to achieve the same goal that does not require your product or service? Periodically it’s important as marketers to review our value proposition to see if it’s still on target. When was the last time you asked the question “Do we need to re-invent ourselves?”
Photo credit: http://www.philebrity.com/
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