Understanding the Target Effect and for Application/Product Development [Storytime Saturdays]
How Target became the Taylor Swift of Grocery Shopping: A masterclass in product differentiation in a competitive market
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On Saturdays, I will cover stories/writeups covering various people’s experiences 📚📚. These stories will help you learn from the mistakes and successes of others. These stories will cover various topics like Leadership, Productivity, and Personal/Professional Development. Use these to zoom ahead on your goals 🚀🚀
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The Target Effect is a well-documented phenomenon where shoppers who shop at the American grocery chain Target spend way above what was expected in their shopping trips. Combine this with its relatively premium market positioning in a very cut-throat American Grocery market, and Target has a lot of valuable lessons for those willing to learn them.
Target’s branding and customer loyalty are particularly important in a moat-free sector like Tech, where good features/ideas are often copied very quickly. Today, we will be going over my observations/research into the Target Effect, and how it has carved a very profitable niche in this very difficult section.
PS: The non-Americans here might be skeptical about this, but believe me. I don’t know what Target puts in their scented candles, but people go absolutely feral when they start filling up their shopping carts.
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