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Introduction
The local Walmart store is expected to improve its performance standards. According to the recent balance sheets and statistics, the company remains stable in the last 3 years ( WMT | Walmart Inc. Annual balance sheet WSJ, n.d.). However, the performance of individual locations fluctuates more rapidly than that of the entire brand. From a perspective of a marketing manager, the need for change in the stores operation is evident, as the current revenue stream and customer base are not sufficient.
Marketing Channels
The improvement in Walmarts performance lies in forming a better relationship with its local community. A stronger connection with the people will possibly strengthen catalog direct marketing and event marketing. Strategies centered on community engagement expose more potential clients to the stores selection and expand the reach of Walmarts other types of advertising.
Advertising in Community Centers and Gathering Locations
Certain communities of people have a strong connection with the Walmart brand. According to studies, the massive closing of Walmart stores in 2016 severely affected rural and poor areas, which depended on the store for daily living (Meko & DePillis, 2016). Using community gathering spots and other crowded spaces as sources of advertisement, or actively collaborating with such locations can drive more traffic to Walmart.
Improving Standards of Service, Product Selection
The quality of Walmart stores across the country varies. The product selection, quality, and other considerations can change depending on the location, which contends with Walmarts goal of giving all customers good products (Taylor, 2016). Therefore, the quality improvement program should focus on monitoring the store for better product delivery times, optimizing product selection, and customer satisfaction.
S.M.A.R.T. Goals and Evaluation
The above goal was chosen because it accurately estimates the success of the aforementioned intervention plan.
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Specific: Walmart will hold community-related marketing events at various locations twice a month.
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Measurable: The profitability of the events, along with other measures, will be tracked through monthly accounting
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Achievable: Walmart has previously collaborated with organizations and non-profit entities, making this effort a step in a similar direction
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Relevant: Walmart needs to improve its revenue and attract more customers, goals that can be achieved by improving exposure
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Time-bound: The change strategy will take no more than 60 days
Conclusion
In case no changes are seen throughout the evaluation period, other strategies for improving store performance will be devised instead. Potential new approaches include changing local food pricing, running social media advertisements, and hiring influencers to promote Walmart.
References
Meko, T., & DePillis, L. (2016). Poor, rural areas will be most affected by Walmart closing 154 stores. The Washington Post.
Taylor, K. (2016). A study reveals a disturbing trend about Walmart locations across the US. Business Insider.
WMT | Walmart Inc. Annual balance sheet WSJ. (n.d.).
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