FSP Retail

FSP Retail Blog

Retail Data, Research and Consultancy

Posted At : 17 June 2010 14:04

In business, the only reason to spend money is to increase profit. The expenditure is either to reduce costs or to improve revenues. The most successful FSP work yields returns that are many multiples of its cost. Internal FSP analysis shows a clear and direct link between client returns and the depth of FSP involvement, the strength of the client relationship.

There is a distinction between data, research and consultancy. The difference can be illustrated by analogy. Data can be compared with the soil, research with the seeds that grow from the soil and consultancy with nurturing the seedlings from germination into healthy plants. Consultancy is therefore a service that cannot be done in isolation. The provision of a service immediately creates relationship. Continuing the analogy, both in specifying the seeds to be planted and in creating the environment within which the seedlings can grow, there needs to be liaison with the landowner or his manager.

Running a business is a team effort. New members need a time of induction and familiarisation. Why should it be different for external service suppliers? Since few of us have experience of working with a gardener, perhaps another analogy would be helpful. Most people prefer to have their hair cut and styled by a specific person with whom they have an on-going relationship.

As I write these words, a colleague is holding her monthly drop-in “surgery” in the offices of a client. As part of the service, FSP makes time available to answer questions and contribute ideas on topics raised by members of the client team. It’s a great way to build relationship to the mutual benefit of both parties. It allows the FSP input to be more fully explored and more widely applied when there is a strong and on-going relationship. It is no coincidence that the FSP work for this client is worked harder and has thus yielded returns that are amongst the highest.