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We looked inside some of the posts by traderjoesstores-blog and here's what we found interesting.
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Advertising
Post 13: Promotion
If there’s one area I feel Trader Joe’s lacks in, it’s their advertisement for the company. Although Trader Joe’s has an Instagram and Facebook pages for individual stores, I feel as though they could do more to increase their advertising. Trader Joe’s main form of advertising to its customers is through their weekly Fearless Flyer newsletter, which can be found across several mediums such as online, in stores or through mail delivery (Fearless Flyer). Their Fearless Flyer provides a form of informative advertising as well as a reminder advertising. Since they are a conventional supermarket, the Fearless Flyer is created to be a product-focused advertisement, which is why it provides information about the products, as well as reminder customers of foods they can purchase at their stores before upcoming holidays or events.
https://www.traderjoes.com/fearless-flyer
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Distribution
Post 12: Place
Trader Joe’s uses exclusive distribution to disperse its products. Since the products sold in their stores are private-label brands, Trader Joe’s does not sell to anyone other than their own stores to keep their label more exclusive. Although there are third-party stores selling to Trader Joe’s through intensive distribution, those third-party stores technically lose that ability because they are in contractual agreement to not share that they are selling to Trader Joe’s (Dixon, 2017). Trader Joe’s is considered to be a conventional supermarket since it provides a variety of food products, along with a small variety of beauty and home products such as cleaning supplies.
https://www.eater.com/2017/8/9/16099028/trader-joes-products
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Trends/Pricing
Post 11: Trends/Pricing
One trend that is on the rise, that may be a threat to Trader Joe’s, is the new demand for dietary specialized food products. With a rise in new food diets such a vegan, paleo and gluten-free, many people are looking for easy access to food items, either pre-made or individual ingredients, that are specific to those diets. This poses a threat for Trader Joe’s with the expansion of Whole Foods stores across America. Although Trader Joe’s provides organic foods, as well as a selected amount of specialty foods, Whole Foods provides a wide variety of these products and mainly focuses on the selling of specialty food products. An opportunity that Trader Joe’s has in its favor is the affordability of its products when compared to other Whole Foods products (Lee, 2017). This is because Trader Joe’s has the ability to provide Everyday Low Prices for their customers due to the fact that they are a private-label company.
http://www.businessinsider.com/whole-foods-prices-compared-to-trader-joes-2017-4/#organic-bananas-5
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Customer Service
Post 10: Services
Although Trader Joe’s is a grocery store that focuses primarily on providing and selling tangible products to customers, they also put a focus on customer service, which is an intangible service that all customers will experience while shopping in their stores. Trader Joe’s always makes sure there isn’t a delivery gap when it comes to customer service. Their employees are always greeting customers with a kind smile and friendly welcome and never cease to provide that. Although customer service is intangible, this is a main reason customers keep coming back to shop at Trader Joe’s. Each Trader Joe’s location makes an effort to listen to their customer’s feedback and try their best to make the changes. In Reno, Nevada, a customer made a request for a specific soy ice-cream cookie that she had tasted at one of the branches in Southern California (Jaiswal, 2017). The Reno branch listened to her request and stocked their store with that specific product in hopes that she would be provided with excellent customer service.
http://customerthink.com/how-trader-joes-provides-excellent-customer-experience-consistently-4-key-takeaways/
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Branding
Post 9: Branding
When it comes to Trader Joe’s branding, there seems to be a lot of mystery behind this private-label company. Many of its customers are captured by the idea that Trader Joe’s is a private, more exclusive brand company, portraying their items as specialty products. Trader Joe’s does a great job creating brand association through the customer’s experiences in their stores. Trader Joe’s focuses on making their store feel like a small-town grocer. They put a focus on a casual, at-home feel by having all their employees dressed in Hawaiian style shirts or their casual Trader Joe’s wear. They also create brand association by having all their products as private labels. This makes the customers feel as though they have left the big city and entered into a quaint, local grocery store that you would see in a movie. Trader Joe’s also does a great job at creating brand equity, although most customers may be unaware of this. According to eater.com, Trader Joe’s products are supplied by third-party vendors that agree to sell their products under Trader Joe’s label secretly (Dixon, 2017). This means Trader Joe’s customers are getting some of the same products that other big name grocery stores sell. However, customers believe that these items are privately produced by Trader Joe’s, which creates more value for these products because they are “more exclusive”(Dixon, 2017). Trader Joe’s also creates brand extensions for their products by labeling them all under Trader Joe’s private-label name, but providing different variety of products, from dairy and meat to beauty products.
https://www.eater.com/2017/8/9/16099028/trader-joes-products
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Packaging
Post 7: Packaging
If you look below, you’ll see a few examples of Trader Joe’s packaging for items. All of these items are examples of secondary packaging. Trader Joe’s makes an effort to have their company on the label, since they are a private label company. However, they make it a little more creative by giving slightly different names for the labels depending on the type of product that’s trying to be sold. For example, below there is a photo of Trader Joe’s olive oil, but they’ve changed Trader Joe’s to Trader Giotto’s to go along with their line of Italian products. Trader joe’s makes a lot of their packaging with fun fonts and colors to attract the eye of customers.
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Who Do They Want?
Post 5: Target Market
Taking a look at the demographics and psychographics that Trader Joe’s focuses on, can help us better determine who their target market is. According to InfoScout, from 2014 to 2015, the most common gender to shop at Trader Joe’s stores were male. The average age of their customers being under 24 or between 35-44 years old. Another key demographic of Trader Joe’s customers is their income. Most shoppers at their stores average an income of more than $125k per year. Although Trader Joe’s does focus on providing low costs for their products, they still have high quality products, which means their prices can rarely beat somewhere like Walmart, which has low quality, low prices products. Therefore, Trader Joe’s focuses it’s target towards middle and upper class individuals, who can afford the costs for higher end products. I think one way Trader Joe’s reaches out to their customers through psychographics is through lifestyle. Trader Joe’s has always created an environment that is small, cozy and laid back. With many of their products being organic and health oriented, they are able to reach the growing number of people who are taking on the all natural holistic lifestyle. They dress their employees in Hawaiian shirts, giving the atmosphere a relaxing, care free feel.
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SWOT pt. 2
Post 4: SWOT
Trader Joe’s has several opportunities to strengthen their internal environment. However, I believe that choosing to expand geographically would be the best choice for success. As stated in the previous post, most participants of the Market Force Information survey voted convenience of location as their top reason to consider shopping at a store (Heller, 2013). Trader Joe’s currently has around four-hundred stores across the U.S. (Heller, 2013). Although many of Trader Joe’s customers were able to overlook the inconvenience of locations for their stores because of the success in their product and customer excellence, providing convenient locations could bring more success to their company. If Trader Joe’s were able to expanding their locations geographically, they would be meeting the wants of customers from the survey and could potentially attract new customers.
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How do they do it?
Post 3: Strategy
In a study conducted by the Market Force Information, customers voted convenience of location to be the top reason why they consider shopping at a grocery store (Heller, 2013). However, this isn’t the case for Trader Joe’s, which has been voted the top grocery store several times, yet only has four-hundred stores in the U.S (Heller, 2013). Trader Joe’s has the ability to maintain a sustainable competitive advantage through their product excellence and customer excellence.
The company emphasizes their product excellence through their diversification strategy. Trader Joe’s provides a competitive advantage with their products by selling in-house products (Lutz, 2014). They sell their own private label which provides them with cheaper sale prices as well as unique products that you can only find at their stores. This includes their famous cookie butter and their marinated meats made specifically with their own store recipes. They’ve also began to implement product development by offering more and more organic products and all-natural foods and products to compete with stores who have the same focus, such as Whole Foods (Lutz, 2014). However, Trader Joe’s makes an effort to provide lower prices to their customers for these high-end products. Thanks to their diversification strategy, they are able to give customers lower prices for these products because of their private label.
Along with their product excellence, Trader Joe’s also provides customer excellence in all their stores. They put a focus on providing the best customer experience in their store. With quick check out lines, friendly associates and a clean environment, Trader Joe’s easily reaches the goal of pleasing their customers.
Although Trader Joe’s may not be able to provide their customers with convenient locations, they have found a way to maintain a sustainable competitive advantage through product and customer excellence.
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The Branding of Trader Joe’s
Post 2: Brand
With over 457 stores across the U.S., Trader Joe’s still keeps a local business feel to their stores in every location (Investopedia, 2015). They focus on providing goods to customers that are high in demand yet affordable, giving them value. Trader Joe’s maintains their small business feel by keeping their company private instead of public (Investopedia, 2015). According to Investopedia (2015), Trader Joe’s being a private company eliminates their need to constantly be growing (Investopedia, 2015). This allows them to focus more on being a ethically and socially responsible company. They don’t have the pressure to give up some of their core company values in order to please their shareholders. (Investopedia, 2015). About 23 years after the start of their company in 1967, Trader Joe’s established their missions statement (Trader Joe’s, 2017). According to Trader Joe’s website, their mission statement, developed during their planning phase, is the following: “The mission of Trader Joe's is to give our customers the best food and beverage values that they can find anywhere and to provide them with the information required for informed buying decisions. We provide these with a dedication to the highest quality of customer satisfaction delivered with a sense of warmth, friendliness, fun, individual pride and company spirit (Trader Joe’s, 2017).” Trader Joe’s effectively puts their mission statement into action.
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Why Trader Joe’s?
Post 1: Trader Joe’s
Known for it’s affordable prices and carefully selected, health conscious products, Trader Joe’s is a supply chain that is quickly on the rise. With their small store environment and selective yet satisfying amount of products, you can’t help but feel as though you're in the general store of a quaint little town. They have a focus on creating value in their products by selling all their items under their store name. Trader Joe’s captures the idea of product excellence in every item on their shelf. They provide customers with several products that are high in demand and benefiting to your health, at an affordable price, which makes these items valuable to the customers. Trader Joe’s has also captured the idea of customer excellence. With every Trader Joe’s you walk into you can be guaranteed a warm smile, friendly greeting or an employee willing to help assist you. When you’re curious about products in their stores, you can look to The Fearless Flyer, which is their promotional tactic to communicate value to their customers. Overall, Trader Joe’s is quickly becoming the favored store by others and I can’t wait to share more with you about how they are achieving this.
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