Transcript Whalin,George-Strategies

Strategies for
a Changing
Retail World!
Challenges for Music Retailers
1.
2.
3.
4.
A Very Different Economy
Consumer Spending
Fierce Competition
Profitability
Change!
Challenges for Music Retailers
5. A Motivated Staff
6. Reaching and Moving
Consumers to Action
7. Past Success
The Lack of Desire
or Inability to
Change!
“It is not the strongest
of the species that
survive, nor the most
intelligent, but the
ones most responsive
to change.”
–CHARLES DARWIN
What Needs to
Change in
Your Business?
Strategy!
Successful Retailers…
…Constantly Analyze, Evaluate and
Improve Every Policy, System,
Procedure, and Business Activity that
Impacts Store Performance and the
Relationship with Customers.
Performance
Improvement
Performance Improvement Tools
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Traffic Count
Conversion Rate
Number of Daily Transactions
Average Sale Amount
Average Number of Items
Pricing Strategy
Performance Improvement Tools
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Inventory Management
Turn Rates
Margin Evaluation
Merchandise Presentation
Constant Sales and Skill Training
Special Events
The
Secret!
What Are We Going to Do
Today to Increase Sales,
Maximize Profits and Better
Serve Our Customers?
STRATEGY NUMBER ONE
Constant
Improvement!
Constant Improvement
• Focus on Policies, Systems,
Procedures and Business Activities
• Know Everything about Your
Customers
• Under Promise and Over Deliver
• Improve Vendor and Customer Relationships
Successful Retailers…
…Do Everything Possible to
Distinguish Their Store,
Merchandise, Marketing and
Service from the Competition.
Constant Improvement
• Overwhelm Your Customers with
Service
• Explore Compatible Partnerships
• Expand Your Reach with a Web Site
that Customers Must Come Back to
Again and Again
STRATEGY NUMBER TWO
Distinguish
Your Store!
What Are You Doing
to Distinguish Your
Music Store?
STRATEGY NUMBER THREE
Distinguish
Your Selection!
STRATEGY NUMBER FOUR
Distinguish
Your Marketing!
Marketing
Everything you do to attract
customers, get them in the
door, and keep them coming
back again and again.
Three Ways to Grow
Your Business with
Distinguishable
Marketing!
#1 Get More New
Customers
• Marketing Plan
• Reduce the Risk
• Maximize Referrals
#2 Sell More to Every
Customer
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Salesmanship
Displays and Merchandising
Special Events and Promotions
Complete Sales
Your Web Site
#3 Get Customers to
Come Back Again and Again
• Customer Relationship
Management
• Targeted Offers Using Your
Email and Postal Mail
Database
STRATEGY NUMBER FIVE
Distinguish
Your Staff!
STRATEGY NUMBER SIX
Distinguish
Your Service!
Successful Retailers…
…Constantly Analyze, Evaluate and
Improve Every Policy, System,
Procedure, and Business Activity that
Impacts Store Performance and the
Relationship with Customers.
Five Things
Retailers Should
STOP Doing
#1
STOP Believing
Everything You Hear
and Read
#2
STOP Ignoring
the Obvious
#3
STOP Looking
Backward
#4
STOP Blaming the
Economy and the
Competition
#5
STOP Thinking of
Marketing & Advertising
as an Expense
Five Things
Retailers Should
START Doing
#1
START Being True
to Your Principles
#2
START Taking a Critical
Look at Every Expense
If It Doesn’t…
1. Get more customers through your doors
2. Better serve your customers
3. Support your employees
4. Directly help grow and improve
your business
#3
START Supporting
Your People
#4
START Fixing
What’s Broken
#5
START Getting Much
Closer to Your
Customers
“If you are driving a
company down the freeway,
and you see your competitor
whiz by you, you can
be sure the customer is
in the car with them.
Probably even driving.”
—GARY HOOVER