How good is your customer service?
The attached graphic should be worth the proverbial thousand words – but since I am not a very good designer, it probably needs some help.
1. Dead contact
The only interaction is by complaint form or voice mail.
2. Dumb contact
There is a person at the other end… but it does not help [...]
Filed under: Customer Service, Management, People, Productivity, Retail Operations | Tagged: Customer Service | No Comments »
Retail Marketing is about delivering a proposition (supply side) that meets a customers needs (demand side).
By now you understand that the proposition is more than product, but the whole ‘package’ wrapped up in price & presentation.
We also know that ‘product’ is not the ‘steak’ but the ‘sizzle’.
That is the supply side taken care of, now [...]
Filed under: Customer Service, Management, Marketing, People, Productivity, Retail Operations, Selling | No Comments »
There are 2 fundamental things to get right when discounting stock. (Quite amazing considering all the mistakes you see around the traps.)
Pick the right product!
Choose products with high elasticity. An increase in price would result in a decrease in revenue, and a decrease in price would result in an increase in revenue. Typically, [...]
Filed under: Finance, Marketing, Merchandising, Productivity, Retail Operations | No Comments »
Some stats for the retail geeks out there
Typical Stockturns: Specialty Retailers
Dairies » 95 x
Butchers » 60 x
Newsagents » 9 x
Chemists » 7 x
Fashion » 6 x
Hardware » 4 x
Jeweller » 2 x
Filed under: Finance, Merchandising, Productivity, Retail Operations | Tagged: Stockturns | 2 Comments »
Cost of sales can typically represent 50% - 80% of a retail business’ cost. It is absolutely imperative that merchandise management strategies are effectively employed to manage this cost. Some strategies require you to (increase sales or) reduce your stock. Such a reduction can be achieved in the following ways:
Sales (up)
Stock (flat)
OR
Sales [...]
Filed under: Management, Productivity, Retail Operations | Tagged: Stockturn | No Comments »
The moment every sales person fears is a price objection: “Why is your price so high? Or “Why do you charge more than your competitor?”
Jerry Weissman coined the term “buffering”, which he describes as paraphrasing the question without the loaded words.
The buffer to “Why is your price so high?” is the salesperson responding:
‘What’s our [...]
Filed under: General, Management, Productivity, Retail Operations, Selling | No Comments »
Managers often refer to the measured outputs of a sales associate (or any employee) as Key Performance Indicators, or KPIs. That is, outcomes are measured in terms of key performance indicators.
Typical KPIs for retail sales professionals usually include:
Total sales
Sales Per person
Sales [...]
Filed under: Finance, General, Management, Productivity, Retail Operations | 2 Comments »
Filed under: Finance, General, Management, Productivity | No Comments »
The formula is: 2 – 1 – 2 = 50. Let me explain.
Increase revenue by 2% (follow the pricing strategies)
Reduce COS by 1%
Reduce Expenses by 2%
A 50% increase in Net Profit can be generated in one of 3 ways:
1. Sell More
Selling more is obviously the domain of:
Advanced Selling Skills
Great customer service
Excellent Merchandising
Marketing & [...]
Filed under: General, Management, Marketing, Productivity, Research, Retail Operations, Selling | 1 Comment »
I am part of a raft of people who are going to contribute towards a book that will be published soon (with all proceeds to Variety, the charity). The topic I have chosen to write on is: The difference between thinking & doing. (I will tell you more about that very soon…)
And dear readers & [...]
Filed under: General, Management, People, Productivity | 1 Comment »
