Back when I was a buyer for a large department store in Miami, Florida, on the wall behind my desk hung a cut out piece of felt that had a saying on it that read ” You have to spend money to make money”.
At the time retail was struggling and many retailers were cutting back on the quantities of merchandise they would buy to stock or inventory the stores with. As well they were slashing prices every time a competitor blinked or with each day that passed and sales goals were not being met.
I wasn’t any sort of genius, I just felt that slashing prices and the inventory that you stock your store with was only going to detract the customer, not attract them. Who wants to shop in stores with little inventory? So, against management direction I continued to buy inventory and large quantities of it, continued to promote without heavy discounts (just fair prices) and continued to advertise and market when everyone else was backing off.
That year, especially during the holiday time period (and black Friday) while other retailers, and even departments in my own store, were falling short of sales and exceeding costs, my sales numbers were being blown out of the water while making a profit.
Like I said, I wasn’t a rocket scientist. I just saw that people will still come and buy if you have what they want or need, at a fair price, and you tell them that you have it (let’s not forget to continue marketing, no matter what).
So here are some tips for you:
Do not fall prey to the lack of sales or customers running to your door. Or your competitors fearing for their business so they are slashing prices, big! Do not become the desperate business owner who will take any dollar as long as it is a dollar. This is the time to study what your customer wants and give it to them.
Times are tough right now and folks feel (remember their emotion) they need to watch their money. But they will still buy your product if you have what they need and they feel it is at a good price.
So, do your homework. Talk to your customers, find out what they want, what they don’t want, and at what price are they willing to pay (you can do that by being in the store or office and talking directly to them, email them a quick 3-5 question survey, have a survey available in your store or office). Find out what they want and then give it to them.
Lastly, do NOT cut off all of your spending on buying products, advertising and marketing them, and getting out in front of your customer. Trust me, if it is not you that continues to INVEST in your business, your competitor will, and they will be the one top of mind when your customer wants to spend their money.
Go spend your money, do it wisely, and watch that investment create big returns for you now and going forward.
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As President of The Boas Group, based in Atlanta, Georgia, Bernadette Boas is “a ball of fire” who compels businesses to excel in achieving their companies’ and their personal superior financial goals.
Energy, passion and a wealth of corporate and entrepreneurial experience characterize her current business consulting, coaching and public speaking practice, extending her business into a global media communications firm that includes radio, television, books, CD’s and other educational medium.
Powered by Focal Point International, the business coaching and development organization of world-renowned speaker, author and coach, Brian Tracy, FocalPoint Coaching of The Boas Group deploys its knowledge, expertise, tools and leadership to help clients increase productivity, outperform the competition and reach new heights of success.
Two corporate decades of driving change and delivering significant revenue increases to Fortune 1000 retailers such as Wal-Mart , Federated Department Stores, Office Depot, Sears, and others, as well overseeing a Global Professional Services Organization Development team, have culminated in a consulting, coaching and public speaking practice that provides its services to new start-ups and established small and midsize businesses.
Bernadette Boas is a member of the Metro Atlanta Chamber of Commerce, the Atlanta Business Alliance, Atlanta Women in Business, the Buckhead Business Association, Women Leadership Exchange, and the National Association of Professional Women. She is active with the Junior Achievement’s Fellowship Program, Toastmasters International, and speaks about “Creation of the Entrepreneur™,” to groups and companies of all sizes, at colleges and universities, United Way and Chamber of Commerce events, and business and association meetings.