Tuesday, March 27, 2012

Retail advice from a master

Recently, I read an article in CNNMoney about Maxine Clark – the founder of Build-a-Bear.  After a successful career at Payless Maxine went out on her own and created a widly successful retail concept, Build-a-Bear.  Check out the article here if you have a chance but I loved the advice she gave at the end of the article – Enjoy!

Maxine Clark’s advice on running a retail store:

Take your employees seriously. Every six weeks we do Chief Chat at headquarters. Employees can ask any questions they want. We get good feedback and understand what matters to our associates. We also do remote conferences with people in the stores by Skype, and I go to the stores all the time.
Write the biggest business plan you can. You can always cut it back. The first purpose of the business plan is to convince yourself that it's an idea you really want to do. If you're not convinced, you'll never be able to convince anyone else.
Understand the value of partnerships. In the beginning, our vendors were willing to make a couple hundred pieces of everything. Normally they wouldn't do such a small amount. But then they benefited from our success. Always ask, What can we do together to get more than our money's worth?

Happy Monday!

Friday, March 23, 2012

The Stock Flock is LIVE!

So excited to announce that today, The Stock Flock is live!  Check it out and sign up to be a partner.

Happy Friday!

Wednesday, March 21, 2012

What do your customers really think anyway?

We all know what we know and we don’t know what we don’t know.  Simple, right?  The internet, however, has really changed the “what we don’t know” and transformed it instead into the “what we can know but don’t want to”.  I recently came across this great article on the American Express website that has some good tips on how exactly to understand where your shortcomings might be with your customers by using short and simple surveys.  Knowing after all, is the first step, right?

An excerpt from: 4 Simple Waysto Find Out What Your Customers Really Think  by Rieva Lesonsky

Get online. Consumers overwhelmingly prefer tech when it comes to surveys; 91 percent cite “smartphone,” “Web” or “SMS” as their preferred methods. Just 4 percent like mail in surveys, and a mere 1 percent want to be surveyed by phone. There are many low- or no-cost online survey tools out there. Zoomerang  is one I like that lets you do surveys online, on Facebook, or by mobile device and offers both free and premium plans.

Keep it short. How many times have you started to take an online survey only to get bogged down in a seemingly endless series of screens? The Cint survey found shorter is better. Forty percent of consumers will spend one to five minutes taking a survey; 30 percent will devote up to 10 minutes; and just 13 percent are happy to spend over 20 minutes. (I’m surprised that number is so high.) Remember, people are busy, so keep it short and simple.

Offer incentives. If your survey is short and focused on a topic (like customer satisfaction) that customers believe will ultimately benefit them, you may not need to offer a reward. But if you’re conducting a lengthier survey or doing market research to assess a product or service launch, some type of “carrot” might be necessary. Money (no surprise) is the best motivator for 55 percent of the respondents in the Cint survey, while 34 percent want free products and 6 percent are okay with vouchers. (If you offer a chance to win a prize, make sure you are following contest/sweepstakes rules in your state.)

Act on what you learn. There’s no point to doing a survey if you ignore the results, and keep doing what you’ve always done. Plus, in today’s socially-connected world, people who’ve taken the survey are likely to talk about it. Assess your survey results and use your customers’ feedback  to make changes where they’re needed. Even if the results show that your customers are happy, you’re not home free. You need to regularly poll your customers to keep them satisfied.

In addition to surveys, make sure you have a google alerts set up for your name as well as your store.  It also is a good idea to set these up for your top selling lines.  A great blog post or email to your customers can be simply letting them know about the great things your highly curated lines are up to these days (followed by some sort of incentive to get them in your store of course doesn’t hurt either!).

Feel free to leave any other ideas below in the comments section!

Friday, March 16, 2012

The hard part – making those goals stick!

In light of Wednesday’s blog post, there was recently an article posted on Amercian Express’s Open Forum listing apps that help people stick to goals.  I thought some of these were excellent and some not so much but a good Friday read for sure!

Happy weekened!

1. Stickk was developed by Yale University economists to test "Commitment Contracts" and you can enter your goal or new habit within seconds of landing on the homepage. Then you register and start committing. They have exercise, quit smoking, race and custom goals. Price: Free.
2. 21 Habit is named after the standard (or not so standard) wisdom that it takes 21 days to make or break a habit. This is the neat part: You can create your own 21 day challenge and deposit $21. For every day you are successful, you earn your dollar back. If you don't succeed, 21 Habit donates your dollar to charity.
3. 43 Things is one of the more popular goal-setting and new habit sites with over three million users. Their tagline says it all: "Changing your life is hard. Doing it by yourself is harder." You set three goals, share your progress and people cheer you on. Simple, right?
4. Joe’s Goals works like a log book. You list out what you're doing, positive or negative, and keep track of your progress on this super simple checklist. There are lots of positive reviews about it.
5. Beeminder calls itself the "Stickk" for "data nerds." It is also similar to 21 Habit in that you can pledge real cash to keep you on target. It then displays a cool, colorful chart to show your progress.
6. Lifetick looks like a project manager's way to new habits and goals. You chart out all the tasks that you need to complete to reach the goal or establish the new habit. Free, but has a $20/year version. It uses the S.M.A.R.T. approach which stands for Specific, Measurable, Achievable, Relevant, and Time-Specific.
7. Habit Forge lets you go solo or join a group. It is a 21-day challenge and they send you an e-mail every day to keep you devoted to your task. You have to respond to the question: "Were you successful; yes or no." Free version is ad-sponsored. $9.95/year to go without ads and unlimited new habits.
8. Commitie (pronounced committee) lets you set your new  habits, commit, get e-mail reminders and earn points. It wasn't quite clear what these points do, but who cares—you get points. Everyone loves points. Make sure you check the boxes to keep commitments private; default is public. I liked the dashboard, site setup and that it shows how many other people are working on that same or similar goal.
9. Goals on Track starts with "A systematic approach to achieving more by doing less." It uses the S.M.A.R.T. approach and has a lot of tips and ideas on it's blog. $68/year with 60-day guarantee.
10. Don’t Break the Chain catches your attention because it allegedly comes from comedian Jerry Seinfeld who would use a big red X on a calendar to show his progress. Because he, and you, wouldn't want to break the chain of success, you keep at your new goal. It appears to only work with Google Chrome or iGoogle.
Not to miss out on the mobile apps, here are several iPhone and iPad versions as well as Android ones that can keep you on track. There’s even a Kindle Fire app for those folks on the Amazon Android platform.
In the iTunes store, you can find The Habit Factor for $6.99 and Habit Maker Habit Breaker for free. If you want to peruse a bigger list, AppAdvice offers its list of habit building apps. You can also get The Habit Factor on the Kindle (Android version) for $4.99. Plus, there's Habits Free by Doboko for $2.00 in the Android Market.
I was mostly looking for apps and tools, but I couldn't resist adding this time management technique called Pomodoro. I mean, after all, it's a cool name and you can mystify co-workers with "I can't talk now I'm doing my Pomodoro." The premise is you use one of those tomato looking timers to stay on task for a set amount of time. So, if you're goal is to read email for only 15 minutes you might use this method. There's an app for it, too.

Wednesday, March 14, 2012

Employees – your first brand ambassadors

Recently I read an article about the 5 fastest ways to turn offyour customer and they were all related to the experience (or lack there of) provided by the employees.  This is an interesting concept since having physical sales people is one way to differentiate a brick and mortar retailer from its online counterparts (see Tuesday's post). Just for fun, how many of the 5 ways apply to your store?

  1. Employee Chatter 
We’ve all been privy to the date that so and so had last weekend or current drama in someone’s life but when serving a customer, this is clearly not what they want.  They have their own drama and are coming to you to forget about it.  Let them and make sure your staff is on board.
  1. Phone etiquette
Although answering the phone is not a huge priority for a small retailer.  Make sure a few things happen.  1. Train your staff about answering the phone.  Tell them everything from exactly what to say:  Thank you for calling (insert store name here).  This is (insert name here) how may I help you? 2.  Make sure the message on the machine addresses a. why you can’t answer the phone and b. basic details they might be calling about such as hours, location, and basic directions.
  1. Mobile ADD
100% of the time – no phones allowed on the sales floor – period!  No exceptions!
  1. Inconsistencies
There is nothing worse then inconsistent service.  Make sure that your employees know the right ways to handle both everyday situations as well as the sticky ones.  Roll play during weekly staff meetings is a great way to address any issues that have come up as well as a practical way to inform the staff about how they should handle certain things.
  1. Greeter
Somebody must say hello when a customer walks in the door.  If Walmart can do it, anybody can.

How did your store fare?  Do you know for sure?  Try calling the store and see what happens – just for fun!

Its one thing to know what rules to make but the more difficult side is how to train your employee to go from just that to a brand ambassador.

Achieve Results.  Empowerment, training, and goals go a far way.  If an employee owns a project or at the very least feels as though their work and ideas lead to the ultimate success of a project, they are more likely to jump in and foster the results that you as a business owner wants.  While there is a lot written about goal setting and how to actually achieve results, I like the SMARTE goal setting method:
            S= Specific.  Goals need to be clearly stated 1-2 sentences
M= Measureable.  A goal is measureable if a specific outcome is to be achieved.  The more quantified a goal, the more measurable the outcome will be.
A= Acceptable.  Goals must meet the criteria of what your store or brand values.  If the goal is not inline with these things, it’s not worth having.
            R= Realistic.  A goal must be attainable even if it’s a stretch.
E= Extending.  It should be realistic but difficult to achieve.  A goal should be stretching a person’s capabilities.
            *=Within an appropriate timeframe.  There always needs to be a deadline.

Maximize Performance.  Make sure the reward is worthy of the effort you desire your employees to put forth.

Recognition.  Make sure that the effort an employee is displaying is being rewarded and noted along the way.  This goes a long way and is extremely powerful.

Enliven Energy.  If a customer wishes to spend time in your store, that is a good thing.  If your employee wants to spend time there, it is a great thing.

Leverage Strengths.  Sometimes what you the boss wants someone to be good at and what they are actually good at don’t mix.

Make meaning.  People are employees and as people we all want to be part of something special.  Be open and honest with your team about sales goals and certain accomplishments that you are striving for and include them on the brainstorm.  If they feel part of a whole, they will put forth their best effort.

Enhance well-being.  Make sure that all aspects of a toxic work place are dealt with.  Sometimes this may be an employee, a customer, or a vendor but whatever it is, don’t be afraid to take action and let your employee’s know that you have their back.

It’s important to take some time and have some goals.  That’s the only way to improve on last year’s sales and to figure out exactly how that will happen.

Good luck!

Tuesday, March 13, 2012

Bricks AND clicks?

In 1744, Benjamin Franklin sent out the very first catalogue in the United States selling scientific and academic books.  Next came Hammacher Schlemmer  In 1848, and then the true pioneer of modern day direct to consumer cataloging, Montgomery Ward in 1872.  Why is this important?  Multi-channel retailing has been in existence for a very long time however, the advent of the internet has made the scope and reach of “omni” retailing more prevalent.  So the question is, why has the internet got everybody so scared?

Believe it or not, brick and mortar retailers have co-existed with these other types of retailers for longer then we typically consider.  In an era dominated by online shopping, mobile technology, tv shopping, catalogues, and other types of media shopping events, it’s easy to feel as though the brick and mortar retailer is being targeted for extinction.  I however, don’t think that will ever happen simply for the reason that people like to shop, immediate gratification is king, and nothing replaces the sense of touch.  Here are some tips for playing to the strengths of your brick and mortar store.

  1. Diversify.
Diversity can be in the form of products, store fixtures and layout, or the way you create a customer experience.  Change things up every once in a while as far as product lines go but also in way of promotions, events, and store partners.  Events drive a lot of business for most retailers and help create the certain “experience” that your customer craves when visiting a boutique (afterall, that is one of the main reasons they shop with you and not at Macy’s, right?).  Partner with local charities, have a new season kick off tea with your top 10% customers, how about a wardrobe consultation from an expert, give a seminar on the best trends you found from fashion week.  Do things a little differently the way only a brick and mortar store can.

  1. Customer loyalty
Customer loyalty and experience go hand in hand.  If you don’t have a loyalty program, try outsourcing.  There are some great technology companies starting to blaze this trail for you.  Belly is a great Chicago startup doing some amazing things with customer loyalty programs.  Additionally, spend some time researching some innovative retailers and their customer loyalty programs such as Lululemon’s ambassador program They seek out their “influencer” customers and empower and incentivize to influence their friends, customers, and family about the Lululemon lifestyle.

  1. Inventory management and vendor relationships
“Whatever priorities retailers set, their physical stores are likely to shrink as the share of sales made online keeps rising. Retailers in America have a surfeit of space. Between 1999 and 2009 the amount of shopping space per person boomed from 18 square feet to 23 square feet. The productivity of that commercial acreage slumped after the financial crisis and shows no sign of recovering.” Taken from TheEconomist

As offered in the quote above, an increase of 5 square feet per person in 10 years is astronomical.  This increase in spending has been self regulated and accelerated through the economic downturn.  The shrink in spending really leads one to think that every inch of space in a boutique counts and how that space is utilized will determine the outcome of the retailer.  Is square foot analysis a metric you look at monthly?  Maybe it should be if it isn’t.

Supply and demand is an economic law that is not easily understood and most likely, this is the most challenging part of your business.  Keeping the right amount of inventory in stock as it relates to your customers is extremely hard to predict especially as projections must be made up to a year in advance.  In order for the relationship to work for both the retailer and their supplier, both parties must try to understand the difficulties of the other party.  Working with your vendors is a must in this economy as having the right inventory in stock at all times is key in this very digital age.  Mobile technology companies are starting to spring up and go after unsatisfied brick and mortar customers who would like to make a purchase but either a. the item is missing from the store’s shelf in the size or color they need or b. they will help the customer find the lowest price either online or around the corner.  At The Stock Flock, we attempt to give the power back to the retailer while helping them to use the internet to their advantage.  By placing available inventory online from existing vendors, The Stock Flock allows the store to complete a purchase regardless of whether or not the item is hanging on the floor. 

Here at The Stock Flock, we encourage all retailers to embrace technology and use the benefits that come with a brick and mortar store to your advantage.  Check us out and if you like what we do, feel free to send us your contacts at your vendors and we’ll do the talking for you!

Friday, March 9, 2012

Adding structure to your day

Happy Friday!

I'm not sure about you, but some weeks I find focusing on tasks at hand more difficult then it should be.  I recently came across this list of ways to improve productivity in the  March 2012  print edition of  Entrepreneur  and I thought I'd share it with you as good tips for your next week.

Zero-tolerance list
Make a list of things you need to stop doing so you can devote more time and focus to your business instead. My list includes: Refrain from checking Twitter and Google+ in between tasks, stop saying yes to writing book forewords when my own book's foreword isn't complete and put a halt to my Pavlovian response to e-mail alerts.

The rule of thirds
Start tracking your time. The goal: Dedicate one-third of your day to prospecting for new buyers, one-third to executing business tasks and the remainder to supporting existing customers. Most people tend to focus on one or two of these areas and forget the other. I prospect and execute, but I don't devote enough time to nurturing my community. Which one is your weak spot?

5 people to thank
Who are your top five customers right now? Start sending each one a regular personal note to check in and find out how you can help them. It's just five people; it won't zap too much of your time. If you keep them top of mind, they'll return the favor. (However, if you feel one beginning to shy away, back off. You don't want to hound your customers, either.)

30 minutes of media
Take 30 minutes twice a week to shoot and post a personal video message to your community (or your prospects or employees). It can help drive customer perception of your company and potentially create new leads. The video should be shorter than five minutes. Write a brief dialogue before you start to clarify your thoughts, then look into a camera--even the webcam built into your laptop--and speak your mind. Also, consider interviewing staff members or customers about your company; ask them about their success, not about your products.

10 replies a day
President Obama responds to 10 written letters every workday. It's one of his rituals--and it's just plain smart. Put the practice to work and commit to replying to at least that many e-mails, blog comments or tweets each day. This simple gesture improves loyalty.

Happy weekend!