Earn more. Learn More. It is that Easy.
Attention retailers: Are you feeling a bit overworked and thinking you are not nearly as profitable compared to the effort you are putting in? While this book will not get the carpet vacuumed or your orders put away, it will show you how to generate a higher cash return and help you achieve the success you do deserve.
This is not another how-to retail book; there are plenty of those. There are no fancy theories or case studies here. Who running a store has time for that? Instead, this is a collection of fun and practical lessons written for retailers - by a retailer. They cover the crucial aspects of your business strategy, marketing, customer service, operations, and employee relations. From them, you will learn how to:
* Instantly drive more traffic, more business, and more loyal customers through your door.
* Create a better ROI for your marketing and advertising dollars.
* Attract and retain the best staff possible.
*Get more cha-ching for your hard work.
* Learn more. Earn more. It is that easy.
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Doug Fleener is president and managing partner of the Lexington MA- based retail consulting firm Dynamic Experiences Group, LLC and is the author of numerous articles on the topics of retail, employee motivation, and customer experiences and services. As the Director of Retail for Bose Corporation, Doug grew the Retail Direct Group from 4 to 100 stores. Under his leadership, the Bose retail stores became one of the pre-eminent specialty retailers in consumer electronics, known for their highly customer focused approach and multi-media Bose Music Theater Show. Doug’s expertise has been cited in The Washington Post, Entrepreneur Magazine, The Christian Science Monitor and The Baltimore Sun. He also publishes two widely read newsletters The Retail Experience and The Profitable Retailer.
As a professional speaker, Doug shares his knowledge of experience based retailing in a series of custom key notes and workshops designed for stores, businesses, corporations, non-profits, and trade associations of all sizes. His casual style and quick wit make him not just a crowd pleaser but also an incredible motivator, encouraging people to take action and deliver extraordinary experiences to customers and employees alike.
Doug currently lives in Lexington, Massachusetts with his wife and two young daughters, where in his free time he barbecues while listening to Jimmy Buffet music.
Patricia Luebke is a New York City-based consultant with more than 30 years marketing experience. Her specialty is small businesses and providing useful information to help these companies become stronger and more profitable. She has written dozens of articles on business and the fundamentals of marketing practice including pieces on media relations, advertising, trade shows, web sites, newsletters, logos, direct mail, and customer communications. Her articles always include business insights, marketing tips and practical ideas all designed to empower entrepreneurs to become better marketers.
The Profitable Retailer is filled with ideas and concepts to keep my creative juices flowing and help me keep my ninety stores going and growing. Whether you have, one hundred, or one thousand stores, this book will help you improve your business/ - JERRY KOHL, CEO, Brighton
I have both enjoyed and profited from Doug's musings for some time now and not just because of his eagle eye and experience with retail, but also because of the warmth and good humor with which he delivers his messages. - MARK AUSTEN, CEO Office Club U.K.
Doug Fleener is a veteran retailer with over twenty-five years of hands-on retail experience with world-class retailers including Bose Corporation and The Sharper Image. His expertise has been citied in The Washington Post, Entrepreneur Magazine, The Christian Science Monitor, and Business 2.0.
1. The Path to Profitability
You might have the best looking store or the busiest. You might have the best location or the best employees. You might have the store with the most inventory or the best customer service. Even better, you might have the store with the best customer experiences. When all is said and done, there are as many ways to be successful in retail as there are retail concepts.
But there s only one way to be a Profitable Retailer, and that s by selling enough product or services to cover the cost of your goods and expenses and have money left over.
Now I m sure you re thinking, "Duh, of course that s the only way to be profitable." You would be amazed, though, at the number of retailers I meet who don t know if they are profitable or not. I actually once heard someone say that they were "successful," but that they didn t "make any money."
Call me crazy, but I believe that the only way to measure success is to measure profits.
We retailers work incredibly hard. Like it or not, we often come home late at night, we leave early in the morning, and we often miss family events, all in the name of running our stores. We deserve a return on that hard work. We work hard to create profits. We risk family savings to go into business. We risk losing investments from family and friends. We mortgage our homes and our futures to open our stores. We deserve a return on that risk. We take that risk to create profits.
Many retailers I meet have opened a store because of a hobby or interest of theirs. Maybe they enjoy a certain craft and feel their community is underserved in that hobby. Maybe they enjoy cooking and want to share that interest with others. If you re one of these retailers, then consider yourself blessed. You re more likely to be successful if you re knowledgeable and passionate about what you sell.
Then again, you may be more likely to fail if it s your hobby as well. Too many people run their store as a hobby rather than as a retailer. If it s a hobby, then call it a hobby. But if you re going to have a store, then you re a retailer, and you should run it as such. It s a hobby when you do it at home it s a profession when you do it in a store. As a professional, the goal is to be profitable and grow your business.
Becoming a Profitable Retailer allows us to do many of the things we ve dreamed about. We can be self-employed and not have to have a boss or do the corporate "rah rah" thing. We can travel more often, own a bigger home, or eventually, have the opportunity to spend more time with family and friends. Most important, building a profitable store or chain can give us financial security and piece of mind.
But it all starts with one simple idea: that you have to bring in more money than you spend. Simply said, not simply done. It begins with the mindset that you deserve and will achieve profitability. As a client of mine always says, "Our businesses don t fail us, but rather we fail our business." The rest of this book is about you becoming a Profitable Retailer, creating the profits and success you deserve and can achieve.
The Question: Are you ready to be a more Profitable Retailer?
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