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How And Why To Sell Low Profit Margin Products

selling margin retail

Many retailers are being forced by their vendors to sell high-priced products at low-margin right now for a variety of reasons.

Store owners must maintain focus on their customers’ experiences, not just the profit margins…

When my parents moved us from Toledo to Los Angeles back in the sixties, one of the non-negotiables was that our new home had to have a pool.

Coming from a suburb with nothing but shade trees, violent thunderstorms and newspapers I delivered in bitter cold, a pool represented everything Toledo wasn’t.

The L.A. image was all about fun times around a cloudless sky. Easy living. The good life. And I was only eleven. Continue reading How And Why To Sell Low Profit Margin Products »

Benjamin Moore Paint Grabs Market Share In Unlikely Places

Others may cover the world but who thought to cover the mall?

I had a couple of hours before I was to speak at the Providence, RI Convention Center one night when the client informed me there was a mall on the other side of the Westin.  That’s all I needed.

As I strolled the Providence Place Mall, I noted the abundance of very high-end prosperous retailers on three levels. I was just about done when I spotted what I thought was a cosmetics counter. Continue reading Benjamin Moore Paint Grabs Market Share In Unlikely Places »

Lemonade Day: Anti-Trophy Day For Your Kids

Paying a sister to advertise

This is a classic post from 2011. Lemonade Day is Sun. May 4, 2014

I recently posted about kids receiving a trophy so as not to make a distinction between “winning and losing.” I said in that post it was what was killing America.

One of the comments I received was, “I agree, how can we fix it?”  My response: with lemonade.

Lemonade Day, started by Michael Holthouse in Houston four years ago, shows youth K-12 how to become entrepreneurs. I am the Lemonade Day champion for Greene County, New York with a goal of registering 500 kids to open stands May 1.

When hundreds of thousands of kids in over thirty cities register and pickup one of the bright yellow backpacks this month, they will embark on one of the oldest methods entrepreneurs were exposed to early in life – opening their own lemonade stand.

But this isn’t about opening a Lemonade stand. Anyone can do that… Continue reading Lemonade Day: Anti-Trophy Day For Your Kids »

Trophy Day – It’s What’s Wrong With America

A friend of mine is a teacher at a high school in Los Angeles. Her principal announced that they had the largest graduating class ever last June with 652. It was a big deal because this was the high school’s fiftieth anniversary, so press releases were issued and everyone felt great.

The following week she found out that 120 of those 652 didn’t actually graduate, they didn’t get a G.E.D.; they were able to get something that essentially said they went to school during that time. The thinking is they didn’t want those 120 students to miss out on all the festivities.

My friend was and still is incredulous. This is a continuation of what I call the “new sports.”

When I grew up in the sixties, you either won or lost a game. Simple. Now there are no winners or losers – “everyone’s a winner.”

They don’t keep score because they don’t want to make a distinction between winners and losers. They get a trophy not because they deserve it, did anything special or won the game but – you showed up – BRAVO!

Don’t notice that you didn’t win the game. There are no consequences. There’s no problem that’s your fault. But its not just in sports…

The high school administrators say parents pressure them by saying, “My kid did the work, you have to pass them.” Administrators give in because it is easier. But ignoring reality has a price; stupid kids who can’t compete in the world.

#1 doesn’t mean anything when everyone gets the same thing. When people aren’t being rewarded, they aren’t going to do everything they can do succeed.  Do you agree?

The only way for America to be competitive is to acknowledge there are winners and losers. You don’t get rewarded for bad service.   You have to do a better job with the people who come in your doors, call on your phone or click on your website.

You can’t use the economy as the reason you aren’t doing better. It would be like a quarterback missing a pass and telling the coach, “It’s the weather’s fault.”

No, it still would be the quarterback who missed the pass. The skipped practices, the distractions, everything that influenced him taking his eyes off the ball contributed, but it was up to the quarterback to make the pass. Make sense?

Nothing has changed in the past five years about how you have to do your business. What has changed is we have been beaten back into a cave with fear; everything from the price of oil and credit to corn, wheat and milk is “rocketing” to new “all-time” levels.

We seem to feed on the rotten idea that something even worse is right around the corner.

That’s not what made America great and its not what we need to turn the tide on the economy. Are you getting your share?

If not, it is time for you to fight for what you do. But you don’t get a trophy for showing up.  You’re going to have to change. Only if your eyes are on your customers, are you going to be able to survive and thrive.

Unlike many kids out there, you won’t get a trophy for showing up.

Are you willing to change to win? If not now, when?

Bob Phibbs is the Retail Doctor® an industry authority on customer service and sales, professional speaker.  Phibbs has helped hundreds of businesses in every major industry, including hospitality, manufacturing, service, restaurant and retail. Find out more about how he can help you at http://www.retaildoc.com

How Retailers Can Make Money After Christmas

Ok so the big day is over. Now what?  You have one mission after the holidays: to minimize returns to grow sales.

The  final week of the month is frosting on the cake.  By proactively deciding to grow sales you will have a better mindset and your crew will keep from feeling overwhelmed.

Here are  seven tips to grow your retail sales after Christmas:

1) Greet at counter; even if someone greeted them as they came in and you have signs everywhere saying, 20% off. When customers arrive at your counter with their recipt and a return,  greet them with something like, “Good morning. The whole store is 20% off, would you like to look around first?” Continue reading How Retailers Can Make Money After Christmas »