Re-Inventing Retail

From the Co-Founders of The Retail Owners Institute.
Tips | Tactics | Insights on the Business of Retailing.

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"No business has ever failed with happy customers."
---Warren Buffett, CEO, Berkshire-Hathaway

Buffett's logic is very straightforward: people like to indulge themselves.

For some observers, this helps to explain Buffett's investments in "junk food" – from Coke, to See's Candy, Dairy Queen, etc. 

"The CEO of Berkshire-Hathaway invests in bad food and his diet reflects it: he drinks Coke at breakfast and ice cream is an occasional accompaniment," writes Kyle Stock of Bloomberg News.

"When asked about his diet, Buffett has said he aims to eat like a 6-year-old because that's the age at which mortality is least likely."

"In terms of investing, his junk-food strategy is even more straightforward: People like to indulge."

Ahh, happy customers. How could your stores indulge your customers to make them happy?

When was the last time that you actually GAVE something to a customer? Didn't it surprise them? Didn't it thrill them?!? You bet it did!

Now, why not institutionalize giving thoughtful treats or extra perks to customers?

Buy some golf balls, and be given some tees.

Buy some shoes and be given a shoe horn.

Get your car fixed, and have it washed before you pick it up.

Buy your lunch and be given a few French fries on the side.

Buy a gift and be given a greeting card to fill in. 


Are we encouraging retailers to give their way into bankruptcy? Absolutely not!

But we are trying to get you to think, "Now, if it's good enough for Warren Buffett to believe in, it's probably good enough for my store to experiment with."

Or, what about your social media engagement with your customers? Is it giving them extra information? Or special "insider insights"?  Or, first dibs on special events? Or...?

Does your website or Facebook page have a personality? One that is fun to be around?


Have some fun with this! What unexpected "something extra" would surprise and delight your customers? 

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About The Co-Founders

Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute®, have been called "The Zen masters of retail finance!"

Since 1999, they have been assembling  their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools.

Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!"

Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990.

They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.

Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"