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There's little that any of us can do to address the public health crisis of the pandemic. Its impact on people and businesses is a widespread and major jolt, akin to the shocks of 9/11 and the 2008-09 economic meltdown. Even as painful and disruptive as the pandemic is at this moment, we must remind ourselves that it will subside. It's not whether it will subside, just when. But all of us are going to have to deal with the ensuing economic situation, and its effects on our sales, our customers, our employees. These are difficult times for us all. Retailing in particular is under enormous stress. Many feel like there are no good choices. But, there are good decisions. And The ROI is dedicated to helping you be able to make those good decisions for yourself.
We cannot predict the trajectory or timing of the recovery. What we do recommend, however, is an alternative to just worrying about it. There IS something you can do! LEAD TIME: USE OR LOSE IT!" One good way to get beyond the worry is to take advantage of The ROI's 3-in-1 Cash Flow Calculator, which we've made available for free to everyone during this time.
This is empowering! Being able to compare and contrast different approaches opens up a whole new level of problem solving.
Best of all, you are using the lead time to make key strategic decisions that you can have confidence in financially. BUT WHAT ABOUT SALES? This being retail, the 3-in-1 Cash Flow Calculator needs a plan for expected monthly sales and margins, which is of course what everyone is worried about. What will happen to sales? So, here are some ideas to get you started in thinking of your stores sales in new ways. With a fresh set of eyes, take another look around your stores. Remember, your customers have been spending more time at home and/or with family.
STUDY THEIR HABITS Use this time to dive into the data residing in your POS system, and turn it into information! Learn much more about your customers. They are not a monolithic group.
All of this can give you some great guidance about how to segment your market, and when and how to promote more effectively to your customers.
WHO WILL YOUR FUTURE CUSTOMERS BE? While you are at it, think Big Picture about your customers and your market.
This can give you general market data. The question then becomes, how similar is the profile of your shoppers to your market overall? Again, close counts.
These are difficult times for us all. Retailing in particular is under enormous stress. Many feel like there are no good choices. But, there are good decisions. And The ROI is dedicated to helping you be able to make those good decisions for yourself.
Alas, there is really no way to avoid discussing COVID-19, the coronavirus that began in China last month, and now continues to spread throughout the world. No matter whether or when it is officially declared a "pandemic," the uncertainty and angst that it is generating have troubling implications for retailers.
Remember thinking that Amazon was the most disruptive force to happen to retailing? (Well, at least since Walmart was the most disruptive....) However, the coronavirus pandemic eclipses them all. No matter where you live or do business, it is not whether, just when, COVID-19 will impact your life. Disruption with a capital D!
YOU are the leader we need now! Most of the people who receive our weekly newsletter from The Retail Owners Institute® are either owners of stores (duh...) or work with retail owners, not only in America but around the world. When you think about it, owners and senior management of retail businesses are looked upon as leaders everyday, by employees, by suppliers, by customers, by their families and often by the media. You are community builders. Amidst this pandemic, your leadership is more vital than ever.
Don't you feel that we're in a period of heightened uncertainty? Whether it's the economy, or unemployment, or grocery prices, or sports resuming, or the weather, or racial tensions, or the costs of everything, or the questions coming at us from family and employees that we cannot answer, everything seems uncertain, doesn't it? And there is no end in sight. But...we as retailers can be leaders in our communities and in our daily lives. We have the opportunity to tamp down some of those uncertainties. Look at this sign a local merchant posted.
We hear it over and over. "Good business citizenship" matters to shoppers. Might Labor Day weekend be a good time to start getting the word out about your citizenship contributions? Customers vote with their feet, their wallets, and their hearts, and increasingly choose those retailers who "do the right thing", whether it's how they source product, hire and pay employees, reduce environmental impacts, etc. There are things that independent retailers do day in and day out, without perhaps even realizing how special they are! Most retailers we know are "aw shucks" type people. It's charming, but, especially in today's world, your leadership can be a competitive edge! So, why keep it a secret?
As the final third of the year approaches, there's a "new era" afoot. There is optimism in the air. Optimism? Really? Yes! And it could catch a lot of folks by surprise.
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