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Are You Tapping All Your Resources?

Thursday, October 30, 2008

(GIFTBEAT)So, what's a retailer to do when the economic chips are down? Throw in the towel, or become even more determined to make his or her business succeed? If you're in the "survive-and-thrive" category, read on as Sam Geist, president of Markham, Ontario-based Geist & Associates Inc., entrepreneur, marketing specialist and author of "Execute…or Be Executed," talks about the untapped resources a retailer can use in a down economy.

No business is an island. We rely on each other. Capitalize on external and internal resources. Have coffee [and a roundtable discussion] with a dozen of your best customers. Make a deal with your bank or chamber of commerce to do a display in their offices.

Talk to vendors. Utilize the technology that is transforming our lives. How many retailers reading this article have a customer database but don't use it to keep in touch with their customers? How many "milk" their database effectively? A focused retailer milks his or her database by sitting down with a vendor, [deciding on a] promotion and sending email invitations to customers. Promote a new line, a special week, or the hottest colors and styles.

Remember that "leadership" is a verb, not a noun …and that "teamwork" is more than two words stuck together. Keep meetings well planned and sharply focused, communicate clearly and effectively, and challenge and stimulate your staff to execute [your plans].

Geist can be reached at sam@samgeist.com. Log on to samgeist.com to order his book "Execute…or Be Executed: Eighteen Ways to Move Strategic Thinking to Strategic Doing" (2008).

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Categories were tracking
In This Months
Giftbeat

  • Indoor/Seasonal
  • Outdoor/Garden
  • Mugs/Tumblers
  • Baby Gifts
  • Functional Gifts
  • Personal Accessories
  • Sentiment
  • Wine-Themed

TRENDING NOW:
Practicality makes its mark across multiple charts this month, as 35% of retailers report that Functional Gifts are up, from tea towels to tumblers.

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