Retail Today with Bob Phibbs, The Retail Doctor

How To Take Advantage of Convention Season in Retail Sales | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

January is the start of a lot of things and including convention season. So a lot of times people say, "well, what products should I carry?" And before you head off to any show, you want to go through and have an analysis of your 2019 sales. You want to look at your top 10 categories, your top 10 vendors within those categories, and then you're out of stocks, and the ones that you had to put on markdown. The more you know about your merchandise and how it performed last year, the easier it will be for you to say no when someone runs up and says, "Oh, you just have to get this." Or your manager says, "Oh, these are so cute, we should buy them." Because without a plan, you fail. And you fail the plan, you fail. So only carry products that turn at least twice a year.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

How Can I Participate In Community Outreach and Stay On Budget In Retail Sales? | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Well, if it's January, it must be a donation season. This is the time when all the nonprofits come to you to look to be that benevolent person who will give them something for their silent auction or their raffle or something else. And those can become quite a pain unless you're a big organization because, in big organizations, they just refer them to a central office. When you only have a few stores or it's just you, I would suggest at this time of the year, create a budget of what you'll do for community outreach.
And I encourage you to also come up with one type of nonprofit you'll support. So whether that's kid's education or maybe it's going to be cancer or maybe it's going to be literacy or homelessness. There's a million things and then say, and we've chosen to donate to nonprofits that are supporting that mission. And that helps you then to whittle those donations down, but also base it on fact.
And then, when you do this, you keep track of those donation requests as if they were a line item. And you find that, oh, I have a limit, and people understand, and you don't get caught in that way that someone says, well, can't you just give us $10 for this? Or $20 like that? And by the way, when you're being solicited for donations, make sure that you've seen these people before because when you get a solicitation from one of your best customers, you should go out of your way to make them happy.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

How To Craft A Positive Self-Image For Your Retail Business | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

What do you do when someone stops and asks you how's business? I hear it from independent retailers that when they try to answer their customers or employees or somebody that they may not know as well, they'll say, "Oh, it's okay." Then they'll say, "Well, are you really struggling with Amazon? How do you keep going?" It's almost like they want you to say how it sucks to be you.
Today, I just want you to look at your own response to those questions. Whether it's customers or vendors, while they ask, don't tell, because positivity is what attracts people. So look at your own way you're talking to people about your job, about your profession, and instead of going to the negative, just remember you've got a choice muscle and you can use it.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

How to Re-Vamp Your Retail Store With The Right Lighting | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Are you in the dark? Yeah, your business. You know, lighting is one of the most cost-effective things you can do. I find that lighting has come down so much with LEDs and so many new ways you can do it. To light under shelves and you can come up with all kinds of ways that don't cost an awful lot and far as power. And so today, I just want you to look around your store, look at the dark areas, and then look at some of your competitors. Certainly, go look at newer retail concepts, even all the way to newer Verizon or AT&T stores, or to CVS or Rite Aid or Walmart or some of the other ones that have newer stores. And look at how we've been lighting up the aisles in the last few years. Then take that and say, "Maybe I should call an electrician". And then when you do that, then you can light up the aisles and shelves. Because people are attracted by light and dark and dingy stores, telegraph: "There's nothing new going on here".
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

Is Your Attitude Towards Your Product Hurting Your Retail Sales? | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Are you or your employees selling from their own wallets? What do I mean by that? Well, you know, when I was in Denver not that long ago and I was walking down the street, and I saw this sign that said, "Men who use this, report thicker hair," and I said, "I want that." So I walked into the salon and there's a young woman right there. I go, "I want that." And she goes, "It's really expensive." And I said, "Do I look homeless or something? Why did you say that?" She goes, "Well, I just want you to know it's really expensive."
I'm still scratching my head, thinking, "Why is this the first thing that this young woman says to me?" This woman comes down and she goes, "Can I help you with something?" I said, "Yeah, I wanted to buy this and all she could say was the cost of it." And the woman, without breaking a beat, said, "Well, she just wants you to know it's really expensive. We don't sell a lot because a lot of people think it's so expensive." I couldn't believe it.
I use that story a lot in my keynote speeches, and if you want to find out more about me, you can go to retaildoc.come, but that's a classic example of trying to sell from someone who doesn't believe it's worth the money. She wasn't bald or balding like an older guy like I am, so she didn't see the value of it. And the problem with that is when your employees are selling from their own wallets, they're essentially trying to sell from the bottom up. Like, "This is all you need. This will do just as well," and the problem with that is, they never get a chance to say, "Oh, we also have this one what makes it easier," or, "We have this which is more convenient." The customer, of course, says, "Oh, well then I'll take it."
And the employee feels they did the job, the problem is your premium merch sits. So I don't want that for you today, so take a look at your own attitude about your products, and especially your employees'.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

Are Your Nickle-And-Diming Habits Hurting Your Retail Business? | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Are you not paying enough? That's right. Are you not paying enough as a retailer? What do I mean by that? Well, are you paying minimum wage and then expecting employees to just be grateful that they have a job with you? Or maybe you're nickel and diming your website. You know, there's your brother whose daughter's friend who went to college has a buddy who can create your website or your social media on a dime. Or maybe you've gone with the vendor who can give you the best deal and not necessarily the ones that are going to sell the fastest.
Look, my quick message for you today is don't step over dollars to save a few cents. You're going to have to pay if you want people to be able to really do the job for you. If you really want to have a great website, it costs a lot of money, but it's the number one way that people find you.
So that's all today. Just make sure that you're not nickel and diming yourself out of business.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

What Does ‘Culling The Herd’ in Retail Sales Mean? | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Today is all about culling the herd. That's right, C-U-L-L-I-N-G. The goal is to get rid of the merchandise that isn't selling. Get rid of the dogs, get rid of the one-offs. Go through and make sure that you use this time in the soft months of January and February, to really get rid of that lower 20% that you shouldn't be in. To get rid of those little bits and pieces of merchandise that you thought would be wonderful and then clear it out. Make it at such a low price that your clearance sale only lasts about two weeks at the most. I encourage you to read my blog about how a new broom sweeps clean and that is http://bit.ly/clearancebob, and you'll be able to download the 10 types of merchandise to put on clearance. The main thing to remember though is, use this time to become lean on inventory because it's going to be a while until shoppers are going to be running back in buying more merch.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

Why Understanding the Value Of Retail Your Product Leads Increased Sales | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Do you feel like a fraud when you're selling in your store? Well, today I want you to think about where does that come from because an awful lot of times people who have trouble selling really don't believe it's worth the money and so maybe you know how much you paid for something and then you see the markup and so you think, okay, well that's really bad. Except you haven't really thought about all of the other things that have to go into pricing, which is what happens when something breaks? What happens when we have to put it on sale for half off or 60% off or what happens when the trends change or that's my money sitting there and who's paying for all of that? So the first part of that is to think about, are you feeling like a fraud? Then I want you to think about, how do you find the answers? My tip for you today is talking to satisfied customers. Why did they purchase the item from you?
If you can get into their head, then you can get into your game and ultimately not feel like a fraud, but realize I'm selling the best product I can at a fair price and the person who wants it is going to pay it. I just have to get over myself.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

How to Leverage Your Knowledge to Make More Sales in Retail | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Okay. Today is part two of tribal knowledge. Yesterday I talked about going and getting a friend and ascribing either your store or align you like, or even a product you like in really well, that you like really well and then having it transcribed.
Well today I want you to transcribe, take that transcription and you can cut out all of the stuff that you don't like and then actually bring that down into maybe a paragraph, or you could write a blog, or maybe you could go through and find copy that you could put on your website. Or maybe it's going to be additional ways that you talk about your products so that your employees will be able to improve their sales presentation.
The point of this two-part exercise was we want you to leverage your knowledge to make more sales, and it doesn't help anyone unless you can get it out of you in a natural way that then someone else can take and run with.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!

Improve Your Retail Sales Pitch With This Simple Process | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

So today is a two-parter, so you'll have to come back tomorrow. I call this one "Tribal Knowledge Doesn't Help Anyone".
Are you the best salesperson in the store? Are you the one that knows exactly how something fits together? Are you the one that knows how to be the best with this one product? How to use it? The secret features you've learned? It doesn't make additional sales if that's only in your head.
So today, part one is, I want you to take a friend, go to a Starbucks, or invite them over. Just describe, maybe first, your store. How is it different than other stores? Maybe you'll take one line of yours that you really like, you'll go through and talk about why you chose them, or what makes them different, or maybe you'll just talk about it as a customer. Say, "I bought this product, and this is what I got out of it. This is how it works so well for me." That's today. I just want you to record and transcribe one conversation. You can upload it. There's a lot of different ways you can do it. One I use is called speechpad.com.
If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!