Today's post adds to our series about How To Compete Most Effectively This Holiday Shopping Season. So far we've discussed: 7 Significant Ways Retailers Can Create A Positive & Profitable Holiday Shopping Season; Why Retailers Should Have Good Attitudes, Not Discounts, For The Holiday Season; 8 Unique Factors Of The 2012 Holiday Shopping Season Every Retailer Should Know (i.e. "Why Is This Holiday Season Different Than Any Other Season?)"; what the consumer is thinking and might buy, in, Everything Retailers Need To Know About Consumers’ Mind-Sets & Buying-Plans For Upcoming Holiday Shopping. And, naturally, retailers should be using price tracking and monitoring solutions constantly to know what's really happening in the marketplace in real-time, what your competitors are up to, and to know what to do about your own competitive pricing and assortment.
Forget about the ghosts of Christmas Past. Business Strategy and Marketing Expert, Bob Phibbs, the Retail Doctor® continues the theme of "Don't Listen To The Gloom & Doomsayers" in this video that first shows two experts discussing the economy; then Bob takes over and gives retailers a dose of reality, self-recognition, positivity and motivation. Here's Bob Phibbs: How Businesses Thrive In A Downturn:
The first expert, an investment professional, talks about jobs -- going down; unemployment rate -- going up, "and, if jobs times earnings equals total income, what can they spend going into the holiday season?" The speaker also says energy costs are very high, credit conditions are tight; Consumer confidence is down, down at recessionary levels; The US economy is entering into a consumer-, housing-centered recession. (BTW, this video was posted in 2008).
The second expert, from the Retail Merchants' Association, says: "… (In) This kind of economic environment… all retailers… become discount retailers and that's going to include the luxury market… everything is going to take a back seat to price… 94% consumers surveyed said they'd spend the same or less for the holidays…
Retail Doc (Phibbs) puts these comments down. He tells the audience: "Don't blame the economy. Blame your attitude." Don't let the doomsayers give you permission to give up, roll over and die…
"Americans are sounding like losers," says Phibbs. "We're believing the things we hear every day... (so) …Decide to sell something again… It doesn't have to be the way the news says… And if you think the news or the speakers are going to tell you that it's going to be ok, guess what, they're not, because it doesn't sell (products) at 10 o'clock at night.
Customers buy merchandise…You and your employees are "spoiling" your merchandise if you have a bad attitude. Set the correct atmosphere. This is America. You have to sell an idea or sell a product.
Don't blame everyone else. Don't be all about discounts -- don't trash your own brand. Make sure your offerings and services are remarkable in a good way. So people tell people about it. Can you compete? You better believe it… Stop whining, get out there and reclaim America!"
This lecture was posted in 2008. The same ideas are even more important today: It's Up To Retailers To Create A Positive & Profitable Holiday Shopping Season. Don't give away the store. Be competitive in all ways if you want to be a winner.