November 2009
How Much are You Losing by Putting Off an Upgrade?
By Retail Expert Doug Fleener
Doug Fleener is a veteran of more than 25 years of hands-on retail experience with world-class retailers including Bose Corporation and The Sharper Image. He has also owned and operated his own specialty stores. Doug is the author of The Profitable Retailer: 56 surprisingly simple and effective lessons to boost your sales and profits. Doug is president and managing partner of Dynamic Experiences Group LLC, a Lexington, MA based retail consulting firm dedicated to helping retailers of all sizes increase their sales and profits. Learn more about Doug Fleener’s profit building services and products at www.dynamicexperiencesgroup.com.
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A couple of years ago I switched from Windows to Mac and my only regret is not doing it sooner. The MacBook has been perfect for me, except that every now and then I have too many applications open and the spinning ball appears.
Whenever the spinning ball appeared I would tell myself that I ought to upgrade the MacBook memory. Then the spinning ball would disappear and so would the upgrade idea. This pattern repeated itself more often than I care to admit.
The other day I read something online, one thing led to another, and I finally got around to ordering and installing that new memory. It essentially doubled the memory on my MacBook.
The difference is unbelievable. No, the difference is UNBELIEVABLE. My MacBook is now lightening fast, no spinning ball and my productivity has skyrocketed. It's like I have a brand new computer.
The total cost for this amazing difference was $39.90 and 15 minutes of my time.
What's really unbelievable is the amount of time and productivity I wasted thinking and talking about upgrading my computer instead of just doing it.
The same thing happens in stores every day.
Someone might put off painting the store and as a result the space looks tired and old. That's a missed upgrade.
Some retailers hold on to products too long, determined to get full price. Then they can't bring in new and exciting products that will actually turn. That's a missed upgrade.
Sometimes retailers stay with lines that are no longer relevant to their customer, which keeps them from bringing in new ones. That's a missed upgrade.
I hear a lot of stores talking about doing a Facebook page, an electronic newsletter or more events. But month after month they just haven't found the time to do anything about it. That's a missed upgrade.
There are sales associates that aren't working to improve key elements of their sales approach. They might be really good, but they could be GREAT. That's a missed upgrade.
There are managers and owners who fail to address under-performing employees who are costing them sales and losing them customers. That's a missed upgrade.
What about you? What are some of the upgrades you've been thinking and talking about but just haven't done? Your particular upgrade is probably going to cost you more than the $39.90 and 15 minutes mine did, but what's the true cost of not doing it? Even better, what will be the reward for doing so?
So let me ask, what upgrade do you need to start today? |
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