How can you tell if your business needs an anti-depressant
?
Its easy:
Your customers come into your business. They look around. Maybe they even try out a few of your goods and services. They politely nod their head to you. Possibly they talk with one of your sales associates.
And then...
They leave your store and buy whatever they came in for somewhere else.
Is this happening more and more today?
You betcha.
In fact, all you need to do is look at powerhouse Best Buy.
The once monstrous electronics store that carries everything under the sun...
...is near BANKRUPTCY.
And they need an anti-depressant fast!
Really?
Uh huh.
In fact, just the other day Best Buy announced it was closing 50 stores, laying off 400 employees and restructuring its business model. Business model? What business model? Right now Best Buys business model is this:
A shopper walks into their store...
A shopper tests whatever they are looking for...
A shopper buys that product from Amazon or Walmart!
The suits in corporate fail to understand that if your shopper can price shop you, they will price shop you. And Best Buy aint the only one with their heads stuffed in their behinds.
Borders fell last year...
Barnes and Nobel will likely fall within the next 5 to 10 years...
Sears...
K-Mart...
And JC Pennys are all sucking wind thanks to Zappos.
More blood will be shed.
And the only way out of this tiddley-wink is to sell things your customers WANT but CANT get anywhere else.
Youd think this is business 101.
But some are still reminiscing over the glory days when you could turn your sign to open and have a flood of frothing customers throwing money at you. Not no more honey. Dem days are long gone.
Like a Babe Ruth homerun.
Like a Jimi Hendrix rendition of the National Anthem at Woodstock.
Like a placed that once took your money called the Savings and Loan.
Those that sell things that can be purchased elsewhere for cheaper with either get this and prosper.
Or they wont and theyll sadly perish.
Alright...
Alright...
So what can you do to separate your business from your competition in the event you do sell the exact same goods?
Here are a few suggestions:
1) Make it a fun experience like Disney World.
2) Get exclusives on merchandise like The Franklin Mint.
3) Offer bonus gifts to go along with the main purchase.
Or, you can always close shop and retire to a nice beach in Hawaii where you biggest problem is refilling your Mai-Tai. Hmmmm... that doesnt sound like such a bad idea after all.