Tomorrow is Another Day

I’ve talked to a lot of people recently who have reached the end of the line with their business. Some have been in business 30 years and these economic times have beat them down. I talked to one fellow yesterday who is just hanging on long enough for his lease to expire and he will shut the doors. Meanwhile he is working 60 hours a week at another job to stay afloat.

People think because they have been doing something for 30 or 40 years they know everything there is to know about how to run their business. Times have changed; retail is different now than it was 40 years ago. If you haven’t been riding the retail wave all these years and changing with the flow, you don’t know nearly as much as you think you do. Sometimes all you need is someone who is not personally attached to your business to take a look and evaluate it for you, so you can see what you need to do to be more profitable or make the changes necessary to save that business and keep it from going under.

Here is something to think about:

“It’s not hard to make decisions when you know what your values are.” ~Roy Disney

More About Mobile Shoppers & What the Future Will Bring

Predictions are by 2012 about 50% of all mobile phones will be smart phones. These newer devices offer high-definition touchscreens interaction, location-awareness, camera interfaces, and an “always on” Internet connection. If this is not enough, there is the easy download of “apps,” making it simple for anyone to add new programs to their phone, and shoppers have a powerful tool in their hands to check prices, read reviews, locate products, manage lists…and just about any other shopping feature imaginable. And, the phone manufactures are all competing with each other to see who can produce the next latest and greatest mobile device.

Retailers who plan to stay ahead of the game are introducing new technologies into their stores. The QR code in my previous post will be seen everywhere in the future. Not only will customers be able to scan the code of details about the product, their phone will also replace their wallet and credit card when they check out. Retailers will also be sending ads to customers via the phone, and with GPS info they will know when the customer is in their neighborhood so they can send out a quick message to lure the customer into the store.

The possibilities are endless when it comes to all of the changes ahead in the future using mobile devices. Some older retails will shy away from the trend, while younger ones will take it all in stride since they live on their phone now. How do you see this impacting your retail business?

What is A QR Code?

Pretty cool, isn’t it?

Just by scanning this little box of pixels with your phone you will be immediately taken to the Progressive Profit site! QR Codes, like the one you just used, provide a bridge between the printed piece and the vast potential of the web, via your smartphone. QR Codes can be used to:
• Guide individuals to your website
• Drive your customers to a personalized landing page
• Provide networking opportunities by linking your target market to your Twitter or Facebook page
• Send out coupons via text message
• Allow your customers to receive information such as directions to special events
QR, or Quick Response, Codes are becoming more and more prevalent in printed media. Companies are using them in a myriad of different ways, from a code on a real estate sign that takes you to a video tour of the home you’re standing in front of to a coupon code sent to your phone via text message, the possibilities are limitless. You can also use QR Codes to gather valuable data about the people using your code, such as:
• When they visit and for how long
• The type of device they are using
• What app they are using to scan the code
• What type of web browser your customer is using
• The ability to have customers register for mailing lists and text-alert style notifications
Now that you’ve gotten a hint of what QR Codes can do, drop us an email! One of our customer service reps will call you to discuss how we can incorporate QR Codes into your:
• Business cards
• Brochures
• Sales sheets
• Postcards
• Newsletters
• Posters

Top 10 Retail Technologies for 2010

In my quest for knowledge I came upon the 20th Annual Retail Technology Study. Following is a brief list of what they discovered is important for today.


1. Forecasting and planning
2. Price and markdown optimization
3. Assortment planning4. Product lifecycle management

5. New product or private label development
6. Allocation
7. Promotion management
8. Replenishment
9. Item management
10. Shelf and space planning

Can You Afford to Be in Business?

Years ago I was involved in an interesting business opportunity. I was asked to participate in a retail venture similar to an antique mall; a small space was rented from the owner and this became your shop. We paid a monthly fee which included booth rent and whatever they deemed appropriate for selling our good for us. Then if someone made a purchase with a credit card, we also had to give them a small percentage to cover the credit card fee. This shop was actually pretty cute and was occupied by about eight merchants who had products ranging from antiques to handmade goods to items purchased for resale. My contribution was oil paintings and miscellaneous other items to populate my space. Each merchant was responsible for the layout and design of their area, for pricing their own goods, and keeping it stocked. The only regulation was our space and our goods needed to fit in with the Victorian theme of the place.

It didn’t take long for me to realize things were not going well. The building we were located in was in a small rural town with no downtown, but it was located right on the main highway, which was good. You would think everyone would see it and want to check it out, but business was slow. The only time we really got any business at all was when the owner would advertise, and though she had originally said she planned to advertise on a regular basis, she didn’t do it often because of the cost.

Within six months, the owner realized she had a problem, but she wasn’t sure what it was. She called a meeting of all the merchants hoping if we put our heads together we could figure it out. Having been self-employed for many years I didn’t have to listen for long to realize her problem was she wasn’t making enough money to cover her expenses. The only money she was taking in each month came from the merchants rent and profits from whatever she sold. The total of what she charged the merchants for rent only covered about half of her monthly rent and she still had expenses for utilities, etc. on top of that amount. I told her my advise to her was either raise the rent she charged the merchants to cover her expenses, or to go out of business. Everyone looked at me like I was nuts, but it really was the only solution. I also suggested she charge the merchants a monthly advertising fee. Once again I received strange looks from the group. Everyone was against my suggestions, yet the only thing I could say from there was: “You get what you pay for.” Within a month, she was out of business.

The biggest problem most people have when they go into business is not having enough capitol to subsidize the business for about three years. And, most people haven’t done their home work to figure out how much it really costs to run a successful business. I personally believe the most important one thing in having a successful business is your ability to promote the business; if you can’t afford to market yourself, you can’t afford to be in business. Luckily today there are many ways to promote your business that do not require a large outlay of money, but they do require the time it takes to do it. More on the subject of promotion later.