Impact Today™
Monday, December 1, 2008
Leadership and Black Friday
Where is the reality in Black Friday retailing? Offering three or four items at ridiculously low prices to lure thousands of customers is contrary to the retail best-practices present when discounting was given birth in the late 1950s and early 1960s. Retailers learned a lesson in those days, often at the hands of a state’s Attorney General. It was simple – if you have an item in an advertisement you needed to have a realistic quantity to cover the entire period the ad would run. It was not just the right thing to do from an integrity standpoint; it was the right thing to do from a customer service standpoint.
Deep down the early discounters knew they needed to establish consumer confidence by providing the leadership to stand by their ads even though it was virtually impossible to know what consumer demand would ultimately be during the ad period. Leadership in those days resulted in a little piece of paper called a rain-check.
Today there is a lack of Black Friday lack of leadership and this shortcoming has cost Jdimytai Damour his life. A private security guard at a Long Island Wal-Mart, Damour was trampled to death and five others hospitalized when shoppers broke down the doors in a stampede for less than a dozen items being sold at ridiculously low prices.
To continue reading this article, click here.
Where is the reality in Black Friday retailing? Offering three or four items at ridiculously low prices to lure thousands of customers is contrary to the retail best-practices present when discounting was given birth in the late 1950s and early 1960s. Retailers learned a lesson in those days, often at the hands of a state’s Attorney General. It was simple – if you have an item in an advertisement you needed to have a realistic quantity to cover the entire period the ad would run. It was not just the right thing to do from an integrity standpoint; it was the right thing to do from a customer service standpoint.
Deep down the early discounters knew they needed to establish consumer confidence by providing the leadership to stand by their ads even though it was virtually impossible to know what consumer demand would ultimately be during the ad period. Leadership in those days resulted in a little piece of paper called a rain-check.
Today there is a lack of Black Friday lack of leadership and this shortcoming has cost Jdimytai Damour his life. A private security guard at a Long Island Wal-Mart, Damour was trampled to death and five others hospitalized when shoppers broke down the doors in a stampede for less than a dozen items being sold at ridiculously low prices.
To continue reading this article, click here.
Labels: Customer_Service, Leadership, Retail, Strategy, Wal-Mart
¶ 12/01/2008 0 Comments Links to this post
Wednesday, March 19, 2008
Brookstone steals competitor's gift cards
Brookstone took advantage of a major mistake made by Sharper Image. When Sharper Image filed for bankruptcy, they included gift cards as loans. Typically gift cards are treated as cash in Chapter 11 filings. This means that Sharper Image gift card holders are now in line for a piece of the eventual Chapter 11 settlement, which could be as low as pennies on the dollar.
Brookstone immediately jumped in to capture the displaced and disgruntled SI customers. Anyone with an SI gift card in any amount can redeem it at Brookstone for a 25% discount on their purchase.
Not only will this strategic move win new customers to Brookstone, they will also become an unsecured creditor to SI as they collect the gift cards. This ultimately means that Brookstone will have a vote, and perhaps a piece of the company, in any bankruptcy settlement.
Do you have a strategy to take advantage of unexpected opportunities in you business or career? ¶ 3/19/2008 0 Comments Links to this post
Brookstone took advantage of a major mistake made by Sharper Image. When Sharper Image filed for bankruptcy, they included gift cards as loans. Typically gift cards are treated as cash in Chapter 11 filings. This means that Sharper Image gift card holders are now in line for a piece of the eventual Chapter 11 settlement, which could be as low as pennies on the dollar.Brookstone immediately jumped in to capture the displaced and disgruntled SI customers. Anyone with an SI gift card in any amount can redeem it at Brookstone for a 25% discount on their purchase.
Not only will this strategic move win new customers to Brookstone, they will also become an unsecured creditor to SI as they collect the gift cards. This ultimately means that Brookstone will have a vote, and perhaps a piece of the company, in any bankruptcy settlement.
Do you have a strategy to take advantage of unexpected opportunities in you business or career? ¶ 3/19/2008 0 Comments Links to this post
