Selling in a Tough Economy

Customers’ buying behaviors have changed dramatically and will probably not return to the “good old days” of pre-2008. In the last 24 months, the loss of global wealth is over 50 trillion dollars. Retailing has changed forever with the attempt to manage risks by lowering spending, reducing deal size, cutting costs, downsizing staff, and blaming consumers for not shopping as much. At the same time, consumers are suffering from foreclosures, lost jobs, stock market drops, higher prices, and higher taxes. It is a vicious cycle. The downturn in our economy, for the first time in recent recessions, has affected the luxury market. All of these factors are leading to a longer sales cycle and delayed purchase decisions. So how do retailers sell in a slow economy that’s literally killing off many independent retailers and restaurants? I believe, as I mentioned earlier in my blog, that the key to success is a “back to business basics” approach mixed with good old-fashioned creativity. In our world, changes happen fast and you have to react quickly.

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Driving Success in Today's Retail Operations

In today’s tough retail environment as the general economy shifts into recovery mode, consumers are still extremely concerned about spending money wisely. Retail businesses are going to be slow to stir from hibernation. All retail businesses are going to have to be focused on maximizing the keys to success in their environments. How can retail businesses deliver the kind of customer service, quality, and value cost-conscious consumers want while maintaining focus on their financial success? It has been said that the most difficult thing about being successful in business is remembering how simple it really is. At the head of any business that has ever been truly successful on a long-term basis, there has been an executive team who knew that there were a few simple principles upon which that business had to run. In today’s complex world, many have lost or forgotten some of these key principles. Here are a few of the essential principles:

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