Feature Articles: Business Sense

I love nothing better than a procedural television show. Whether it’s a real-life murder mystery on Dateline or a fictional CSI case, I like trying to solve a whodunit. In everyday life, I also enjoy making connections between things I hear and see through conversations and observations — putting together the pieces of the puzzle to get a full picture. So it’s no wonder that one bit of wisdom I heard recently jumped out at me. During a speech, an apparel executive said, “Whether you’re a retailer or a wholesaler, your job is to find the balance between listening to and leading your customer.”

I happen to live in Las Vegas, where slogans such as “You can’t win if you don’t play,” define our local gaming community. I have to admit it’s hard to argue with that logic, Who can win at slots, poker or blackjack without opting in to play? Bystanders don’t reap any rewards. Only those who are willing to put up the cash and potentially lose it, have the chance to win and win big dependent upon the size of their bet. Most don’t win big but some do; some break even, while others lose. The same is true when it comes to marketing. Without it, you are like those bystanders, watching your competitors play.

Getting a retailer to buy your line is great — and especially exciting if the collection is new to the market — but convincing them to reorder should be your ultimate goal. And reorders are always based on how well your goods sold the previous season. If items flew off the racks, buyers will naturally seek you out the next time around. If too much of your line landed in the sale bin, however, your name will likely plummet from their must-shop list. Despite the importance of sell-throughs, it seems vendors sometimes forget the role they have in ensuring their lines take off at retail. Without you, your products are left to fly solo in the face of whatever headwinds come their way…

It’s that time of the year when we all feel the philanthropist in us calling to help others in need. During these tough economic times it is not difficult to find worthy targets for our generous hearts. Most people donate cash, food or even their time to help those in need. We want to do these charitable labors and that’s awesome! Some feel it’s not sincere if our efforts are reciprocal, meaning both sides receive something, but that’s not necessarily true. There are many instances where giving can give back and everybody benefits.