VISION EXPO EAST – Think Different (part 3)

March 30, 2012 By Cliff Robinson in Strategy Tags: HBR, Steve Jobs, Trade Shows, Vision Expo East, Walter Isaacson Leave a comment

Vision Expo has ended and we are all trying to get some rest and catch up after a whirlwind of trade shows this month.

For those of you who read this blog regularly, you are well aware of my total admiration of Steve Jobs. Reading Walter Isaacson’s book right before starting the trade show season was so timely for me since the book helped to crystallize why Steve Jobs was so successful and what we can all learn from reading it and studying Jobs’ persona and management style. He may have been very tough on those who worked with him and even on his family, but despite this we cannot discount the total influence he has had over our entire universe. And we also can learn from the incredible passion he brought to his “day job” every day. While Apple or Pixar are vastly different from companies in our industry, we can still all apply Jobs’ approach to business and adapt for our companies/practices/stores.

I thought the best way to share my thoughts with everyone was to simply post Isaacson’s summary article from the April issue of the Harvard Business Review. I urge all of you to read this article (and then to read the actual biography). Enjoy:

The Real Leadership Lessons of Steve Jobs

VISION EXPO 2012: Think Different (part 2)

March 21, 2012 By Cliff Robinson in Strategy Tags: innovation, Steve Jobs, strategy, technology, Think Different, Vision Expo, Vision Monday, VM Summit Leave a comment

Last week, at MIDO in Milan, Steve Jobs was on my mind. This week in New York as Vision Expo gets underway, he is on my mind more than ever! I am sitting here (in a break) at the annual VM Summit which is always a great day of idea sharing, discussion of new trends, and a chance to see old friends and colleagues. This year’s summit theme is “Innovation Everywhere”. They could easily have stolen a page out of the Jobs playbook and called it THINK DIFFERENT. Given everything I have been writing about in this blog, this topic of innovation is very timely and obviously very near and dear to me personally. My mission in writing this has been to share my experiences to help ECPs grow their practice and be more competitive in the new retail environment. Today’s morning panel discussion has crystallized many things we have discussed over the past months. Here is what it means to THINK DIFFERENT:

Innovation (defined as solving real problems for real people) is key to an enduring company – if we do not innovate, we will be left behind.
Disruptive technology and disruption in general is changing our entire landscape. We need to embrace new ideas and new technology and new products, or we will be left behind.
The future is sooner and stranger than you think – if we are not planning for this new future, again, we will be left behind.
We need to surprise and delight our patients/consumers/customers. What is least expected is what is MOST valuable.
Consumers today crave information – we need to be information and service providers and be patient-centric. Not transaction-centric.

To summarize this, the focus of the panel discussion was about providing a unique experience. And this made me think about a post I did back in November on Strategy Development. As you think about your strategy, you MUST think about the 5 points listed here. And as you think about your strategy, think about how unique product and providing a unique experience will help set you apart from the competition. Think about how to THINK DIFFERENT.

Thanks to the people at Jobson and Vision Monday for sponsoring such a great annual event. Enjoy Vision Expo!

MIDO 2012: Think Different (part 1)

March 13, 2012 By Cliff Robinson in Luxury, Strategy Tags: Apple, innovation, inspiration, luxury product, Microsoft, Steve Jobs, strategy, Trade Shows, Walter Isaacson 1 Comment

As I sit at the MIDO show, I cannot stop thinking of Steve Jobs and the Walter Isaacson bio I recently read. Jobs built his companies and his entire career while changing multiple industries all on his belief in “thinking different” and making sure his product was perfect and “inspired”. Microsoft is the great traditional company, but Jobs always felt it lacked innovation. Apple “inspired”. And it all started and ended with Product.

I keep thinking of this while at our industry’s largest event here in Milan. I continue to stress the importance of a luxury strategy to set an office/retailer apart from the competition. Nowhere is this strategy more on display than at MIDO.

The traditional areas of the show are like Microsoft. Great companies but not necessarily stimulating. The busiest area of the show is like an Apple conference – it’s the trend/luxe pavilion. It’s where the buyers want to be; there is a different energy level that motivates abstract thinking. Why? Because the best retailers know they need to set themselves apart and the way to do this is with Product. The exhibitors feel the same way. To “think different” and offer inspired, unique Product is THE winning strategy – otherwise you find yourself in a price war or “race to the bottom”.

Steve Jobs intuitively knew this from day one. And the companies and retailers in our industry that also know this are the ones succeeding in today’s tough economic climate. Are you ready to “Think Different”?

Buying VI – The Buyer

March 8, 2012 By Cliff Robinson in Buying, Luxury, Strategy Tags: buying, goals, luxury product, strategy Leave a comment

We have talked the past few weeks about buying tips. As part of developing a great buying strategy and an overall luxury strategy, one should also give some thought to compensation of team members – in this case – the Buyer.

I am a big believer in incentivizing ALL team members with bonus or additional compensation if they (A) achieve their goals and (B) bring more money into the company. My strategic consultant for our company calls this “tying compensation to desired outcome”. This should not only focus on people in sales. There are ways to use this strategy with people throughout a company.

I suggest implementing such a strategy with the person or people responsible for buying product. You can make this FUN and achieve the outcome you seek. Here are a few thoughts/ideas on ways to tie compensation to a desired buying outcome:

Establish gross margin targets and for every level above the target, establish an incentive/or other reward for achievement. This will hopefully lead to smarter buying and better overall margins.
Establish your average retail for all frames sold and offer an incentive/reward if the average retails rise throughout the year. This is one of the main benefits to a luxury strategy – increased average retails without increasing actual foot traffic.
If one strategy is to add new, higher priced collections to the store, develop an incentive system for finding the “right”, “successful” new collections.
And the obvious no brainer – develop an incentive/reward plan for achieving higher overall sales in general.
Surprise your buyer(s) with a party at the end of the year if they achieve the goals. Simple recognition can go a LONG way!

Again, these are some easy ways to incentivize team members and make them think about the goals to achieve throughout the year. They can be simple financial rewards in the form of additional compensation or bonus, or they can be more “fun” such as a free trip, dinner at a local restaurant, tickets to a cultural event, or a gift you know the employee would like. The idea is to make sure the team knows the overall goal and is aware that achieving the goal will result not only in recognition, but also financial gain.

Buying V: Sunwear

March 1, 2012 By Cliff Robinson in Buying Tags: accessories, buying, fashion, health, luxury, spring, strategy, sunwear Leave a comment

It’s March and springtime is around the corner which has put me in a BIG sunwear mood! People have written hundreds of articles and advice columns on the importance of sunwear and almost all of them are right on point. Sunwear is an essential part of any buying strategy and, of course, any luxury strategy.

Here are some top reasons to make sunwear an important part of YOUR strategy:

DIVERSITY – Sunwear rounds out your total frame assortment and offers more choice to your patient/consumer.
DON’T GIVE IT AWAY – Sunwear is EASY MONEY for you. Consumers are buying sunwear. It is a hot fashion accessory and gets a ton of press, especially when celebrities wear the latest trend. You already have the consumer in your office. Don’t let them leave and give that money to another retailer.
POINT OF VIEW/TELL YOUR STORY – Sunwear is the HOT accessory of the moment. Sunwear can help you in your merchandising strategy and help you develop a unique point of view in your store/practice. When creating your point of view, sunwear is the item that will best illustrate the story you want to tell. If you want a sports theme – you can show sport sunwear. If you want a high fashion theme, sunwear will illustrate this for you. And of course if you want to tell a luxe story, what better way than with great luxury sunwear?
IMPULSE PURCHASES – Most people come to their ECP for eyeglasses. Very few specifically come for sunwear. As a fashion accessory, sunwear is an impulse purchase. If you have a great selection and have developed a trusted bond with the patient/consumer, you have the inside track to sell them that great sunglass before they walk out the door.
MULTIPLE PAIR SALES – related to everything we have said above… It is very hard to attract new patients/consumers to your store/practice. The best way to increase revenue is to increase per-patient revenue. They are already there! Sell them that multiple pair.
EYE HEALTH – This is probably the MOST important reason to have a sunwear strategy. We are in the eyecare business as well as the fashion accessory business. We all know the importance of protecting one’s eyes from the sun’s harmful rays. We are doing ourselves and our patients/consumers a disservice if we do not stress the importance of sunwear as it relates to health and wellness.

And visit the culture corner to see the latest books I have been reading.

Cliff's Notes

Monthly Archives: March 2012