We have spent the past few posts in Steve Jobs and trade show mode. I now want to come back and conclude some thoughts on buying. I wrote a number of posts on this topic and hope they have been helpful. As part of my lectures and writings, I always like to leave a topic (although we never really leave any of these topics) with a number of questions to consider. So… when developing a great buying strategy, here are some questions to think about:
- Who are my most important vendors?
- Do I treat buying as an afterthought or as a vital business decision?
- Do I reorder what is selling or am I just happy I sold it? Do I know my best-selling models/collections?
- Do I feel my product assortment is unique or similar to others in our area? Have I created a POINT OF VIEW with our offerings?
- Do I map out a strategy each year or just go with the flow?
- Do I meet with people with new product or ideas, or think “I am too busy for anything new”?
- Do I know what my customers really want? Have I ever asked them?
- Does my buying team know my overall goal for the store or practice?
- Have I developed a compensation system that will reward “good buying”?
- What’s my CONNECTION to what I buy? Do I believe in it? Or do I buy it because of price? brand name? company?
These questions are designed to make you think about your specific buying strategy for your practice or retail store. As I have said in the past, I am not here to necessarily give you a final answer, but to provide a framework and information to help you make decisions about your own strategy and find YOUR right answer.