First, pat yourself on the back. I know that looking at reports is not necessarily the “fun” part of retail (unless you’re me of course!! Hit reply if you’re with me!)
Doing the RETAILMavens Vendor Scorecard is taking action towards a successful holiday season and that sets you apart from your competition (who most likely is just “winging it”).
You are showing up for yourself, your team and your customers. And that is something to be proud of!
What’s missing is a little of that human touch. It’s time to Evaluate.
When you look at these numbers representing each vendor, ask yourself if there are any outliers (unusual highs or lows) hiding here?
Evaluate the lows
Hiding in your numbers, was there a bad buy in an otherwise great collection? Maybe one bad product that might skew your numbers negatively?
Evaluate the highs
What was so great about those vendors that performed well?
- Was it a particular color that outperformed?
- Maybe a really popular style that you couldn’t keep in stock?
- A particular weight of yarn?
- A product that was a staff member’s favorite (they will always sell more of their personal favorites)?
Most retailers will skip this last step and only look at the numbers. But that is a BIG mistake! Look, I get it, you are BUSY! There are things to do, I know!
But it’s in evaluating the data that you find the GOLD! The time you spend mining your data actually CREATES profit!
Let me say that again for the people in the back:
Sure, your results might confirm what you already thought you knew. But EVERY TIME, you will learn something that surprises you. Just ask our clients.
Speaking of our clients, I mentioned in my first email in this series that this is a process we do with our private clients which saves them a lot of time.
We catch things they might have missed, because sometimes it’s hard to clearly see what you are so close to. We also give them a tool that shows which vendors make the cut.
It is so important to be properly prepared this holiday season, and that’s why I decided to open up the Maven calendar for you to book a FREE one-on-one call where we do this RETAILMavens Vendor Scorecard with you.
The calendar is open for only 10 spots – so book quick! You will get the same experience our private clients get – our undivided attention for 30 minutes, where we walk you through the results of your personal RETAILMavens Vendor Scorecard, and your next step action items.
During our FREE 30-minute call, we’ll tell you what to do with those scores you tallied in step 2. It’s a really helpful tool to make sure that the vendors who pass the mustard have EARNED their spot in your store. Book your one-on-one call now and let’s make a plan!