Doug Fleener's "The Profitable Retailer" is comprised of 56 lessons on improving a retail business. The book will find fans with those who own, manage or simply work for a retailer. I find that the book's format (not content) is comparable to Joel Comm's "The AdSense Code" in that it's just over 200 pages in length, but is so dense with valuable and new information at every chapter, it'll take you longer than normal to finish reading (especially if you're like me and take a lot of notes). Moreover, every chapter (i.e. lesson) is only a few pages in length to possibly serve as a checklist for retail operations. Key points from "The Profitable Retailer" include the need to differentiate your business from competitors or customers will always base a purchase decision on price (21), replace "no" signs with "yes" signs (65), recognize customer complaints as opportunities to keep those same customers (74), translate features into benefits since people "buy based on the perceived benefit associated with the product" (91), understand that competitors can copy anyone's marketing mix, but they can't copy "your people" so it's critical to train staff and to keep them happy (97), and be satisfied with a "good" and finished product since perfection doesn't exist (177). In addition, the book also provides interesting tips on proper phone etiquette with customers to help capitalize on those revenue opportunities (201).
However, what probably makes "The Profitable Retailer" one of the more memorable business books I've read so far is that I can relate to Fleener's "experiences" (i.e. "mistakes":) as a small business owner, and to being a first-time retailer when I about 15 and rented a space at Agincourt Mall to sell comic books. In fact, Fleener describes opening his first store in his late twenties as being the happiest day of his life and says "I remember I was beaming the day they hung the sign out front. It was official; I was now a storeowner. It all went downhill from there. I failed miserably. Like many small business owners, I was undercapitalized and spent money on the wrong things. There's an old saying, 'Never confuse passion with knowledge' – and I had plenty of passion. Even after I sold my store, I wasn't about to quit retail" (6). Fleener is an inspiration to me because he never quit on what he believed in. He took the time and effort to become a student of retail (i.e. he spent many years working for those who knew how to run a successful business and got better at asking the "right questions"), and was later able match his experience and knowledge with his passion in order to finally succeed (6).
I believe that the important lesson Fleener tries to impart is: Do you have the humility and determination as a retail owner or manager to learn how to become a profitable retailer or stay profitable? If so, then try reading this book.
To learn more about this author, visit Kevin Lee's Website.
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