As I mentioned last week, I am speaking at the Mobile Marketing Forum in Auckland next month. I’m going to share some good practical business ideas there that smart retailers and destination businesses can implement. You might catch the odd one on #NZSoMo on Twitter, but I’d recommend if you want to get into and ahead of the wave of new social media and location based mobile marketing, you should invest in attending this event.
Some time ago I talked about the situation with Whitcoulls and Borders. I said I had lots of ideas about how they could run their businesses more profitably without sacrificing their models. I’m happy to share some of my ideas, but not all of them, because I am thinking that maybe there is an opportunity to partner with some local developers or entrepreneurs to commercialize some of my ideas, seeing as the people in these businesses can’t see the wood for the trees.
I’m happy to share a few concepts to get things started and to show I’m not just full of hot air.
First is basics. Whenever a business starts falling by the wayside, the smart ones go to consultants or mentors. Often the business has gotten so busy they forget about what made them great stand out businesses in the first place and often they have forgotten good business practices.
A key one is stock turn by category. Some of the books I saw in the sales were going to struggle at $1 a book and should never had been stocked. How did Borders NZ decide what to stock in each category? Did they liaise with the people who read the books or just on what the publishers told them.
Back in the day the late Shaun Joyce of Sounds Music used to consult my daughter on which albums he should bring in for the big teenage market. She was big on music and researched amongst her friends which meant they got what they wanted and Sounds stocked what the segment wanted and it moved.
I haven’t explored retail in the US for a number of years because it was no longer relevant to my current business environment, but that is changing, partly due to a new solution that GeoSmart is launching soon called BIonaMAP or Business Intelligence on a MAP. More on this in the near future but it is very exciting for lots of businesses including retail chains.
I fell in love with Borders in the USA. Shame they may not be there much longer.
They were innovative in lots of ways. there were 3 that I particularly liked (I’m not writing a book here folks!).
- They had book signings and meet the author every week (I’m talking about big city stores here). The ones I liked best were autobiographies, for example imagine going to a store, watching BB King play Lucille and sing a couple of songs, having a chat and then personally signing his new autobiography.
- They encourage you to read in the store and have a cafe you can take the books to. My first thought was, they will damage the books. My 2nd thought was now I can check a few books to find out which is the one I really want, especially for me technical or music related books. I very rarely go to a book store and buy only one book. This year I have bought at least 20 books from local stores and another 8 from Amazon.
- They have massive range, width and depth. If I want to buy anything other than a top 100 book (I’m not generally in the demographic for many of those).
I will come back with some advice and would love some feedback from you dear reader because part of the fin is coming up with the ideas.
My best business read this year has been Jeff Jarvis “What Would Google Do?” My first recommendation to whoever ends up owning and managing Whitcoulls and Borders (if they don’t just shut them down) has a mandatory read of this book. If they don’t come up with at least a dozen innovative, exciting and compelling ideas as a result, I’d suggest they resign from their jobs because they are stuck in the track of “This is how the book trade works, this is the way we have always done it”. Folks this is the way the book industry crumbles instead of making itself relevant. And no hanging a discounted eBook reader off a hangsell rack is not a modern way of doing business.
I will share some more ideas with you for those who need some sparks to get their thinking juices started, but I’m really keen for some participation here, so for each idea, I might also throw out some questions.
What do you think Borders and Whitcoulls can do better that would make you want to go to their stores and spend money?
I visited Borders on Saturday. They were having a stock take yesterday and I would expect some more sales coming up. Not much worth buying but I did get a copy of the 2010 book Kiwi Rock Chicks, Pop Stars and Trailblazers down from $49.95 to $5! They probably could have sold it in volume to the record store next door:(