The Economy of Experience Collides with the Economy of Convenience
by John Kennedy
There are three types of economies that exist in the world—Price, Convenience and Experience.
There are three types of economies that exist in the world—Price, Convenience and Experience.
To zero in on increasing sales, average transaction, and average items per transaction look closely at the individual building blocks that make up each sale. There are three basic building blocks to this empire.
Earlier this year, Ball Publishing's Bill Calkins approached Steve Bailey about co-writing a series of articles that could lead garden centers through the basics of analyzing category performance and some of the measurements developed for The Garden Center Group Clients through the Annual P&L Study. The result is a series of four articles published in Ball's GreenPROFIT magazine this spring.
The following is the Part 2 of the series... Category Growth Strategies: Your Metrics. This was originally published in the April edition of greenPROFIT magazine and can be seen HERE. If you missed the Part 1, you can see it HERE.
Earlier this year, Ball Publishing's Bill Calkins approached Steve Bailey about co-writing a series of articles that could lead garden centers through the basics of analyzing category performance and some of the measurements developed for The Garden Center Group Clients through the Annual P&L Study. The result is a series of four articles published in Ball's GreenPROFIT magazine in this spring.
The following is the Part 3 of the series... Category Growth Strategies: Creating the Plan. This was originally published in the May edition of greenPROFIT magazine and can be seen HERE. If you missed the Part 1, you can see it HERE. To see Part 2 - HERE.
Earlier this year, Ball Publishing's Bill Calkins approached Steve Bailey about co-writing a series of articles that could lead garden centers through the basics of analyzing category performance and some of the measurements developed for The Garden Center Group Clients through the Annual P&L Study. The result is a series of four articles published in Ball's GreenPROFIT magazine in this spring.
Be sure to see the INSIGHTS Video Series at the end of this blog article.
This is a Laughing Matter. The last thing you want to do is remind people how bad things are, and injecting humor can help you, and them at the same time.
It's time for some Humor Therapy. If you do any kind of search for Humor Therapy you will quickly find lots of resources. For instance, the University of Michigan Health System says, "Humor therapy (sometimes called therapeutic humor) uses the power of smiles and laughter to aid healing. Humor Therapy helps you find ways to make yourself (or others) smile and laugh more. When you think of Humor Therapy, you may picture clowns in the children's ward of a hospital cheering up sick children. Some hospitals now have humor carts that provide funny materials for people of any age. Many nurses have learned the value of providing a good laugh to those for whom they are nursing.
For any Boomer reading this, it will certainly take you back to your childhood days. For anyone younger, I hope I can share what is was like for us and what I see that may be creating that same feeling all over again for many.
[Danny Summers: I asked Robert Hendrickson, "What's the right message for most of our centers to be considering." Here's his response..."The same words they should always use...Gardening hasn't changed just because a bunch of governors tried to stop it. - Fun, relaxing, personally rewarding and a great family activity. Don't try to overcomplicate things. Once the “all clear” siren sounds the only difference should be come out swinging and keep swinging with a strong marketing plan and the right words that haven't changed." Robert then shared a couple sample radio ads he has recently worked on with clients as examples. Details follow.]
These two radio spots are built around a common theme... connecting Dr. Sacks (mentioned in an earlier GROUPtalk article) and his research on the emotional power of gardening... to local garden centers.
Overwhelmed yet?
The past week brought many IGC’s to a new realization of frustration and awareness that this Curbside Pickup and Delivery thing isn’t scalable to meet peak Spring demand.
What to do about it?
Take a step back so you can take two or more forward. Things are about to get ugly, or we’re going to figure out how to keep that from happening.
Step in, and watch or listen to the recorded GroupTalk LIVE! You’ll hear, or hear again, why it is important to come up with your own plan for taking care of your customers who have been paying your bills all these years. Focus on that and you’ll be better able to cope with all of this.
It has been almost a year since I started work with Steve Bailey. During that time, I have done onsite visits, attended Fall Event as a service provider, compiled the WDR weekly, and helped complete the P&L Study. I have gained a great appreciation for accountability in numbers and in the resolve of Garden Center owners to succeed. From those early Garden Center days to today, I recognize valuable information that I could have used 20 years ago, when I started managing Garden Centers.
The IGC Spring Sales Curve is about to be FLATTENED by the “flatten the spread of Coronavirus” efforts.
I fully support the need to flatten the C-19 curve, and to protect the most vulnerable from getting ill and dying in an overburdened medical care system. I’m hopeful that this can occur. But the practical reality is, while hope is essential, it is not a good business strategy. We are not going to hope our way out of the financial burden of this on your business.
As I say often, God gave me two hands to make life easier and decisions simpler.
As the COVID-19 event unfolds, we are seeing garden centers closing down temporarily or reducing hours. Either one of these actions reduce Revenues and the ability to fulfill your Center’s financial obligations.
This is timeless information to consider as every season approaches every year – especially Spring.
Spring Fever infects 100% of people, at least to the point they’ll take a walk or open a window to breathe real, fresh air. Fortunately, almost all of them also buy plants. This is a GIFT, to be anticipated, appreciated, and taken seriously. Remember, it comes only once this year so it had better be a great one if you can make it so.
Welcome to March and what looks to be an early arrival to Spring!
We were brainwashed.
My doctor said my memory problem was due to two simple facts…
1. I’m getting older, it just happens.
2. The second reason was… uh… I don’t remember what the second reason was.