Industry faces a choice between winning, whining
David Perry, Executive editor -- Furniture Today, September 1, 2008
As you read this column, those key Labor Day sales will still be under way and we will all be holding our breath in hopes that our latest promotions will generate strong results. Yes, we could use some good news.
But it's difficult to escape the thought that more tough days lie ahead for the mattress industry. We couldn't help but notice retailer Morty Seaman's recent assessment of the furniture industry's prospects: “I think that this downturn will continue for quite awhile — years rather than months.” Coming from Morty, one of the sharpest retailers in the industry, that is a telling assessment.
So what are we to do? In a word or two, we must start winning and stop whining. It's a matter of attitude — and action.
I'm not naive enough to suggest that a good attitude will magically produce strong store traffic and boost your sales. But I do believe that the way we approach business in these down times is critical.
Winners are those who believe they have control over their own destiny. They are busy doing things to improve their business: Tinkering with their advertising mix, trying more online advertising, spending more time on training, looking for add-on sales that can boost their tickets. They go to markets and search for compelling new lines. They stick with their advertising programs. They look for real estate bargains.
Whiners, on the other hand, are buffeted by the storms of the recession. They cut back on advertising as part of an overall retrenchment. They skip markets — too costly, they say. They bemoan the lackluster sales climate. And they batten down the hatches, waiting for the sun to begin shining on them once again.
When business does improve, which group do you think will be positioned for success?
While I've been talking about retailers thus far in this column, a similar analysis applies to suppliers and producers, I believe. The level of whining on the producer side of the business these days is unhealthy. Company X complains about a story I wrote on Company Y. But complaining accomplishes nothing, and wastes much. Company X could move from the whining category into the winner category by accepting responsibility for its actions, and by doing something to generate coverage of its company.
Whining does not make your company stronger. It does not improve your business prospects. It does not encourage you to think critically about ways you can improve your business.
I'm a big fan of brainstorming to come up with new ideas. Take a few hours to get away with your best marketers and managers. Write down every idea, no matter how crazy it may sound, that could improve your business. That's what winners do.
Contact David Perry at dperry@reedbusiness.com
