I was voted leader of the week for week ending 2/11/17. When a leader in the office earns this title, they create a morning meeting for Friday. The meeting is meant to be a narrative that relates in some way back to the field.
LOA stands for Law of Averages. In our business, it is the concept that the more businesses you see, the more likely you are to make a sale.
In my meeting, I discussed the popular TV show, Shark Tank. I mentioned a company that had been three years in the making before landing a deal. The product was cricket flour. As I glanced around the room, I was getting squeamish faces. The creator walked away with a deal.
The pitches to get to Shark Tank were an example of LOA, for it took years to stand in front on that room.
The LOA doesn’t stop there.
The sharks make deals all the time, but that doesn’t mean the contract goes through behind closed doors. Sharks only see the surface of the companies/products they are pitched. The finite details do not come out until after the show is aired. The sharks are also playing with a numbers game every deal they make. There will always be deals that fall through or fail. The more companies and products the sharks invest in, the better chance they have at making a lucrative deal.
In early November, I was voted leader of the week at CMC. This is based on amount of days spent training/interviewing Account Managers, profit made, and overall performance. For speeches, we relate something inspirational to the field.
I shared an anecdote about a cartoon artist who worked hard for years only to have one of his characters and team of artists taken away by the wording of a contract. He could have given up at this point, as he was left with nothing. He persevered and went on to create… Mickey Mouse. Walt Disney had a tough start, but he created an empire.
Relating this to the field, I reminded my peers that every “no” given by a business is just a signal to move on to the next one (getting them closer to someone who will say yes). Confidence cannot be bothered by a “no.” One must keep a positive attitude and keep pushing on throughout the day. Giving up means that you will not have the ability to ‘build an empire that day’ (make a sale).
Consignment stores do not have a steady flow of inventory. They do not have a manufacturer or wholesaler on speed dial to ship the latest fashion trends. I think a possible crisis would be having low inventory for the current season. You must always keep customers coming back to shop, and bring in their excess clothing to consign.
To avoid having low inventory, consignment needs to be encouraged at each check out. There could be various sales pitches such as “You can earn your money back by cleaning out your closet and bring us ____ season clothes” or “I love your choices today, I bet you have a great wardrobe at home. Stop by if you clean out any clothes for the ____ season.” These general sayings could be customized by the associate working at that time.
This specific store accepts clothing Thursday-Saturday all day long. This differentiates them, for some consignment stores only take clothes if you schedule an appointment. Saying no appointment necessary will allow the consignees to come in at their leisure.