Wednesday, September 15, 2010

Learn from Sam Walton!

Some books are worth reading twice. "What I learned from Sam Walton; How to compete and thrive in a Wal-Mart world" is one of them. Author Michael Bergdahl outlines how to strike against big-box retailers by understanding their strategy and what NOT to try. The book is very pedagogic in both structure and content and has a lot of easy to use checklists such as:

"Pricing Checklist

Review this pricing checklist of success strategies and tactics designed
to help you compete with big-box retailers like Wal-Mart and not
only survive, but thrive.

-Avoid selling the same products Wal-Mart sells
-Don’t try to match Wal-Mart’s prices
-Ask your vendors for competitive product/pricing ideas
-Provide higher-quality products at higher price points
-Price a consumer shopping cart of comparison staples competitively (within 10 to 15 percent)
-Broaden your overall selection of price/product choices: good, better, and best
-Talk to your vendors about partnering with you on lowering their prices
-Shop competitors’ stores for ideas and an understanding of their price strategy
-Ask your suppliers for special-buy and sale merchandise for your customers
-Make certain shelves or inventory are clearly marked with accurate prices
-Advertise product guarantees and service after the sale"

Download the excellent sample chapter here. Click here to order your copy.o