It's time to talk

"A good plan executed today is better than a perfect plan executed tomorrow." - General George S. Patton Jr.

Isn't it interesting that one of the most valuable currencies of all in modern retailing is time - yet it is never really the direct topic for discussion.

Why do we disregard one of the most significant impacts of all the elements that influence us, including our customers and our perceptions? Fundamentally, it is time that is the single greatest product that the technological revolution has produced.

At the 2011 World Retail Conference (sounding “so last year” already?) we heard speakers such as Tommy Hilfiger speak about “real” time. That is, communicating with our customers in real time - being instant, simultaneous, interactive and above all now.

So what did we do prior to this? We communicated a message to our customers based on past trends, seasonal drops and historical forecasts. All the time we were thinking, guessing and hoping we had accurately predicted what they might want or need going forward.

We based our decisions not on real time, rather on past time.

So the first conclusion is that we must use all our available communication channels to communicate with our customers. Or to quote the more eloquent Tommy Hilfiger, "It’s about keeping up with the consumer, seeing in real time with the consumer through Twitter, Facebook and My Space, then listening to what they have to say.”

The second point is embedded in the concept of “seeing in real time”.  The old adage “we know what the customer wants" is largely passé as is the equally old adage that customers know what they want.

Actually it is increasingly a journey in real time sharing knowledge - live research with customers and - above all - an incredibly fast and responsive action set from the retailer in as close to real time as is possible. That is the key to mastering this incredible changing paradigm.

Every CEO know must now concern themselves with real time.

Time doesn’t really run out. But some businesses no longer compete because they simply let time run out.

Happy New Year to our readers, clients and colleagues of Retail Doctor Group.

Source:InsideRetail Author:Brian Walker

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