Ready to be a better buyer and keep more money in your bank account at the end of the day?
This episode is PACKED with information about the flow of inventory, data analysis, point of sale systems, merchandised plans and all the details retailers need to manage a successful cash flow and buying strategy. Meet Dan Jablons, Founder of Retail Smart Guys, analyst, consultant, speaker, and Management One affiliate.
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ABOUT DAN
Dan Jablons worked in retail while attending the Ohio State University, where he graduated with a Bachelor of Science in Marketing and Production. He has worked with retailers such as Walmart, Target, JC Penney, American Apparel, Donna Karan, Jimmy Choo, Charles David, Diesel, Oakley, Tumi, Hollywood Bowl, and many others. He has worked for a clothing manufacturer where he piloted vendor-managed inventory programs, a leading point-of-sale provider, where he installed systems and provided merchandising help to retailers large and small, and internet marketing where he helped retailers establish a presence on the web. In addition to his vast retail background, Dan also has a background in improvisational theatre. He has performed with comedy troupes all across the USA, and recently appeared on Curb Your Enthusiasm. Dan combines his extensive knowledge of retail with his comedy skills to become one of the industry’s most popular speakers. He has spoken at Magic, at local municipal and trade show events, and many other venues.
KEY TAKEAWAYS
- Dan is the Retail Smart Guy, but he also did a stint on Curb Your Enthusiasm
- Unless you have a true Point of Sale system, you don’t have data
- There is a BIG difference in tracking vs analyzing
- Failing Fast should be everyone’s strategy, your timing is key
- Running a best seller report? Don’t just look at the top. Look at the 4th, 5th, 6th in line, there is where the hidden opportunity lies
- “Inventory is neither wine nor cheese, it doesn’t get better with age,” – Dan
SHOW NOTES
10:55 – Point of systems tell you when you’ve been slapped and when you’ve been kissed.
12:55 – A merchandised plan starts with a great sales forecast.
15:50 – Dan’s view on the retail apocalypse.
17:00 – The all alluring funnel. Where to start analyzing your numbers, and how Dan’s company can help you make more money.
25:40 – When inventory reports are wrong…there aren’t inventory elves coming in and altering your data…
28:30 – Vendor scorecards that tell you what your customers think about their products. Pssst. It’s a report, not something you ask your customers to fill out.
32:00 – Actionable markdown strategies.
38:55 – Failing fast.
40:00 – Traits in successful retailers?
44:00 – What percentages of my revenue get reinvested into rent, payroll, operating expenses, and Inventory.
47:40 – Favorite books and podcasts, mentors, and serving through selling.
Favorite Book: “No Thanks, I’m Just Looking: Sales Techniques for Turning Shoppers into Buyers”
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Original Air Date: Feb 24, 2018
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