Thursday, May 9, 2013

Business 101: When the Dust Settles...Or What to do AFTER a Big Event.



Big customer events can bring on many kinds of emotions before they happen:

Excitement
Anxiety
Anticipation

And afterwards those can change to:

Happiness
Pride
and the least favorite,but often played out....Disappointment.

The business world is very familiar with that last one.

Black Friday. Valentine's Day. Halloween.  These are all examples of days of the year that some retailers spend a great deal of time preparing for in their store and within the company.   Upper management is stressed. Lower management is stressed. Workers are stressed.  And when the day is over.....the companies that will continue successfully on in business, whether they had a profitable day or not, will all do the same thing......

Analyze their data and start preparing for the next big event.

They will NOT:

Threaten to shut the whole operation down and watch a marathon of "Grey's Anatomy" as a staff.
Take everything out of their store and start all over.
And they will not "high five" each other for three months straight and do nothing else...but that.

Because a big event is just that.....a BIG EVENT. Not a "Big-Event-That-Will-Destroy-Everything-We-Have-Ever-Done-Or-Will-Do-In-The-Future-Just-Like-That-Giant-Metor-In-The-Movie-Whose-Name-I've-Forgotten
".

They will, however, immediately look at several (if not all) of these:

Products sold
Products not sold
What they advertised
What they did not advertise
Hours of preparation
Amount of traffic
Times of traffic
Types of traffic
Comparison of past similar events
Where they advertised
Where they did not advertise
Amount of return customers
Amount of items per purchase
Analyze  their top sellers
Analyze their bottom sellers
Feedback from customers
What competitors did well
What competitors did that did not do well

And the list goes on and on.  Bottom line....the event's outcome, whether positive or not, shouldn't be a stopping point.  Either way, it COMPLETELY matters what you do AFTER the event.

Did the big event go well for you? Congratulations! You have obviously been doing some good things and they are paying off.  Feel good about that and use that as a STARTING point for the next time around. Businesses are everchanging...morphing...improving...there are always places to do better which could put you in an even better spot the next time.  And the data analyzing is just as important for you, too.

Was the big event a little disappointing? 

This is often where a lot of businesses give up. They don't look at this as a chance to improve and learn...but more of an opportunity to bail.  And if you are in this for the long haul, bailing is not an option.

So....Mr and Ms. Teachers...you've heard this before....get in that data....and start digging!  Analyze. Analyze. Analyze. You're a teacher. You know how to come up with strategies if one or more doesn't work.  You certainly wouldn't kick a student out of your class permanently or quit teaching if the students didn't do well on a test. Even the most stringent standardized testing situations allow for an examination of data...and a chance at a "do over". 

There are very few businesses (if any) that have been successful at everything, every event, every single time. I can't even remember the last "Black Friday" positive report I heard. Certainly, none that stand out.

But the ones that do continue to succeed over the long run....pick themselves up and figure new ways to improve. They bend....not break. And you should be too...

As teachers, we are used to "cheerleading" our students into "wins". It's what we are good at...what we know...what we feel is a special skill that we use daily.  And even when our students don't "win"...we still know how to make them feel okay about themselves. And we find multiple ways to help them win the next time. If you can motivate children to learn and use gazillions of strategies to accomplish that....then you can absolutely do the same with your business.

Remember...you can do ANYTHING...

You are a teacher.

Rebecca G. smile

Here are some great articles to read on the topic(ish)....AND even though they use the word "failure" quite a bit....which I believe is too strong to use for some "big events" ...the information is still quite useful in gaining a balanced perspective that still keeps you motivated for the future.

If you tried, at least take a failure bow! I personally LOVE this one....and will be doing what they say...hehe. smile

Great way to keep perspective!

Great insights!

This is definitely an innovative company....and they "get it".





3 comments:

  1. Even though I have sold for a long time on TPT, I can get discouraged! Thanks for the encouragement!

    ReplyDelete
    Replies
    1. You are very welcome! Getting a thicker skin is definitely easier said than done...especially with nice teachers. Much success to you and your business! Thanks for reading and your nice words!

      Rebecca

      Delete

Thoughts, questions? Please share!