Tag Archives: business

July 15, 2013 · 11:07 am

Non-virtual Commerce Portals

I do most of my non-food shopping online and I think I might have made a mistake that’s all too common among business folks:  I assumed I was just mirroring that habits of the public at large.  I also figured that shopping malls would be on their last legs.  After all, if you never have to leave your house to go shopping or stand in a checkout line while some whiny baby serenades you, why wouldn’t you choose to do that?

Shopping mall

(Photo credit: pix.plz)

Not only am I way off base, but there is research that shows just how far wrong I am.  Despite some fairly big gains with respect to share of market by online merchants, 95% or shopping still occurs offline. According to a recent Nielsen report, in the fourth quarter of 2012, 5.4% of retail sales came from online channels, up from 3.6% in Q1 2008.  Big gains, a lot of dollars, but still a fraction of the retail world.  Why do I think this might be of interest to you?

Other than media, there is no other sector of business so dramatically affected by the grown of digital than bricks and mortar retail.  Since shopping malls have replaced the “downtown” in most places outside of major cities, they are sort of ground zero to feel the impact of this change.  Yet although many of them are suffering through high vacancy rates and others (as shown in this Dead Mall site) are dead and gone, something else is happening that is instructive.  As Nielsen found:

Malls are changing their focus and aren’t just places to buy things. They’re social centers, places for entertainment and employment hubs. They’re also transforming what consumers can expect from a shopping experience.  The line between shopping, entertainment, and community building has blurred. This blending of experiences has created an opportunity for retail to strengthen social ties within communities looking for communal experiences.

In other words, “Malls” are now non-virtual commerce portals.  I think they can go further.  Imagine a “guy” mall, for example.  Instead of Macy’s or Target as an anchor tenant, maybe it’s an indoor driving range, a shooting range, a bowling alley and a sports bar, surrounded by men’s shops, hardware stores, etc.  Why not stretch the thinking a bit and develop that property next to one that’s female oriented.   Combine each with an active social presence (Instagram and Pinterest will be very helpful here) and you’ve transformed the “mall” experience into something more akin to how people shop online.

We all need to think out of the box before they put our business in one to bury it.  You with me?

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July 10, 2013 · 10:09 am

Think Like A Reporter

One unit I used to teach way back when was on journalism.  Even though it was a long time ago and everyone’s access to information has changed significantly, the basic principles haven’t.  The reason I mention this is that it’s also a critical factor in being a good executive and managing your business.  So first some general points and then an example.

Old News - canon rebel t2i

(Photo credit: @Doug88888)

I used to tell the students to doubt everything.  If they hear a “fact” it was their job to find another source to confirm it.  If it came out of research, look into who did the research and why for signs of inherent bias.  It they heard or read it from an individual, ask questions – how do you know this, where did you learn it, do you have proof it’s true.  I’d remind them of something that I think is even more true now:  reporters are supposed to be “fair.”    There is supposed to be some objectivity in what they do and critical thinking – separating fact from fiction – is key.

We used to spend time on news vs. opinion and discuss how news informs while opinion persuades.  News presents all the facts; opinion presents only those that support the position taken.  One is objective; the other subjective.  As an aside, this is probably the biggest difference with almost all “news” today.

Example:  the plane crash in SF last weekend.  Within minutes, social media was filled with photos, witness reports, and statements by people allegedly on the flight.  I assume that the folks at the news networks follow Twitter and other sources yet nothing was said by any of them for 15-20 minutes.  Is that a failure?  Not in my eyes.  Clearly SOMETHING was going on but what?  Was it a crash or a training exercise or a movie shoot?  Saying “there’s a lot of activity on social media about something going on at SFO” is factually correct but says nothing.  So they waited to verify the information and then acted.

All of the above is critical when you’re in business.  I’m sure you see dozens of “facts” every day, whether they’re memoranda, data, presentations, or just conversations.  Acting on any of that information without thinking like a reporter can be fatal.  We need to make informed decisions and having the wrong information will make those decisions suffer.  You agree?

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July 9, 2013 · 10:15 am

The Heart Of The Matter

I’ve officially named this day of the week TunesDay. Just as Fridays are for food-related screeds, I’m going to try to stick to music on this day of the week. Forewarned is forearmed!

Don Henley

Of course, since it’s a music day, let me talk about sports (hard to keep up with me, isn’t it?). I read a piece yesterday about Michael Dyer, a former running back who played for Auburn. He was suspended by Auburn in December 2011, late in his sophomore season, for failing a drug test. He’s never been convicted of a crime but has made some incredibly stupid decisions about his friends.  I bring this up because this kid, who has 2 years of eligibility left and is a top player, can’t get a sniff from any school to go play football. Too risky. Too many other choices out there. He damaged his brand and now needs forgiveness.

Which leads to today’s song (you knew I’d get here!).  One of my favorite songs comes from Don Henley and is called “The Heart Of The Matter.”  A live performance is below.  The song is about someone screwing up and asking for forgiveness – not to wipe away the transgression but to heal the wound:

I’ve been tryin’ to get down
To the heart of the matter
But my will gets weak
And my thoughts seem to scatter
But I think it’s about…forgiveness
Forgiveness
Even if, even if you don’t love me anymore

I think it’s a beautiful, heartfelt  soliloquy on the subject.  That’s what Dyer is seeking and I think it’s what many businesses end up seeking as well.  The problem is that it’s not always forthcoming, even if the business knew how to ask in terms even half as wonderful as these.

Some business people with whom I’ve worked have felt the “better to ask for forgiveness instead of permission” approach is the preferable way to go.  I disagree.  We live in an age when consumers and clients have access to multiple sources for virtually anything.  Schools can find great running backs – thank you web-based recruiting sites – and vet them carefully.  Who needs to take the risk that an entire program suffers due to one bad apple?

As a brand and a business, the heart of the matter is that behaving honorably – transparently, respecting privacy, keeping the customer’s perspective – negates the need to ask for forgiveness.  It’s not something you want to do, even in terms as nice as these.

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