Recognize Opportunities to Learn

Almost 35 years ago, an article titled “Why Cute Commercials Sell” appeared in TV Guide. That was my first published article about consumer psychology. It was based on a small research project I’d done while in graduate school at Stanford University.
     Over succeeding years, I worked in a number of areas of psychology, but always especially enjoyed projects in organizational and consumer psychology and the opportunities to help others learn. Then a few years ago, Art Freedman, whose family owns American River Ace Hardware in Folsom, California, and who is a renowned retailing consultant, invited me to collaborate with him in helping retailers improve their profitability. A major outcome of that collaboration was Making Money Is Not Illegal, Immoral or Fattening, a book I coauthored with Art.
     Today is Art’s 60th birthday. It’s an occasion for me to publically thank him for all that he has generously taught me about the world of retailing within and outside the U.S. Art’s knowledge of profit margin management is thoroughly instructional. His explosive enthusiasm, unconditional optimism, and ready-fire-aim approach to business have kept me alert.
     Art’s benchmark birthday also provides me an occasion to remind you of the importance of recognizing the learning opportunities all around you as a retailer. You’ve mastered a great deal from formal training, I imagine. But have you made best use of the education and inspiration available to you from people not formally designated as trainers? Your staff? Your customers? Your vendors? Your retailing colleagues? Your retailing competitors? Being taught by their successes and their setbacks. By their strengths and their shortfalls.
     In Making Money Is Not Illegal, Immoral or Fattening, Art and I write, “If you’ve been in retailing for, let’s say, twenty years, do you have twenty years worth of learning or do you have one year of learning repeated twenty times?” Actually, in this case, those are Art’s words. He said it, and I inserted the commas. But the learning links don’t stop there, of course. As you’ll see when you look at page 34 of the book, Art also says he was taught that advice by a very smart Australian named John.
     Which brings me to the last tip for today: Just as you recognize all your opportunities to learn, be sure to also recognize your opportunities and responsibilities to teach others.

Click below for more:
Know Margins on Your Products
Drill Down to Do Item-Level Pricing
Turn Competitors into Partners
Destroy Excuses for Inaction