Monday, August 26, 2013

De-Stress from the Distress of Perfectionism

On “Late Show With David Letterman,” actor Peter O’Toole revealed how the dry cleaner shop he uses inspired his choice of an epitaph. A leather jacket he sent to the cleaners came back with a note attached: “It distresses us to return work which is not perfect.”
     “I’m having that on my tombstone,” Mr. O’Toole announced.
     Perfection may be a noble aim for a retailer, but it also may expedite use of tombstones. One for the business and one for the businessperson.
     Keep your eye on many important tasks at once. But allow some tasks to be in your peripheral vision. The central focus should be on tactics and measures that, if they fall too far short, substantially impact your profitability.
     The successful retailer engages in skillful selective neglect. You can do it all. The problem is you can’t do it all at the same time. There are many ways to improve your profitability as a retailer. You almost certainly don’t have the resources to implement them all simultaneously. And more, it turns out, is not always better.
  • Researchers at University of Mannheim in Germany and University of Texas-Austin found that customers who are adequately satisfied are willing to pay higher prices than are customers who are barely satisfied. But the researchers also found that developing customer willingness to pay even higher prices generally requires ensuring those customers are consistently very highly satisfied. The costs of doing this might make it unprofitable. If so, why not be satisfied with adequate customer satisfaction? 
  • Researchers at Duke University and University of California-Berkeley find that advertising a warranty has no effect on consumer perceptions of retailer and product quality unless both retailer reputation and manufacturer reputation are in other ways flawlessly positive. So until you’re confident that your shoppers absolutely revere your reputation, why advertise warranties? 
     Psychologist/economist Herbert Simon coined the term “satisficing” to refer to his finding that successful people accept less-than-perfect alternatives in order for them to be able to move on to the next tasks to be accomplished. Swarthmore College researchers determined that satisficers have higher life satisfaction, happiness, optimism, and self-esteem than do people who hold out for perfection.
     In a 1911 story, “Gertrude the Governess,” Canadian humorist Stephen Leacock, wrote, “Lord Ronald said nothing; he flung himself from the room, flung himself upon his horse, and rode madly off in all directions.”
     Don’t be a Lord Ronald.

Click below for more: 
Focus for the Holidays 
Perfect Your Salesmanship for Perfectionists

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