- Respect the value of educated intuition. In his book Blink, author Malcolm Gladwell gives a series of examples of how quick decisions, made without much thinking, can lead to results superior to decisions made after great deliberation. Researchers at Radboud University in The Netherlands and at Northwestern University found that beyond an initial assessment period, the more time consumers spent evaluating alternatives, the less satisfying they found their eventual choices to be. This was true whether the products were paintings, apartments, or jellybeans.
- Look for the trends and select where to drill down for details. You want to decide what products to purchase for your store, what services to develop, how to advertise and publicize, what to prune out of your merchandising mix. All these require attention to where the marketplace is going, not only how things are now. Skim the data to spot the trends. Get an overview. At the same time, there will be areas where you need the details. What specific types of consumers are purchasing which products? Which suppliers are providing the best package for your situation—looking at point-of-purchase materials and staff training in addition to wholesale price? But be selective in drilling down.
- Follow up and check back. The examples given by Malcolm Gladwell are of people skilled in decision making in their respective fields. The findings from the Radboud University/Northwestern University research need to be interpreted with an awareness that the type of decision satisfying a customer isn't necessarily what would satisfy your criterion to make a profit. Keep refining your skimming skills.
For your profitability: Sell Well: What Really Moves Your Shoppers
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