What is Right?

We often use the phrase, Right Product, Right Place, Right Time, Right Price. I would certainly add Right Quantity and Right People to this list.

But what is right?

Right Product

How do you know which is the Right product for your store? Everything is perception. This needs to be much more detailed. It depends on the weather, culture, focus group, interest, trend and many more. Do you know what the demand is for certain product and categories? How many competitors are there? Are you offering a special or a basic product? Is there any innovation involved? By now you already know that deciding on the right product is pretty confusing and needs a lot of research. It goes hand in hand with detailed analysis of what is actually right.

Right Place

If you only have one store than it has to be the right product on the right time since obviously your store should be the right place. Right?

If you run more stores than the right location needs to be determined based on history of sell out, sell through, trend, demand, competitors etc.

But how do you determine it? Research and analyzing is inevitable, both geographically and financially.

Right Time

You can sure have a successful product but if you are trying to sell it at an appropriate time it will be unsuccessful or definitely not delivering the result what you were expecting. Launching a product at the right time and place will deliver you glory and great success. Timing is crucial! Do your research and consider the timing thoroughly. You really do not want to blow your business with launching the right product at difficult times. Choose a period which already lays certain success for the category and your investment. Establishing a good business not only needs time but also good timing.  

Right Price

Price has a significant importance in business. It can go wrong and it does go wrong, we have seen it before. Analyze the category successes regarding price points and what the market is offering. See behind the numbers and break it all down to costs, profit, buying price. Dare to take risks if it comes to price. Consumers are easy to understand, but you do need to know the philosophy behind pricing. You can also learn a lot from competitors! Dig into to the market and discover the most commercial and successful retail prices. Market research is key!

Right Quantity

Predicting the right quantity can be tricky, especially if you have a new product. It will be the choice you make: taking a risk or playing safe?! How big risks are you willing to take or how safe you go?

But in the case of a well-known and favorable product the only way to define the amount is analyzing performance and looking at all the figures in the history of the product/category. Building up your own reporting system takes time and it will cost you a few seasons till it goes completely according to the plan. Understanding the why’s and how’s will depend on keeping everything on track. Once this is up and running you will be able to project what performance to expect.

Right People

The will be always people willing to do the job cheaper. Do not compromise! Invest in your people. If you are limiting your business and trying to save money on employees then you are already loosing. The right people already know the truth and they will only work for the right company. They see an opportunity and they want to be part of a success. That is exactly what you want. Be careful with who you choose!

Conclusion

Invest in research and analysis. This will be the firm core of your successful business. Do it Right and it will be all Right!