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  • Answer You - Deadly Mistake No 1

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    pieces (success rate of 30%), 2 pieces if your stock is in colour B or C, and only one piece (or none) of any other colour.

    However ff you stock product in both your favourite colour and a few more colours that you dislike, you will sell significantly more pieces. Clearly the seller with a wider range of goods in various colours, shapes, sizes and styles is the one th

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    Last month I promised to share with you a few tricks of the trade. Let’s start with something that could cost you money or even force you out of business altogether.

    The deadliest of all mistakes is Business Mistake Number 1:

    “ I don’t like it, therefore I will not sell it .”

    Before we go any further, let me just make clear that I am not talking about doing something you don’t like or running a business that you are not committed to or passionate about. This is about a very common misconception - that you should only sell product YOU personally like and adore.

    Here is a small illustration.

    Let’s say you are in a room with 10 people. You ask each one of them a simple question: What is your favourite colour? Now, do you expect that all 10 of them will tell you their favourite colour is red? Absolutely not. Would it be reasonable to expect that 5 would go for red and 5 for blue? Very unlikely.

    So what would be a realistic response to your question? Probably something like this: 3 people would choose colour A, 2 colour B, another 2 colour C and colours D, E and F would have one vote each.

    Let’s move to the next step.

    Say these 10 people are your customers and each one of them has decided to buy only one piece of jewellery in her favourite colour. Let’s also assume that your stock consists only of jewelery in YOUR favourite colour. How many pieces would you sell to that group?

    Don’t bother to calculate – here is the answer: if YOUR colour is A, you’ll sell 3 pieces (success rate of 30%), 2 pieces if your stock is in colour B or C, and only one piece (or none) of any other colour.

    However ff you stock product in both your favourite colour and a few more colours that you dislike, you will sell significantly more pieces. Clearly the seller with a wider range of goods in various colours, shapes, sizes and styles is the one tha

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    g something you don’t like or running a business that you are not committed to or passionate about. This is about a very common misconception - that you should only sell product YOU personally like and adore.

    Here is a small illustration.

    Let’s say you are in a room with 10 people. You ask each one of them a simple question: What is your favourite colour? Now, do you expect that all 10 of them will tell you their favourite colour is red? Absolutely not. Would it be reasonable to expect that 5 would go for red and 5 for blue? Very unlikely.

    So what would be a realistic response to your question? Probably something like this: 3 people would choose colour A, 2 colour B, another 2 colour C and colours D, E and F would have one vote each.

    Let’s move to the next step.

    Say these 10 people are your customers and each one of them has decided to buy only one piece of jewellery in her favourite colour. Let’s also assume that your stock consists only of jewelery in YOUR favourite colour. How many pieces would you sell to that group?

    Don’t bother to calculate – here is the answer: if YOUR colour is A, you’ll sell 3 pieces (success rate of 30%), 2 pieces if your stock is in colour B or C, and only one piece (or none) of any other colour.

    However ff you stock product in both your favourite colour and a few more colours that you dislike, you will sell significantly more pieces. Clearly the seller with a wider range of goods in various colours, shapes, sizes and styles is the one th

    Sun Zi Art Of War - Three Business Lessons From Deployment Of Troops In Marine Battles
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    pect that all 10 of them will tell you their favourite colour is red? Absolutely not. Would it be reasonable to expect that 5 would go for red and 5 for blue? Very unlikely.

    So what would be a realistic response to your question? Probably something like this: 3 people would choose colour A, 2 colour B, another 2 colour C and colours D, E and F would have one vote each.

    Let’s move to the next step.

    Say these 10 people are your customers and each one of them has decided to buy only one piece of jewellery in her favourite colour. Let’s also assume that your stock consists only of jewelery in YOUR favourite colour. How many pieces would you sell to that group?

    Don’t bother to calculate – here is the answer: if YOUR colour is A, you’ll sell 3 pieces (success rate of 30%), 2 pieces if your stock is in colour B or C, and only one piece (or none) of any other colour.

    However ff you stock product in both your favourite colour and a few more colours that you dislike, you will sell significantly more pieces. Clearly the seller with a wider range of goods in various colours, shapes, sizes and styles is the one th

    Fast Decision Is Required For Fast Fashion
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    et’s move to the next step.

    Say these 10 people are your customers and each one of them has decided to buy only one piece of jewellery in her favourite colour. Let’s also assume that your stock consists only of jewelery in YOUR favourite colour. How many pieces would you sell to that group?

    Don’t bother to calculate – here is the answer: if YOUR colour is A, you’ll sell 3 pieces (success rate of 30%), 2 pieces if your stock is in colour B or C, and only one piece (or none) of any other colour.

    However ff you stock product in both your favourite colour and a few more colours that you dislike, you will sell significantly more pieces. Clearly the seller with a wider range of goods in various colours, shapes, sizes and styles is the one th

    Your Corporate Self-image Will Determine Your Success
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    pieces (success rate of 30%), 2 pieces if your stock is in colour B or C, and only one piece (or none) of any other colour.

    However ff you stock product in both your favourite colour and a few more colours that you dislike, you will sell significantly more pieces. Clearly the seller with a wider range of goods in various colours, shapes, sizes and styles is the one that caters for a wider audience and, therefore, will satisfy the needs of a larger number of potential buyers.

    If you decide to stock only goods that YOU like, then you are automatically limiting yourself to a very small section of the market. Some retailers are so good at selling so little, that when they eventually go out of business they would rather blame trends, ignorant buyers, the economy, fashion, suppliers or even the Tax Office. Anyone but themselves and their lack of vision.

    We come in different packaging; some of us are tall, others are petite, and some of slightly more solid build. Some are sophisticated and always on the cutting edge, others are completely unable or unwilling to follow fashion trends. But all of us have one need : to feel better and look beautiful by buying a product that will satisfy OUR spoken or unspoken needs.

    Therefore, when it comes down to a choice between selling what you like and selling what your customers want, make sure to be open-minded about your product and remain customer focused at all times.

    Tanya Hacko
    Sydney, Australia

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