Cover Story: 50 Best Tips of 2009
40. Follow the fiscal calendar.
Just prior to the end of the fiscal year is prime selling time for B-to-B marketers, as institutions must use all of their budgets or risk losing funding in subsequent years.
John F. Hood, MCH
“4 Tips to Help B-to-B Marketers Capitalize on the American Recovery and Reinvestment Act,” July 7, The ROI Report
41. Budget for holiday inventory control planning.
Prepare an inventory budget, and review it weekly. Know your cash limitations related to placing purchase orders, and live within those limits. If you have surprise hot sellers and need to reorder, this budget review helps determine whether you have cash available to place the orders or if you need to free up cash by adjusting other orders.
Ray Goodman, Direct Tech
Inventory Management column, “10 Steps to a Better Holiday Season,” October, All About ROI
42. Optimize inventory.
Take advantage of like-item historical data to drive current-day inventory forecasts. Optimize sizes down to the individual store level based on how many units that store is expected to sell. Use “open stock” inventory to supplement gaps in prepack inventory. While open-stock merchandise is expensive to handle, mixing it with prepack stock optimizes inventory by not having to mark down or liquidate.
Clarence Kelley, J.C. Penney
“4 Ways J.C. Penney Delivers a Compelling Shopping Experience,” Feb. 10, Catalog Success: Tactics & Tips
43. Keep the customer satisfied.
Marco Promotional Products sends an email survey after every order. The return email on the automated survey comes directly from CEO Dick Nelson, and 30 percent of Marco’s customers respond to it. Managers and team leaders go through customer satisfaction reports daily, sifting through every customer comment. If something’s wrong, they make it right.
JoAnna Brandi, consultant
“Mind the Gap,” October, All About ROI