Learn How to Improve Now from a Great Futurist (No, Not Me)
But he contended that “we’re not developing leaders who have intentionally designed businesses that won’t work until they dominate.” To do this, he said, catalog leaders must forge ahead evening the face of diversity. “Never reverse course,” he urged.
2. Product. We at Catalog Success run plenty of articles that champion product as king. Often, our experts urge catalogers/multichannel marketers to ensure they have a unique selling proposition that begins with offering a highly unique product line.
But in his presentation, Libey suggested that there’s an entirely different view to take on product development. “Get really good at developing proprietary products,” he advised. “Don’t look at another commodity product coming out of China. The day of knock-off, commoditized products is gone. Growth is now in the development of proprietary products that are sufficient to create your own brand.”
To do this, he recommends that marketers bring along and train true product creators, rather than product sourcers. “Merchandising is taking over, but it’s being bastardized to mean little more than a good sourcer, someone who knows his or her way around the Orient,” he said. “A true product creator looks at a product oddly.” When the actual product isn’t unique, find a way to package it differently as a means of making it something proprietary.
3. Distribution model. Become all about distribution now, Libey advised. The old model is a centralized distribution model with one warehouse. The new model is decentralized to reach customers quicker.
Put products in the hands of customers as close to them and as quickly as you can, he said. “The model may need to be warehouse, drop-ship, catalog or telesales,” he added, “but go increasingly local.”
4-5. Culture, People. Ingrain vision, product knowledge and your distribution model in everyone in the business, Libey said. All employees should know what the company sells and what its niche is. Create a cultural DNA into everybody inside and outside your company.