Through a special arrangement, what follows is a summary of an article from COLLOQUY, provider of loyalty-marketing publishing, education and research since 1990.
Profit margins and sales-per-customer have their place of importance, but when it comes to succeeding in retail, three more human strengths are required, said Frank Blake, chairman of the Home Depot.
"Energy, a habit of excellence and a great generosity of spirit," Blake told an audience at the National Retail Federation's Big Show after receiving the organization's annual Gold Member Award.
In a short presentation, Mr. Blake shared three tips for success:
Energy: "Retail excellence is about energy," he said, conveying how the best executive conversations are those that prevent him from sitting down, because he is so engaged and committed to the idea or topic.
Excellence: To succeed, merchants are required to build a habit of excellence. "It is day after day of making sure that the customer interaction exceeds that customer's expectations every day," he said.
Generosity: This quality is applied first to employees and then to customers. The single most important mission to which retailers can commit is living up to their commitment to those who work for them. He illustrated with a story that took place recently in Columbus, Ohio, when he and other executives met with 20 associates. These meetings usually serve as feedback conversations, but on this day, the topic among the associates turned to one of thanks for the difference Home Depot has made in their lives.
"The single most important thing we do is that commitment to our associates," Mr. Blake said. "You cannot expect them to take care of customers if you do not take care of them."
