RQ Retail Management: Taking Numbers from Good to Great
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Regardless of the task, all employees want to improve their performance. It could be GP/Handset, Accessory Attach Rate, HSP Attach Rate, Trade in Attach Rate, Customer Satisfaction Scores, Traffic into Stores, etc. How can you take these numbers and make them better? Pulling a number of key examples from our Project Retail project, we’ll examine attachment rates, customer follow-ups, discounting, staffing and more. We’ll look at RQ customer stats to show you how improving performance (through the right numbers) is possible.
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RQ Retail Management: Taking Numbers from Good to Great
- 1. Taking Numbers from Good to Great Stacy Hamer
- 3. Topic 1 Metrics & Sharing Information
- 4. Flow of data for Wireless Retailer Corporate Office DM’s & RM’s Store Associates
- 5. How did we implement this and ensure it’s success? Watched behaviors change Measured the right data Assigned action items based on results Shared the info with everyone Reviewed the info with everyone
- 7. Share: Activity Details Identified where efforts needs to be focused Good coaching opportunity amongst store managers Assigned Focus for measureable results
- 8. Who wants numbers like this? 20% Trade in Attachment Rate 30% HSP Attachment Rate 3 - Accessory Attach Rate $45 – Average Accessory GP
- 9. Share: Contest Results Daily Automatically sent out every morning to all managers Reviewed Weekly on manager call Great way to get any company metric up Example: 6/7 stores maintaining a $45 acc gp/act
- 10. Share: Average Gross Profit per Accessory $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Summit Attendees WC - District 1
- 11. Share: Other Important Pieces: Carrier Import 400 Cleaner Customer Base 350 300 Accurate Reconciliation 250 200 Easier Training 150 100 Use PAW Exceptions report to get this info 50 0 Feb Mar Apr May Jun Jul Aug Sept
- 12. Guess what month other stores kicked in? 1000 900 800 700 600 500 400 300 200 100 0 Feb Mar Apr May Jun Jul Aug Sept
- 13. Takeaway From Topic 1 • Share Data • Automate Reporting & Contests • Talk about the results as a group • Assign actionable items • Measure non-sales related tasks • Ex: Activities and carrier imports
- 14. Topic 2 Inventory at Store Level
- 15. Best Practice #1: Sell old phones first Always start Activation here Force on Home Screen
- 16. Real World Example: 8 Weeks of Measuring & Sharing Results % 60 50 40 30 Monitor this in Aged Serialized Sales Status Report 20 10 0 W1 W2 W3 W4 W5 W6 W7 W8
- 17. Best Practice #2: Make Counting Easier Yep… 69 incorrect “Not Found” scans.
- 18. So here’s what went down… Megan in hallway holding door open Kris in back inventory room with scanner Stacy in front of store watching RQ …..1.5 hours later …we found MOST of the phones
- 19. Best Practice #3: Be Organized
- 20. Best Practice #3: Be Organized Date Received on each phone, not just color stickers. Physically in order of old to new.
- 21. Best Practice #3: Be Organized Physically setup in a way to make scanning fast and easy!
- 22. Best Practice #4: Use Blind Inventory Counts This is so stupid. This is the worst idea ever and is never going to work. How will I be able to steal now??
- 23. Don’t worry, it’s going to be better than ok!!!! This is so stupid. This is the worst idea ever and is never going to work. How will I be able to steal now??
- 24. RQ Mobile Inventory A Clean Inventory Room Blind Counts
- 25. Inventory Discrepancies $12,000.00 Use Inventory Adjustment History Report by product & reason codes to get this data $10,000.00 $8,000.00 (or automatically in BI) $6,000.00 $4,000.00 Project Retail Began $2,000.00 $0.00 Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
- 26. Best Practice #5: Keep stores accountable Cost is $1.75 SRP is $19.99 Margin is 90%+
- 27. Let’s pretend a store was missing 3 accessories…
- 29. Accessory Cost SRP Margin TOTAL $12.73 $69.97 $57.24 Most Managers are accountable for this value of loss to the Company.
- 30. Accessory Cost SRP Margin TOTAL $12.73 $69.97 $57.24 Consider making stores responsible for lost sales or margin to your company, not just the cost!
- 31. Takeaway From Topic 2 • Sell Old Phones first, measure & share • Keep an organized inventory room • Organize phones on shelf to make scanning easier and faster • Use Blind Inventory Counts • Consider making stores responsible for Sales or Margin lost on items gone missing from store
- 32. Topic 3 Email, Email, Email
- 34. @ 108,000 Increase of over + invoices were emailed since last year’s summit As a group, you still only email 2% of all invoices
- 35. Make Sure Setup is correct:
- 36. Setup Employee Profiles Email address goes here Email settings go here
- 37. Make Email Collection Mandatory Don’t worry, there is a declined option for sales associate to choose
- 38. Start Simple – email every invoice
- 40. New in 4.16…
- 41. Advanced: Use Customer Custom Fields
- 42. Send Birthday Emails Every Month
- 43. Example: Sept 24th, 12:34pm, Sales rep collected email and emailed the invoice! Sept 12th, 2013 Deborah Turner bought a new phone. Deborah came back in and bought a shiny new CLA. Sept 24th, 10:47am Corporate Office sent the happy birthday email.
- 44. Why?
- 45. Very easy to setup in RQ
- 48. With iPhone Trade in Promo… iPhone Acc QTY 1200 1000 800 600 400 200 0 wk1 wk2 wk3 wk4 wk5
- 49. Show the sweet numbers here iPhones 500 400 300 200 100 0 wk1 wk2 wk3 wk4 wk5
- 50. Show the sweet numbers here Trade in 400 350 300 250 200 150 100 50 0 wk1 wk2 wk3 wk4 wk5
- 51. Show the sweet numbers here 1200 iPhone Acc QTY 1000 iPhones 800 Trade in 600 400 200 0 wk1 wk2 wk3 wk4 wk5
- 52. Topic 4 Chargebacks & Hardware Collections
- 53. How it works Customer Buys Phone Employee sells in RQ4 Customer pays with integrated credit card
- 56. Charge Back Summary Report
- 61. Is this really working today? There are 5 clients here who represent 157 doors Yes Many people trying to collect $2000-$3000 off of one token They have collected over $130,000 using this module The highest amount anybody has collected is $1060
- 62. Best Practices: Hardware Collections • Verbiage in Secondary Agreement shouldn’t say a flat amount, instead up to that amount: • Ex: By accepting this agreement, you agree to repay up to $250 for basic phones, up to $500 for smartphones, up to $750 for iPhones. But of course, check with your legal team depending on your carrier or state
- 63. Tips for Using Hardware Collections Only one token is collected per invoice. Don’t get discouraged if success rate is low, something is better than nothing Policies for QTY of activations on an invoice need to reflect this
- 66. RQ can help!
- 69. Black Friday Appointment Setup
- 71. Starting with the Basics Use on Operations Console Force punch-in by HR role Enable Automatic Punch Out’s
- 72. Measure: Clocked Hours Analysis Report
- 73. Measure: Clocked Hours Analysis Report (Remember…BI can automate this for you per location & Sales Rep)
- 76. One of my favorite stories from Project Retail…
- 77. Wireless Communication Results Jul $51 GP/Hour Results during first 5 months of measuring Jun $47 March $38 Apr $37 May $38 Aug $50
- 78. Takeaways Watch behaviors change & numbers increase Share your successes amongst each other Share data, Ask for advice, assign action items!
- 79. iQmetrix.com | 1.866.iQmetrix © 2011 iQmetrix. All right reserved. iQmetrix, the iQmetrix logo, RQ4 and other trademarks, service marks, and designs referenced in this material are the exclusive property of iQmetrix Software Development Corp. and/or its subsidiaries.