Camp Connelly is designed specifically for you - the Financial Advisor. With more than forty years in the business Don Connelly has done it all. Now, he’s sharing his wisdom, insight and experience with you. Learn to overcome objections, stay motivated and win clients efficiently and effectively.
About Don Connelly
About Camp Connelly
Why Join?
|
January 2008
Sales Idea: Make Sure You’re The One
Being number two is dangerous. My friend, David Edlin, got me thinking with a theory he expressed. He commented that this depressed economy has caused such a cutback in consumer spending that being the number two anything is a dangerous place to be. Consumers have no need for a second Best Buy or another Wal-Mart. Their spending is limited, so the need for choice is not as great as it once was. That really piqued my curiosity and I began to see if I could find any commentary on that subject.
Don’t be a category killer. My snooping around led me to a David Wilson column that appeared on Bloomberg.com not long ago. The column talked about something the author called category killers. Mr. Wilson defines category killers as “Retailers that build relatively large stores and specialize in certain types of goods.” His observation is that instead of being killers, these companies are suffering failing financial health because they are not number one.
Wal-Mart is doing well, often at the expense of Target. In the office supply industry, Staples trades at a P/E ratio three times that of OfficeMax and Office Depot.
Blockbuster pulled back on a proposed takeover of Circuit City and Circuit City will soon be no more. In the same industry, Best Buy has fared much better.
The list of troubled number two’s goes on. Bed Bath & Beyond is picking up market share at the expense of Linens ‘n Things. Amazon.com has fared far better than Borders and Barnes & Noble Inc.
Clearly number two is not the place to be in those industries.
His observation made me wonder if the consumer cutback mindset lent itself to our business.
Please Log In To Continue Reading.
Sign in to read why advisors should care.
|
|
© 2008 Don Connelly + Associates, LLC. 941.346.1166
All rights reserved. Privacy Policy. Contact.
|
Now Available as RSS Feed
