104: Wes Allen, founder of Argot Agency, principal of Sunlight Sports

“There are always going to be and will continue to be a growth in the online component of what goes on, whether it’s content delivery or whatever else, but a true quality brand that really blows up and has an omni-channel experience utilizes a great brick and mortar experience, good content and finding a way to express their brand voice in such a way that it matters to the consumers they want to attract.”

– Wes Allen

EPISODE PREVIEW:

On this episode of Channel Mastery, industry speaker and adventure retail expert Wes Allen, and I discuss how today’s consumer preferences and expectations are affecting the foundation of retail math. Before you zone out because we’re about to talk about math, please don’t!

You’re likely in budget season and this should directly impact your decisions on what you’ll be doing to drive more traffic to your store, or attract more fans and followers to your brand. This is the first time retail math has been discussed on the podcast in the context of a multi-channel marketing and sales strategy. Retail success comes down to having the right mix of product at the right time, all the time. Today’s consumer expects just that, with a memorable experience as well.

We dive into how brands and retailers should be considering retail success today, what’s working well (a few case studies are offered), and what the context is today for measuring your Gross Margin Return on Investment (GMROI) as a specialty retailer, working in conjunction with key brand partners.

GUEST PROFILES:

Wes Allen

Wes Allen is a VIP friend of the Channel Mastery podcast, founder of Argot Agency, principal of Sunlight Sports, industry speaker and adventure retail expert.

TOPICS COVERED:

Gross Margin Return on Investment (GMROI), Retail Math, Second Hair Gear, Sustainability in Business, Specialty Retail Ecosystem, Retail Metrics, Return on Investment, Consumer-Facing, Payroll Percentages, Investing in Your Employees

SELECT QUOTES:

“There are always going to be and will continue to be a growth in the online component of what goes on, whether it’s content delivery or whatever else, but a true quality brand that really blows up and has an omni-channel experience utilizes a great brick and mortar experience, good content and finding a way to express their brand voice in such a way that it matters to the consumers they want to attract.”

“The importance of retail math is this – it enables you to be as profitable as you can…and enables you to withstand some of those competitive pressures, and gives you the space to adapt to them and then to fit into the new environment you find yourself in.”

“This {Gross Margin Return On Investment or GRMOI} has been a critical metric. I would put it as the critical metric in traditional retail for a long time.”

“Talking with brands that {bring in second hand gear}…if you just look at the GMROI on that particular product, it’s not very high…. There’s a lot of associated costs with getting that type of stuff…. and you’re not going to be able to sell it for as much as you would new. That’s one of the things that attracts people. However, when you make that investment in living your brand promise or adding to your brand promise by showing you’re invested in sustainability and feasibility, you get some return on that investment, but what it does, is also makes your GMROI engine on the other stuff you own, spin faster.”

“Doubling down on the investment in your employees and maybe it’s wages, it’s probably training opportunities, it’s all of the other things that you pour into your employees, the questions we should probably be asking in the new economy when we’re talking about these types of brands is – Is our payroll percentage high enough?”

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