COSTA MESA, CA (BRAIN)—Space is still available for retailers interested in attending the NBDA's March 15-16 Profitability Project in Atlanta, Georgia.
The fourth season of the Profitability Project kicked-off in Florida, Feb 17-18. The dynamic process brings together successful industry retail leaders from non-completing markets across the country to learn, brainstorm, evaluate and strategize together to create more successful models for each of their retail stores.
When dealers return to their stores and apply what they learned they will witness direct bottom-line improvement, said Dan Mann of The Mann Group, the third-party retail expert management firm that facilitates the program based on the successful “Twenty Groups” or “Mastermind” programs in other industries.
The program has generated positive feedback from retailers like Mike Nix of Liberty Bicycles in Asheville, North Carolina, who said the event is "The best single thing, business-wise, that I’ve ever done.”
Business sessions use actual facts and figures from participating members’ current sales and administrative data to formulate key performance indicators such as sales per square foot, payroll percentage of revenue and inventory turns. Participants deliver their store’s data to the event management team who then compile the data anonymously to utilize within the program.
Sales and marketing sessions also focus on the sharing of best practices and how they can be applied.
Current topics include social marketing, customer rewards, loyalty/retention programs and recognizing and embracing new market opportunities.
One of the most popular aspects of the program is the in-store Feedback Report Card. Each event is held within a participating member’s market that has agreed to have the group judge their store on numerous categories assessed on a scale of one to 10.
Outside signage, lighting, store layout and design, service department, restrooms and more are on the report card. These reports are given to the host-dealer, and areas of improvement are recommended for implementation.
“Simply, the best investment of my time ever," said Doug Newman, owner of The Bike Route in Naples, Florida who hosted and participated in the February event. "Sharing KPI's with fellow non-competing dealers along with a visit and critique of the host bicycle store has consistently moved us along to the next level. When another group forms, sign up. You won't regret it.”
Group 1 meetings are underway, but space is still available to join Group 2 in March 15-16, 2010 in Atlanta, GA. Each group will meet twice a year in alternating member locations, once in the spring and once in the fall. There is an administrative fee associated with joining the group ($1,500 for each six-month period) and you must be an NBDA member to participate.