We have all heard of Walmart, the super cheap-has-all retail giant that has seen victory for the last billion decades. How is it that one store could become a leader in a field thats populated by thousands of similar themes, missions, and goals. What is Walmart doing that has allowed them to stay so prominent and almost invicible. For those of you who are starting a business I would definitely advise you to study the guts and glory of Walmart because they have found the way to perfect the very difficult tasks of pricing, management, inventory, and marketing.
Today I want to expose 4 reasons why I believe Walmart has been able to become such a competitive retail giant in recent years. My goal is to open the eyes of entrepreneurs, businessmen and women, and/or individuals who just want to understand the success behind Walmart. Some might disagree with what is being said, and if thats the case I will gladly accept your comments, but in the mean while I hope to give you something you can learn from and get you thinking.
Employee’s:
In the Military they really make it loud and clear that the soldiers are the most expensive part of the military, not the weapons and vehicles. Why can employees be so expensive, I mean they come to work and make me money, right. Thats true but then theres alot of other things that go on such as employee training, benefits, employee theft and base pay. Walmart has done an excellent job at keeping all employee costs at a minimum. I mean think about it is a paycheck from Walmart going to make you wealthy,nope? Getting a paycheck from walmart is like recieving a dog with three legs as a birthday gift. theres nothing you can do with it, but you act like you’re happy because you have to. The people who apply for employment from Walmart really need a job so they will work for less, Walmart knows this and exploits it.
The Bottomline: Get dedicated workers that are willing to work for less. They are out there everywhere…every super Walmart is packed with employees who were forced to work, those could be people working for you.
Business Owners:
The owners of Walmart have been the owners since the first store was opened. They have grown extremely close to this store its almost as if its apart of their family, and in a way it is. You guys know im a huge Warren Buffet fan, and one thing that I know he looks for when buying a good company is management that naturally loves their company and one thats not in it for the money but for the love of the business. The owners of Walmart have proven they have both of these qualities because they have made this a family venture, and if this company was to bust and fall under, their entire family would suffer. And thats enough motivation to make anybody continue to work hard for success.
The Bottomline: If you dont love your business like its apart of your family you will eventually fall to the ruins. If you only think about money you will make bad decisions for the future growth and development of your business.
Marketing:
When it comes to any business we all know how important marketing can be for that company to be victorious. Word of mouth, print, radio, and viral internet content are all successful ways of advertising. But Walmart has seemed to have the greatest victory with “Happy Television Commercials”. Walmart wants us all to believe that when you spend your money at their store you will be more happy. When you are shopping at their store you will be more happy. A matter of fact they even want you to believe that as soon as you make it through the door your spirit will be lifted, because they have sticker guys and gals. I will talk about that later.
Although saying Walmart is the happiest store might not be true for some, this happy marketing does have an effect on you, by making your mind prepare for happiness and this is definitely good for their business because you will feel better about shopping there (im sure we can get some people to comment about their bad experience at Walmart). Success in business is greatly due to perception and the commercials ran by this company does a great job at making you think this is the happiest place in the world. Its definitely beneficial to your business to have your customers percieve you as a positive entity. The Bottomline: If you tell me something i will believe unless I have a good reason not to. Build an image for your company that will give them a reason to want to do business with you. Remember to always be honest, Integrity is one key to success.
The infamous Sticker guy- I just want to say while I believe their job as a stcker guy is to merely add to the success of the happy commercials, I dont think that he is a happy person himself. If I was 60 I wouldn’t want to be passing out stickers to snotty nosed little kids and standing up for 8+ hours. These people for some reason need the extra paycheck or they are so bored that they were forced to work. Im not saying that all of them are not happy but im sure the majority aren’t. but dont we do a good job at percieveing them as extremely happy and dedicated workers?
Customer Love:
Yes, Walmart has low prices. Low prices attract consumers? With more consumers and lower prices you will get more profits. Now isn’t that smart and easy. If you want to be a retail giant or a giant in any field for that matter, your customers must win before you can. Walmart understands that tip and they have since been put in a win-win situation. Their customers win with lower prices, Walmart wins with more customer purchases. If you want to win you must first do everything in your power to make sure your customers are winning, or else they wont stay your customers for long. Imagine what you would want and make that available to your customer, once they feel like you are trying to help them out by making efforts to benefit them they will unconsciously help you out now and forever. The Bottomline: You have to have customers that are winning at all times.Your business might not involve selling anything, but whatever your business please make sure that you are benefiting your customers. If I didn’t benefit you with good quality information you would not continue to read VictoryBlogger, and that would not be good.
As you can see anybody can be successful as Walmart you just have to make strategic moves, that benefits your customers and you. You must build a brand and give people reasons to fall in love with you and your company.
I challenge you to read, print and discuss this post with your friends and family. Then look over this post and find ways that you can implement the success of Walmart into your own life and business. You might be able to find just the secret needed to push your income over the edge. Wouldn’t you like your business to grow to the size of Walmart someday?
May 22nd, 2008 at 1:40 am
Nice post! I think Wal-Mart has also done a good job of keeping on top of trends. As our prescriptions become more expensive, Wal-Mart is there with discounts. As gas prices go up, Wal-Mart can offer it just a little cheaper. They have what we need, and continue to dominate.
May 22nd, 2008 at 3:10 am
thats true, speaking of gas prices. Does anybody have any ideas of effective ways to lower my gas bill? I would love to hear your strategy to battle this problem.
October 20th, 2008 at 4:03 pm
I know some wow gold in wow.