Chapter
The Intelligent Loss of Sales
39:41 - 46:23 (06:42)
The theory of the Intelligent Loss of Sales suggests that customer demand is primarily driven by price, rather than selection. Business owners should focus on delegating less skilled work to their employees so that they can focus their time on the highest skilled tasks.
Clips
Store owners must delegate less skilled work to their employees so they can focus on managing the business.
39:41 - 42:01 (02:19)
Summary
Store owners must delegate less skilled work to their employees so they can focus on managing the business. By teaching employees to become their "alter ego," owners can ensure that the work is being done well and devote their time to more important tasks.
ChapterThe Intelligent Loss of Sales
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
The theory of 'The Long Tail’ that suggests that customer demand is most sensitive to selection is challenged by the Intelligent Loss of Sales theory, which argues that customer demand is most sensitive to price.
42:01 - 45:05 (03:03)
Summary
The theory of 'The Long Tail’ that suggests that customer demand is most sensitive to selection is challenged by the Intelligent Loss of Sales theory, which argues that customer demand is most sensitive to price. Retailers who follow this theory stock a smaller number of items resulting in reduced labor costs across all product supply channels.
ChapterThe Intelligent Loss of Sales
Episode#107 Sol Price: Retail Revolutionary & Social Innovator
PodcastFounders
Successful entrepreneurs like Sam Walton have taught us to copy or learn from what others have already figured out rather than just trying to dream everything up ourselves.
45:05 - 46:23 (01:18)
Summary
Successful entrepreneurs like Sam Walton have taught us to copy or learn from what others have already figured out rather than just trying to dream everything up ourselves. This helps in mastering the best practices of the business.