This week’s Mighty CEO Squad session is all about Product— here are some resources to help you dig deeper with your child.
What your CEO will be learning about this week:
This week we’re talking about how to select products to sell in your store. The key lesson we want CEOs to come away with is that great businesses sell products that their customer want to buy. For young CEOs, the first step is recognizing that there is a difference between what they like and what their customers like. The next step is gathering data about what their customers want to buy and using this data to make decisions. We’ll be joined this week by Amanda McClements the founder of Salt & Sundry and Little Leaf, two retail boutiques in the Washington DC area. Amanda will be sharing how she started her business, how she picks products, and examples of her wins and misses in selecting the right products for her customers.
How they can continue their learning:
We encourage all CEOs to gather data to inform what products to sell in their store. In this worksheet, we guide CEOs through two types of data gathering: looking at their current sales and interviewing potential customers to learn what they are interesting in purchasing. Another way of gathering data is to check out the competition — maybe this is an opportunity to go on a (real or virtual!) field trip together to look at what other stores are selling.
You can also share this blog post with your child about September’s best selling products on Mighty to spark new ideas.
How you can talk to them about Product:
Here are some questions that you can ask your CEO at the dinner table to continue to engage them in thinking about Product and Merchandising:
- How did you pick the products that you are selling in your store?
- What are your best sellers?
- Did you ask anyone for feedback on your products? What did you learn?
- How do you think that your favorite store picks the products that they sell?
Just for Fun!
It’s not all about business all the time at Mighty — sometimes we all need a break and a laugh! Here’s a fun video we wanted to share about the mystery of what’s actually inside of old Twinkies. Enjoy!