ALEXANDRIA, Va.—On this week’s episode of Convenience Matters, “Making Something Big Featuring Daymond John,” NACS hosts Jeff Lenard, vice president of strategic industry initiatives, and Donovan Woods, director of operations for the Fuels Institute, chat with Daymond John, American businessman, investor, television personality, author and entrepreneur, who delivered a keynote address during the 2019 NACS Show.
John shared how convenience stores impacted his life as a tween. “When I was 12, I used to go and sweep up at a convenience store run by a veteran, [who became a mentor to me],” he said. “When you have someone who’s been in the community for 20 years and they’ve dealt with inflation and they’ve dealt with competition and change of the market… that person who has successfully run a business for 20 years knows the fundamentals just like the CEO of Apple, Ford or Google.” He encouraged young people to tap into those community resources like convenience store operators. “If that person is accessible, you should be learning from that person.”
For retailers, one hurdle to connecting with their community is to change the perception of how customers view convenience stores. “They can only beat that perception by example. … They have to step it up in whatever ways that they see the big retailers stepping it up. … You’ll have the feel of a big retailer with the feel of a neighbor,” John said.
“There are only three ways to deal with any customer. Acquire a new one, upsell a current one or make one buy more frequently. Now acquiring a new one is very difficult, but if I’m already stopping by, … the customer is already there, so now you can upsell him or make him buy more frequently,” he said. “You already have the customer… and some [retailers] take advantage of it, and some don’t.”
Each week a new Convenience Matters episode is released. The podcast can be downloaded on iTunes, Google Play and other podcast apps, and at www.conveniencematters.com. Episodes have been downloaded by listeners more than 110,000 times in 90 countries.