We DID IT! Thanks To All Who Joined Our First Monthly Mastermind Day
We couldn’t do this without you!
Zoom be damned, our first Hardware Innovator Mastermind Day was brimming with industry insights, actual advice, woohoo-worthy wins, and tangible tools to share with the community.
We left the final meeting feeling grateful for your participation and excitement for what comes next. We can’t wait to see how this grows!
We had over 30 hardware stores represented throughout the day, and we can’t wait to see more folks join in the coming months. Know anyone? Send them a link to our next event!
Each session had its nuances, but the theme of the day was clear: we have an amazing, collaborative, generous community. Y’all are the stars of this show, and we couldn’t do it without you.
Marketing Mastermind Takeaways:
- Mailers are crushing it with dog/cat imagery and 20% off (no cap) coupons
- Marketing budget template
- Total budget percentage between 1.5-2% of annual revenue
- Some spend more than half of their budget on content creation
- Photo video capture is not easy to do with staff onsite for events/day-to-day (liaison position template)
- Not spending on flyers
- No one is streaming yet – but we can expand upon Spotify/Netflix/OTT in the future
- No print as a consensus
- Sponsor/Donation budgets vary, typically less than 1%
- Didn’t discuss revenue streams for marketing to MAKE money, will add to next agenda (van wraps)
Owners Mastermind Takeaways:
- Wonderful stories about coaching employees from apathetic to engaged
- Create structure, direction, and a clear path to problem-solving
- Biggest things to create a shift? Culture building and individual development
- Clarity is key
- If you find the right person for the right job, it will make a world of difference: some folks will thrive in one department and lag in another; as a coach, help find the place where they add value
- Develop structured performance improvement plans with specific goals
- One size does not fit all: adjust your coaching to the individual you’re working with, and you’ll see quicker ROI on coaching impact
- Coach to your core values
B2B Sales Mastermind Takeaways:
- Sometimes, you just need to ask, “Hey, can we get that for you?”
- Building rapport and establishing a good relationship is key to establishing strong business partnerships
- Expand what you can supply your customers with to increase your margin (beyond power equipment – what about paper towels? The little things make a huge difference)
- Create incentives and ongoing training for sales associates and cashiers to (politely) prob shoppers about B2B needs (ex. offer gift cards to employees who secure new B2B accounts)
- Lots of folks would rather spend time and money with you – small, local businesses. It can be worth a smaller margin in the beginning to create local, lasting relationships with potential to grow
- When you help other businesses, they’ll help you! Spreading the word and word of mouth is a great way to generate new leads.
Your Feedback is Important
We appreciate your patience and feedback as we move forward with the Hardware Innovators. Y’all mentioned a few things we’ll consider when we create next month’s events!
- Collaboration is key
- The more the merrier!
- Causal, honest format: we’re just humans connecting as humans and striving to innovate
- People are here because they want to be
- Folks are happy to share this group in other networks
- Creating a more open event structure could welcome more participation
Let’s Keep This Ball Rolling
Does the idea of a monthly meet-up with other retail hardware stores sound valuable to you? Are you interested in sharing resources, asking questions, and participating with your peers on-demand with an exclusive slack channel?