5: Knowledge Is Power
This rule might seem obvious, but a lot of people think they can get by on what they already know, even as things are growing and changing right in front of them.
This rule is why I spend three hours every Saturday at a Wal-Mart. I do it because I can gain a whole lot of knowledge about consumers and what they’re buying, and it’s a simple way to see for myself who’s buying our product, as well as who’s buying our competitors’. It gives me a perspective on the marketplace at the world’s largest retailer, and it shows me what’s going on with our competitors’ products, and what’s new and exciting in the world of merchandising. When I travel, I like to visit stores as part of my normal out-of-town routine. I don’t have to rely on a sales report, or a monthly update to tell me what’s going on. I can see it for myself. Knowledge is power. Always try to know more than the other guy.