CEO Ron Johnson did have a vision - to get rid of the nonstop product promotions at the store and move to three kinds of prices (everyday, monthly specials, and clearance). He announced new designer partnerships and a new spokeswoman and advertising star, Ellen DeGeneres. He also introduced a new logo, and new color-saturated advertisements that barely mention price. Within four years, he said, the stores would be completely redone, each divided into about 100 small boutiques with a service center that he
Before leaders begin making organizational changes, no matter what successful past experience at other organizations may lead them to believe - it is necessary to collect current organizational data ? data from stakeholders, data from employees, and most importantly, data from customers. Change can't be rushed. It is said by some that?a transformational change?such as the one Penney's is undertaking can take an average of 7 years ? yup, you heard that correctly. Change isn't easy folks, and doing it right takes time ??just look at Pier 1.
So ? just a few things Yellow Greg Jennings Jersey (I have quite a list but I'll spare all the details for now as I wouldn't want to sound like a preachy CEO) Mr. Johnson should have done prior to jumping on the "turnaround CEO" bandwagon:
Data:?It's extremely difficult to turn around an organization for the better if you don't have a recent understanding of what "better" means. Now I'm not talking about just financial numbers, web traffic, etc. as I'm sure plenty of that was collected and analyzed. I'm talking about direct from the consumer's mouth data. Before revising pricing methods and slashing merchandise promotions, ask customers how they would feel if prices were lowered all the time across the board. It doesn't necessarily matter if customers "get" your pricing as long as they're happy with the price, product, and service. Perhaps some customers prefer the feeling of getting a bargain, maybe they enjoy coupons (as evidenced recently in this case), perhaps they don't like receiving a large number of promotional e-mails and ads but a few specifically targeted to their personal buying habits…point here is?you don't know what the customer wants unless you ask them?? so take the time to collect data on your customers needs, wants and desires and don't just assume you (cough: the leader) knows best!
People:?It's imperative your employees have a solid understanding of why changes are taking place and how the changes impact them. Communicate with the workforce. ?Not just so they have an understanding of how the change impacts them, but also so you can build their commitment to the process.? Employee?commitment?is imperative to maintain high performance and customer satisfaction during times of?change. Penney's employees, particularly the sales associates, were accustomed to a certain way of doing their jobs ? selling and dealing with merchandise price cuts and promotions and customer service ? in certain ways. They learned?how to make a commission, when to push items, and when not to.
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