meeting with Rachel Elnaugh

I don’t know about you but I would never have the courage to go on Dragons Den (for a start off I’m not sure I could get up all those stairs!)  but it looks like I won’t need to go on to get the advice they offer as having previously met Peter Jones this week I met Rachel Elnaugh, previously of Red Letter Day and Dragons Den

 

Rachel has just published a very successful book on business failures “Business Nightmares” but I was more interested in discussing how she thought businesses could survive and prosper in the current economic climate

 

She had the following advice for all of us

 

• Remember 70% of purchases in the high street are made by women. I would suspect that with Best Years’ products this % is probably higher but I think the point is well made that whereas the majority of people we employ to help us (eg web designers, leaflet and pos providers) are male our consumers are primarily female. Women have a different value set and are more likely to consider the so called soft attributes of ethics and integrity when making a purchase
• Pull marketing is more powerful than push, or as Rachel put it a honey pot attracts more bees than vinegar. Its more important to have an interesting and attractive shop pulling in customers as they walk past than an advert in the paper pushing customers towards you
• The Dragons Den and Alan Sugar version of business shown on TV is not reality. You do not need to treat people in this way to be successful.
• Follow your passion but remember to keep your work/life balance

 

At the heart of Rachel’s ethos was the concept that if you believe in something enough, and you keep your mind (and heart) open then it will happen. She recommended the book “Ask and it will be given” by Esther Hicks

 

Rachel’s advice to Best Years was centred on the push not pull marketing. She advised us to build up our brand so that we would become better known by consumers. When we asked for advice as to who to work with she referred us back to the concept of keeping ourselves open and something will turn up

 

Both Liz and I had been retail buyers for almost 20 years each before setting up Best Years so its fair to say that we are reasonably cynical. However 2 days after meeting Rachel I was in the dentist waiting room and there was an advert for a company specialising in helping companies like Best Years build up their brands…! We will let you know whether we work with them but if you have a feedback please do let us know

 

 

 

Rachel is now a motivational speaker and offers advice to the SME sector.

She can be contacted via her website, www.rachelelnaugh.co.uk