Richard Thalheimer, founder & former CEO of Sharper Image, and creator of
Richard Solo knows a thing or two about merchandising and connecting
with the consumer. We caught up with Richard to learn more about his current endeavors and
his views on filling the void with his customers.
By now everyone must know about your successful run as Founder and CEO of The Sharper Image. Please tell us the backstory of Richard Solo.
After leaving TSI in September 2006, I retired for a month. However, I could not resist doing what I love, which is finding and marketing interesting products. So I started RichardSolo.com
Richard Solo is a departure from the traditional bricks and mortar model. Will the online play suit your needs both short and term?
I've always preferred print catalog, print ads, or online store, because of the precise control of the marketing message. The sales message is presented the same in every magazine, or web page. Stores are appealing, but it is difficult to control the presentation. So I'm really happy staying with online and print ads.
Let's talk about merchandising. You have noted skills for getting out in front regarding product. But the consumer's appetite may have changed from products they want, to products needed. Will this shift your merchandising focus?
The challenge as a small online store is to find products that are not available everywhere.
That's even more difficult in the internet age. Whether a product is fun, or useful, or both, it needs to be unique! I look for items that are special, and can carry the RichardSolo branding.
Without giving away your secret sauce, walk us through a typical product launch from idea to commercialization.
"Find a need...and fill it!" And make sure the price/benefit ration makes sense!
What differentiates you from your competitors?
Hopefully our products are unique. I know our customer support is the most responsive, most generous, and most protective of your purchase - bar none!
What are the key challenges facing your organization today?
The internet is the greatest price leveler in history. It's easy and fast to find the best price.
How big is the threat of new entrants?
I'm more concerned with Amazon and ebay. They have almost everything - but not quite :)
What keeps the Richard Solo team up at night?
We are sleeping well. We love what we do, we enjoy treating our customers like royalty, and there are no partners, public shareholders, or venture capitalists. It's a really nice situation.
How do you envision the company in say three years? What's on the horizon?
I am looking forward to slowly and solidly seeing RichardSolo grow. Quality is more important than quantity.
From where do you draw your inspiration?
Steve Jobs
What is your current state-of-mind?
Really proud to have built TSI into a 200 store chain. Now, I'm happy and content to do what I love best.
Could you share your favorite quote?
"Luck is preparation meeting opportunity"
You can learn more about Richard Thalheimer and his latest project, Richard Solo at http://www.RichardSolo.com