1. Be Something. Everything = Nothing.
2. Be different. If you aren’t different to your competition, you are dead.
3. Be prepared to pay to acquire and to keep customers.
4. Honour thy customer. Customers owe you nothing. Their patronage is a privilege to earn.
5. Retail is not an ‘over the counter’ business only - not any [...]
Filed under: Branding, Management, Marketing, Retail Operations, Strategy | Tagged: Customer, Marketing | No Comments »
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I have lifted this from a Berkeley University Study. Best read slowly, thoughtfully
Kilobyte (KB)
1,000 bytes OR 103bytes
2 Kilobytes: A Typewritten page.
100 Kilobytes: A low-resolution photograph.
Megabyte (MB)
1,000,000 bytes OR 106 bytes
1 Megabyte: A small novel OR a 3.5 inch floppy disk.
2 Megabytes: A high-resolution photograph.
5 Megabytes: The complete works of Shakespeare.
10 [...]
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How good is your customer service?
The attached graphic should be worth the proverbial thousand words – but since I am not a very good designer, it probably needs some help.
1. Dead contact
The only interaction is by complaint form or voice mail.
2. Dumb contact
There is a person at the other end… but it does not help [...]
Filed under: Customer Service, Management, People, Productivity, Retail Operations | Tagged: Customer Service | No Comments »
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Individuals take shortcuts when the interact. It is well documented why that happens in the persuasion literature. The following five shortcuts are used often. By studying them, we can learn to recognise them. And as always, recognising the the problem is half the battle , isn’t it?
Self-serving bias
Selectivity
Assumed similarity
Stereotyping
[...]
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Retail Marketing is about delivering a proposition (supply side) that meets a customers needs (demand side).
By now you understand that the proposition is more than product, but the whole ‘package’ wrapped up in price & presentation.
We also know that ‘product’ is not the ‘steak’ but the ‘sizzle’.
That is the supply side taken care of, now [...]
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This is lifted directly from the great man’s very latest presentation.
I share because the only two marketers I concur with more than 90% of the time are Tom Peters (yes I call him a marketer) and Seth Godin. I like this post because it relates to the best business book I have read this decade [...]
Filed under: Future, Management, Risk Management, Strategy | 1 Comment »
How to sell to someone in the retail environment then? (Read other entries in the series by reading previous posts on this blog.)
It is very easy to SAY one must identify the needs of a customer, but it is rather more difficult to do, because whilst attempting to identify a need, one should simultaneously develop [...]
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Cost of sales can typically represent 50% - 80% of a retail business’ cost. It is absolutely imperative that merchandise management strategies are effectively employed to manage this cost. Some strategies require you to (increase sales or) reduce your stock. Such a reduction can be achieved in the following ways:
Sales (up)
Stock (flat)
OR
Sales [...]
Filed under: Management, Productivity, Retail Operations | Tagged: Stockturn | No Comments »
Convenience Goods
These are relatively inexpensive and frequently purchased goods. Consumers are not willing to spend much time and effort acquiring these goods and engage in little comparison shopping
Strategy >>> Availability; Accessibility; Convenience
Examples >>> Bread; Milk; Newspaper; Sweets; Lotto
Comparison Goods
These are relatively expensive and infrequently purchased goods. Consumers will spend time comparing prices, quality, [...]
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A service is the action of doing something for someone or something. It is largely intangible whereas product is tangible (material) since you can touch it and own it. A service is an experience that is consumed at the point where it is purchased, and cannot be owned since it quickly perishes. The nature of [...]
Filed under: Customer Service, General, Management, Marketing, Selling | Tagged: Product, Service | No Comments »
