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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The Oldest Retail Disease is RTD.
There is an area of the brain called the ‘nucleus accumbens’ – or to use the plain English version, the craving spot. This is the spot that literally ‘lights up’ when (for instance a smoker feels the craving to light up.)
Most people would know that intuitively or believe [...]
Filed under: General, Marketing, Retail Operations, Selling | 2 Comments »
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Filed under: Marketing, Strategy, Words of Wisdom | No Comments »
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This is the full list of sales promotions that I can think of. The list is old; and the success of the promotion lies in:
The quality of the idea.
The execution of the promotional mechanics.
The timing.
The relevance to the target market.
I thought it is a good idea to run through the list and [...]
Filed under: Marketing, Retail Operations, Selling | Tagged: Sales promotion, buy one get one free | No Comments »
Market segmentation is a very basic, core marketing activity. It is defined as an attempt to fit the product to the market.
Ensure meaningful market segmentation as follows:
The specific segment must be large enough
It must be possible to measure and compare segments with regard to marketing costs, sales figures and potential profit
Classify the total [...]
Filed under: Marketing, Strategy | Tagged: Market segment, Target market | 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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People don’t decide, they react - then post-rationalise decisions with advantages and benefits.
When they try and justify their decisions, they take shortcuts:
a. Whatever everybody else does (follow the crowd)
b. Price is a shortcut for quality
c. Scarcity is shortcut for popularity
Survival instinct is the strongest motivator: find out how it manifests in your industry/ category. (Physical [...]
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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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I wrote on part one (previous blog) about price and my sentiments can be summarised by the statement that price is what you pay and value is what you get. Retailers would do well to focus on the ‘value’ and not on the price. Of course the value is delivered with a product [...]
Filed under: Branding, Marketing, Selling | Tagged: Advertising, Idea, Product | No Comments »
