The Retail Observer
  • Home
  • Magazine
    • Features
    • Writers
    • Issues
  • News
    • Industry News
    • Heart of the Industry
  • Partners
    • Partner Directory
    • Buying Groups
    • Distributors
    • Manufacturers
    • Trade Associations
  • Blog
  • Events
    • 2023 Year at a Glance
  • Subscribe
  • Home
  • Magazine
    • Features
    • Writers
    • Issues
  • News
    • Industry News
    • Heart of the Industry
  • Partners
    • Partner Directory
    • Buying Groups
    • Distributors
    • Manufacturers
    • Trade Associations
  • Blog
  • Events
    • 2023 Year at a Glance
  • Subscribe

SELF-ESTEEMING: A PROFIT OPPORTUNITY 

7/1/2014

0 Comments

 
By Moe Lastfogel
Director of Sales and Marketing for The Retail Observer

PictureMoe Lastfogel
SELF-ESTEEMING - a feeling of pride in yourself, feeling regarded with respect and in some cases, self conceit

Why do men buy expensive cars or women designer purses? In some cases, it’s quality or brand recognition and sometimes it’s just “My stove is bigger than your stove.” There—I said it, and it’s true. How do you, the retailer play off of this phenomenon of the human ego? I say offer them what they want.

Now the question is, what do they want? Your customers range from architects to zoologists and they all want something better than the next guy (within their budget of course). What can you offer to this ego-centric client? The best of course! But without asking them what the best is, you’ll never know what they want.

Surveys average a very low return. Internal surveys receive a 30-40 percent response rate compared to an average 10-15 response rate for external surveys. Response rates can soar past 85 percent when the responding population is motivated, the survey is well-executed and the person surveyed receives a benefit to them.

Start with your own client data base, the top 10 percent of revenue and invite them to an event to ask them about the products they have previously purchased and why. More importantly, what would they buy from you tomorrow? Contractors and designers can offer perspectives of client wants and needs. And don’t forget to ask what they would purchase today if you carried it. The answers may surprise you and help you open up new categories with larger profit margins and added revenue.

Happy Retailing, 
Moe
moe@retailobserver.com

0 Comments

STORIES UNTOLD 

7/1/2014

0 Comments

 
By Eliana Barriga
Publisher and Managing Editor for The Retail Observer

PictureEliana Barriga
Disney recently released the movie, Maleficent, a rendition of the fabled story of Sleeping Beauty. (Spoiler Alert) We learn that the witch is not a witch at all but a wounded, broken-hearted fairy and that the king sent his daughter away to live in the woods—not for her protection, but to fulfill his own selfish agenda. The movie shows us that what you see is not always what it seems.

It’s human nature to fill in the blanks when we are not given the whole story. I watch as small businesses open and close with barely a ripple in the communities they serve. It’s as if they never really existed at all, their stories never told.

Create your story and set the stage on your showroom floor. Scream it from the rooftops why you are there! Participate in as many local events that you can find and make a statement with a booth, flyers and giveaways. Give fun details and visuals of all of your product offerings and special services. On your social sites, keep your customers up to date in real time on special promotions and events. When they visit, welcome them into your business with excitement and introduce them to your staff and management team. For those who do make a purchase, follow-up with a gift of thanks and make it a point to keep in touch. Give them a good story to tell and they will share it with others.

There’s a reason why so many go to great lengths to travel across town to shop, instead of exploring the independent store right down the street. It’s simple—they took the time to tell their story.

Until next time,
Eliana
letters@retailobserver.com

0 Comments

    Categories

    All
    Elle's View
    Moe's Musings

    RSS Feed

    Archives

    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014

Features
Writers
Events
Partners
Blog
Magazine
Subscribe
Advertise
Media Kit
Ad Specs
Heart of the Industry
Privacy Policy
Contact Us
Copyright@ 2014-2022 The Retail Observer, Inc.