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

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

By Eliana Barriga
Publisher and Managing Editor for The Retail Observer

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