SELF-ESTEEMING: A PROFIT OPPORTUNITY

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

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Moe 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
[email protected]

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