Marketing
Repeat Customers - The Path to Success for the Small Retailer
Apr/27/2009 17:24 Filed in: Marketing
for the Small Retailer
A Small Retailer’s Success is Tied to Repeat
Customers
Small retailers need to understand that success is rooted in building long-standing customer relationships. They should nurture their best customers by learning and remembering individual preferences and interests, acquiring this information directly from customers through personal interactions. And they should keep in touch with customers by offering mailing list sign-ups for newsletters, pre-sale announcements, coupons and mailings about other upcoming store events. These sign-ups should capture the customer’s email address also.
Small retailers need to grasp the importance of building customer relationships through personal communication and growing their profits through repeat sales.
Studies show that repeat customers:
• buy more often,
• spend more than first-time customers,
• cost less to acquire (because they already know your business), and
• even pay a premium price for your product.
And repeat customers refer new customers.
Add this up, and a repeat customer yield big profits over time
Small retailers need to understand that success is rooted in building long-standing customer relationships. They should nurture their best customers by learning and remembering individual preferences and interests, acquiring this information directly from customers through personal interactions. And they should keep in touch with customers by offering mailing list sign-ups for newsletters, pre-sale announcements, coupons and mailings about other upcoming store events. These sign-ups should capture the customer’s email address also.
Small retailers need to grasp the importance of building customer relationships through personal communication and growing their profits through repeat sales.
Studies show that repeat customers:
• buy more often,
• spend more than first-time customers,
• cost less to acquire (because they already know your business), and
• even pay a premium price for your product.
And repeat customers refer new customers.
Add this up, and a repeat customer yield big profits over time
What about the small guy?
Apr/14/2009 11:16 Filed in: Marketing
for the Small Retailer
The
media has given much coverage to what is happening in
the retail industry during this current recession.
Most of it has been focused on the large chains, the
shopping malls and major players in the retail game.
But what’s been happening to the small independent
retailer and what does the future hold for you.
Solutions For Retailers works only with small independent retailers. I have been helping small independent retailers like you for twenty plus years. At no time during that period has the retail environment been tougher, changed more quickly or had a more lasting impact on your business than it has recently.
Please click on the following link:
http://survey.constantcontact.com/survey/a07e2i46gm8ftd37dqd/start
and take a few moments to fill out the survey. We are attempting to gain a better understanding of how this recession is affecting you, the small independent retailer and provide an opportunity for you to gain insight into what other small retailers are experiencing.
It will only take a few minutes to complete. We will provide you with the summary of results for the survey.
Thank you in advance for your participation in the survey.
Solutions For Retailers works only with small independent retailers. I have been helping small independent retailers like you for twenty plus years. At no time during that period has the retail environment been tougher, changed more quickly or had a more lasting impact on your business than it has recently.
Please click on the following link:
http://survey.constantcontact.com/survey/a07e2i46gm8ftd37dqd/start
and take a few moments to fill out the survey. We are attempting to gain a better understanding of how this recession is affecting you, the small independent retailer and provide an opportunity for you to gain insight into what other small retailers are experiencing.
It will only take a few minutes to complete. We will provide you with the summary of results for the survey.
Thank you in advance for your participation in the survey.
Marketing Tools for A Store Closing Sale
Mar/09/2009 15:51 Filed in: Store Closing
Sale
Marketing Your Store Closing Sale for small
retailers.
You have just made the decision that it’s time to close your retail business. In most cases some of the primary reasons you have made that decision is that business is declining, your customer count is way down and your advertising is not working. So, how are you going to sell your entire inventory and fixtures in just 60 to 90 days.
You need to have a concise, well thought out marketing plan that is not only going to get them in the door the first time, but keep them coming back throughout the sale. And you have to do it as inexpensively as possible. Most Store Closing Sales require a budget of 6% - 8% of estimated sales
Below are some of the marketing tools that I use when developing an effective marketing plan for my clients that have decided to run a Store Closing Sale.
Exterior Sale Signs – often creates more traffic than any other means, depending on location
Direct Mail – letters or postcards, used for initial and follow-up marketing
Prize Drawing or Contest – incentive to come in initially/captures contact information for follow-up marketing
Email Marketing – least expensive way to reach your customer
Web site marketing/pay per click campaign – can be target at local market
Newspaper Ads– weekly paper that covers primarily local news usually produces best results
Press Releases – the best free advertising you can get
During the next several weeks I will cover each of these tools in a separate blog. The balance & timing of using these tools vary by each stores unique situation and not every tool is used for every sale. If you want to discuss your situation – call Solutions For Retailers at 888-908-9449
You have just made the decision that it’s time to close your retail business. In most cases some of the primary reasons you have made that decision is that business is declining, your customer count is way down and your advertising is not working. So, how are you going to sell your entire inventory and fixtures in just 60 to 90 days.
You need to have a concise, well thought out marketing plan that is not only going to get them in the door the first time, but keep them coming back throughout the sale. And you have to do it as inexpensively as possible. Most Store Closing Sales require a budget of 6% - 8% of estimated sales
Below are some of the marketing tools that I use when developing an effective marketing plan for my clients that have decided to run a Store Closing Sale.
Exterior Sale Signs – often creates more traffic than any other means, depending on location
Direct Mail – letters or postcards, used for initial and follow-up marketing
Prize Drawing or Contest – incentive to come in initially/captures contact information for follow-up marketing
Email Marketing – least expensive way to reach your customer
Web site marketing/pay per click campaign – can be target at local market
Newspaper Ads– weekly paper that covers primarily local news usually produces best results
Press Releases – the best free advertising you can get
During the next several weeks I will cover each of these tools in a separate blog. The balance & timing of using these tools vary by each stores unique situation and not every tool is used for every sale. If you want to discuss your situation – call Solutions For Retailers at 888-908-9449
Writing Ad Copy
Feb/20/2009 14:13 Filed in: Marketing
for the Small Retailer
Writing Ad Copy
Direct mail advertising is one of the key tools used by retailers today. When it comes time to write copy for those ads, you need to know which is better. Long Copy or Short Copy. Below is some advice from “Postcard Builder, Inc”, a Midwest company specializing in postcard marketing
Long Copy vs. Short Copy
The question is, does longer, more involved copy in a direct mail advertisement draw better response rates than shorter, more succinct copy? For mailings that ask for an immediate sale with little or no human interaction (Call Now and have your Credit Card Ready!), most research and experts agree that long copy works well; the long letters do the job of the salesmen. Short copy with great graphics (Postcards!) work best for products with longer sales cycles, for sales of products that need human interaction.
Product Sales Cycle. A short sales cycle is a Bose Wave Radio. A long cycle may be a real estate agent listing a home or sales of large equipment. The longest part of the cycle is actually waiting until that prospect needs your product. With home sales, the average is every 4-5 years. With equipment sales it may be 10 years or more! The goal then is to be in front of that customer at the time they decide to start their purchase process. Postcards and short copy are best for that type of awareness.
Short Copy and Getting the Lead. Image the pain your prospect will go through if you continually send them lengthy letters to get their attention. After the first letter, they go in the trash. The goal with short copy is to get their attention with quick words and great, relevant graphics - maintain awareness of your product. For real estate agents, a photo of the latest home listing is enough. With a construction company it may be a photo of their latest project. The prospect remembers you, they make the call, you get the lead.
Direct mail advertising is one of the key tools used by retailers today. When it comes time to write copy for those ads, you need to know which is better. Long Copy or Short Copy. Below is some advice from “Postcard Builder, Inc”, a Midwest company specializing in postcard marketing
Long Copy vs. Short Copy
The question is, does longer, more involved copy in a direct mail advertisement draw better response rates than shorter, more succinct copy? For mailings that ask for an immediate sale with little or no human interaction (Call Now and have your Credit Card Ready!), most research and experts agree that long copy works well; the long letters do the job of the salesmen. Short copy with great graphics (Postcards!) work best for products with longer sales cycles, for sales of products that need human interaction.
Product Sales Cycle. A short sales cycle is a Bose Wave Radio. A long cycle may be a real estate agent listing a home or sales of large equipment. The longest part of the cycle is actually waiting until that prospect needs your product. With home sales, the average is every 4-5 years. With equipment sales it may be 10 years or more! The goal then is to be in front of that customer at the time they decide to start their purchase process. Postcards and short copy are best for that type of awareness.
Short Copy and Getting the Lead. Image the pain your prospect will go through if you continually send them lengthy letters to get their attention. After the first letter, they go in the trash. The goal with short copy is to get their attention with quick words and great, relevant graphics - maintain awareness of your product. For real estate agents, a photo of the latest home listing is enough. With a construction company it may be a photo of their latest project. The prospect remembers you, they make the call, you get the lead.