As retailers begin to prepare in earnest for the holiday selling season, caution remains the predominant theme. While everybody hopes for the best, there's a recognition that the headwinds are still pretty tough.
The most successful retailers, however, have recognized that there are customers with money to spend out there, and sales increases to be had. They have positioned themselves to offer compelling value to customers, in ways that customers clearly recognize, without slashing retails. As it's ever been, it's the retailers who identify with their customers, connect with their customers and go out of the way for their customers that are the winners.
For this month's Retail Reader, I've chosen pieces that emphasize this point. Whether it's a baseball team, a bookstore, a tire store, or your business, there are opportunities everday to wow customers in powerful, memorable ways.
So, while prudence is absolutely essential in how you manage the dollars and cents of your business, it costs very little to truly connect with your customers. And drive those sales increases!
"In a difficult economic climate, consumer spending obviously does decline. However, what retailers need to understand is that counter to this trend, consumer expectations will actually rise. If a couple cuts their dining out visits in half (say every two weeks versus once a week), their expectations of good service and a memorable experience are heightened during this occasion... The long-held business profitability adage of "do more with less" has translated into a consumer mindset of "get more with less.
" From Retail Customer Experience...
"Look around, and it's hard to believe that just 10 years ago, the Twins were a financial failure, all but deserted by their fans and on the brink of disappearing from baseball. How they have become one of baseball's strongest franchises ranks among the more remarkable turnaround stories in recent business history. And it only happened because the owners were determined to run their big league sports team like a smart small business." From Entrepreneur.com...
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As small businesses have gained experience with social media, some have realized their expectations for the channel did not line up with the reality of the social web. As the wider marketing world begins to look at social as more of a loyalty channel than one for acquisition, small businesses are also finding that their hopes for spreading brand awareness and attracting new customers have not been fully met. By contrast, somewhat fewer small businesses had expected to use social media as an engagement channel, but nearly two-thirds have had success in that area."
From eMarketer.com...
"To survive, I think brick-and-mortar bookshops need to become, more than ever, hubs for community and arts," said Claude Lalumiere, former bookseller and author of "Objects of Worship." "Expert knowledge is what a good bookseller supplies. Readers will go to bookshops only if they supply something that can't be replicated online: genuine, live interaction, and a physical and cultural context to explore and express your passions." From Retail Customer Experience.com...
"Riding my bike home from choir retreat seemed like a good idea. The weather was warm and clear but the temperatures were nice in the shade of the forested parking lots and drives near the retreat center. Traveling south into a 15 knot headwind made the ride a bit more difficult than I expected but the slow leak in my rear tire made it almost impossible.
"I stopped in CarMerica, an auto tire store, to ask for assistance getting my bicycle tire repaired. I knew the chances were slim that they would have the equipment to help me but I was hoping someone would have an adapter that enables you to inflate Presta valves with a Schraeder valve pump like those used in auto tires." From Retail Customer Experience.com...