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Actual for You - Cash Is Still King Of The Hill
Recently I organized a promotional photo contest. Among the selections an image was titled ‘Confidence'. Overwhelmingly that photograph was chosen and ultimately became the winner. This made me stop and think about how most of us are influenced by the air of confidence. Look around you; think about it. What is it that makes you want to emulate someone else? More than likely you are drawn to people who project confidence. Would you apply the principles gained at a conference or training session if the spokesperson didn't impress you? When you attend a function is it the individual that meekly offers their hand to you that you wish to befriend or do you seek out th
How is this done? Here are a few specific ideas to help position your store as a premium destination for the finest products, knowledge
With direct mail, you can break even and still claim success. The reason for this can be understood only when determining the lifetime value of each customer brought in and the likelihood of those customers responding to subsequent offers. Here is a concrete example to illustrate my point.Joe’s Civil War ShopJoe owns a Civil War souvenir shop. Yes, believe it or not there is a rather large market of Civil War nuts who collect anything from old bullets, to swords, to manuscripts written by confederate generals. Joe’s sales have been slowing since he is located in Virginia, the capital of Civil War memorabilia because this market has saturated itself from having
For just about every small retailer, cash is king. Whether the focus is on daily and weekly sales to assure that there's money in the bank to meet payroll and other expenses, or on building a cash balance during the busy season to get you through the slower times, most small retailers keep a very close eye on cash flow.
Since the big box chains don’t have this “daily” worry, they spend their time negotiating with vendors and driving down costs to offer their customers the lowest price for commodity or near-commodity goods. They understand that for these items the vast majority of shoppers are highly price sensitive.
But for any item, and especially for those that are not commodities, there is a critical segment of customers who are not price shoppers, who focus instead on product quality, service, and a relaxed, friendly experience. Small retailers, enter here.
In other words, small retailers should avoid competing on the basis of price, because there will always be a competitor with larger, deeper pockets, instead, you should focus on finding unique, high quality, and compelling products that the big box stores don’t even look for in the marketplace. Competing on the basis of product quality and uniqueness enables a small retailer to present to their customers a compelling value proposition and maintain critical price integrity.
Thus it follows that strategic positioning for small independent retailers leads directly and most importantly to the product selection and pricing policy of a store. By selling higher quality, specialty products on the basis of their intrinsic value, and the product knowledge and customer service that accompany them, you can insulate your store from price competition, and your store can obtain a higher initial markup, avoid price promotions, and other incentives that eat into margins.
How is this done? Here are a few specific ideas to help position your store as a premium destination for the finest products, knowledge a
Many people's idea of networking relates to the 'size of their Christmas Card List, rather than the quality of their relationship with each person on that list. Similarly those people network, but few reap the rewards of zeroing in on their potential. Here are some ideas to help fill the gap between where you are now and where you can be. 1 Be Generous - Give without expectations and you will be surprised at how it returns to you. It may not come from the same source but a new client, referral, or opportunity will show up because of your efforts. 2 Be Consistent - As in marketing, the more consistent your networking efforts the more productive they become
For just about every small retailer, cash is king. Whether the focus is on daily and weekly sales to assure that there's money in the bank to meet payroll and other expenses, or on building a cash balance during the busy season to get you through the slower times, most small retailers keep a very close eye on cash flow.
Since the big box chains don’t have this “daily” worry, they spend their time negotiating with vendors and driving down costs to offer their customers the lowest price for commodity or near-commodity goods. They understand that for these items the vast majority of shoppers are highly price sensitive.
But for any item, and especially for those that are not commodities, there is a critical segment of customers who are not price shoppers, who focus instead on product quality, service, and a relaxed, friendly experience. Small retailers, enter here.
In other words, small retailers should avoid competing on the basis of price, because there will always be a competitor with larger, deeper pockets, instead, you should focus on finding unique, high quality, and compelling products that the big box stores don’t even look for in the marketplace. Competing on the basis of product quality and uniqueness enables a small retailer to present to their customers a compelling value proposition and maintain critical price integrity.
Thus it follows that strategic positioning for small independent retailers leads directly and most importantly to the product selection and pricing policy of a store. By selling higher quality, specialty products on the basis of their intrinsic value, and the product knowledge and customer service that accompany them, you can insulate your store from price competition, and your store can obtain a higher initial markup, avoid price promotions, and other incentives that eat into margins.
How is this done? Here are a few specific ideas to help position your store as a premium destination for the finest products, knowledge
A couple of weeks ago I attended an event planners Christmas function. The turnout was decent, there was no shortage of skewered prawns or celebratory cocktails and a good amount of effort had gone into the costumes worn by circulating serving staff.A few minutes into it however, I noticed one lady propped on a bar stool, looking tired and unimpressed. An ex-planner, with a career lifetime in the industry, she commented "They always get it wrong with the music at the beginning of these things". She was right. The funk band on stage was a class act, but the evening's organizers had given no thought to warming up the crowd, so this prematurely loud performance meant an
But for any item, and especially for those that are not commodities, there is a critical segment of customers who are not price shoppers, who focus instead on product quality, service, and a relaxed, friendly experience. Small retailers, enter here.
In other words, small retailers should avoid competing on the basis of price, because there will always be a competitor with larger, deeper pockets, instead, you should focus on finding unique, high quality, and compelling products that the big box stores don’t even look for in the marketplace. Competing on the basis of product quality and uniqueness enables a small retailer to present to their customers a compelling value proposition and maintain critical price integrity.
Thus it follows that strategic positioning for small independent retailers leads directly and most importantly to the product selection and pricing policy of a store. By selling higher quality, specialty products on the basis of their intrinsic value, and the product knowledge and customer service that accompany them, you can insulate your store from price competition, and your store can obtain a higher initial markup, avoid price promotions, and other incentives that eat into margins.
How is this done? Here are a few specific ideas to help position your store as a premium destination for the finest products, knowledge
Unclaimed or uncashed payroll checks handled incorrectly by an employer can result in serious trouble for the employer. Prior to implementing a policy on how your company handles these types of checks, there are several issues to consider:Every state has escheat laws that affect unclaimed or abandoned property. In general the laws require that such property, including the funds from uncashed and/or unclaimed payroll checks, be turned over to the state after a designated period. That period and possibly a minimum amount vary from state to state. The state then holds the items for the owner or heirs until a claim is filed to collect the property.If an uncashed
Thus it follows that strategic positioning for small independent retailers leads directly and most importantly to the product selection and pricing policy of a store. By selling higher quality, specialty products on the basis of their intrinsic value, and the product knowledge and customer service that accompany them, you can insulate your store from price competition, and your store can obtain a higher initial markup, avoid price promotions, and other incentives that eat into margins.
How is this done? Here are a few specific ideas to help position your store as a premium destination for the finest products, knowledge
Can you guess about the future of any organization by looking at the faces of few employees and observing them for some time? I guess that you can. Let me tell you how. Any organization that is heading towards worthwhile goals shows strong enthusiasm. The leader conveys the goals to the employees and the employees feel good about working in a organization that is not heading in a wrong direction or going downhill. The leader sells that vision to the employees and looking at the employees one can find out if they feel enthusiastic working or not.If your goals are worthwhile and look attractive your employees will feel love working for the organization because they kno
How is this done? Here are a few specific ideas to help position your store as a premium destination for the finest products, knowledge and service, and generate the margins you’ll need to assure continuing positive cash flows:
• Adopt a better/best pricing structure, rather than a good/better/best structure. The classic retail pricing structure for any product category is three-tiered, with an opening priced "good" quality item, a mid-priced "better" quality item, and a higher-priced "best" quality item. The nature of contemporary retailing is that for most any product category, there is a big box who is seeking to lock up the opening price point. Let them. They are more than happy to trade margin for volume, and have the deep pockets to do it. Instead, protect your margins by focusing your efforts on better quality goods, using a "better" quality item as your opening price point, and focusing your energies around the quality and features of the "best" item.
• Avoid carrying the same items as the competing big-box store. This may not always be possible, but if you must, think of those items as accommodations to your customers, rather than key items that you are trying to maximize the sale of. Rather, build your business around unique items and unique product categories in niche markets to a carefully targeted clientele.
• Keep your inventories lean to minimize markdowns and their impact on margins. The instinct of many small retailers is to have enough stock to never miss a sale, but all that inventory carries tremendous markdown risk, which can decimate margins and cash flow. Bring fresh inventory into your store as close to the time of anticipated sales as possible- so you always have something new and exciting to offer your customers.
• Don't get locked into standardized pricing formulas, like keystoning. Your pricing should not be merely a function of what you paid your vendor for the item, but rather the intrinsic value of the item, and the accompanying service you provide your customers. The product knowledge and customer service that comes with your product offerings has a value to your customers. Don't be afraid to include that value in your
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