Retail / Wholesale Mentors

The great thing about boutiques and other small retail focused businesses is that they are small enough to make their own rules (no corporate manuals that dictate how to do things!). A not so great thing? That this often leaves little room for training and education for continued professional growth… or does it? With just a little creativity and the desire to want to learn, there are many ways you can grow your retail expertise – in whatever sector of retail you are in. One way to do this is to find a mentor.

Through a mentor, you can gain new insight and perspectives on your approach to retail. From customer communication to tracking sales to hiring associates, a mentor can offer you candid, straight forward advice from a real life perspective. Additionally, a mentor is a great source to bounce ideas off of as you grow and nurture your own business.

Sometimes an ideal mentor is too busy for the task of being a role model, but often they are open to the idea of you being their shadow for a day. This is a fantastic way to observe their world and their ways without dedicating a tremendous amount of time. This is also a great way for you to share your world and your way with other retail professionals who may want to learn from you. Whether they are your own employees or from your community college, it’s great to give and not just gain when it comes to sharing retail knowledge.

It’s very likely your ideal mentor isn’t someone you actually know, which makes shadowing them nearly impossible. This said -  a genuine introduction and request to gain this time from them is something you can always do. But looking closer to home – wherever your home base  is – typically offers a stronger response. Complimenting boutiques or wholesalers in non-competitive markets can also support one another.

At the end of the day, your real goal should simply be to always learn and be open for growth to best support your business. A mentor is just one way of many to help you do this.

 

 

 

Retail Minded to Launch “Boutique” Magazine

Retail Minded is excited to bring you news, education and support… the “boutique” way! Retail Minded The Magazine will debut in early 2012 as a quarterly trade publication dedicated to the lifestyle of retail. From inventory control to celebrity Q & A’s to maximizing your merchandising space to understanding how to invest in your future, Retail Minded The Magazine brings you expert advice from the industry’s top professionals, offers you solutions to your latest challenges and introduces you to all the industry must haves (or at least things to know about) from technology to online to storefront.

In addition to supporting retailers & wholesalers and their boutique businesses, we’ll look beyond storefronts and into the lives of retailers. Since we believe retail isn’t just a job but part of how we live, we’ll be extending Retail Minded to support you in your entire lifestyle – from financial planning to weekend getaways to shopping excursions to getting your taxes done. Our contributors will include experienced retailers, a range of entrepreneurs, struggling business owners (yes, they have valid points to share!), savvy retail experts and more – offering you a fresh, modern approach to understanding all things retail, including living your life beyond your store walls.

Are you excited to learn more? We hope so! Subscriptions are available now for our premiere year, debuting in January 2012. Learn more here! And thank you…. we couldn’t have gotten here without you!

Social Media… In Your Store?

Millions of conversations… and purchases… are taking place online everyday. Whether you are a smart phone addict who has Facebook at your fingertips or a retail pro who prefers out loud chit chat, the reality is social media is making strides – big ones at that – in the retail marketplace.

Let’s forget about you for a minute, and think about your customers. Do they use social media? Would they if it was a more accessible experience for them? Would your store sales increase if customers interacted with you more online… even if you only have a brick and mortar store?

The thing about social media is that it’s not always about selling (though really it is… keep listening). Social media provokes small talk in a very modern way. From chatting about the weather to discussing your weekend plans, social media encourages conversation, very simply. And if you and your store encourage this conversation, the conversation will naturally lead back to you (sales!). One way to do this is by introducing a Social Media Console to your store. This console would be a dedicated space that only has your social media outlets available for customers to engage in – in other words, not just a computer for them to play on. Twitter and Facebook tend to be the most popular for retailers, though there are a variety to choose from. The key is creating a space for customers to talk abut your business while they are experiencing your business… even if they have their own smart phone. The experience is the whole catch. And if they aren’t the smart phone type but still like to check in to their Facebook account every so often, your store console is a great place to do it… providing they are chatting about your biz.

No space for a console? That’s okay. Remind your social media fans walking through your store to “check in” on their phone. An inviting reminder to “tweet” and “update” where they are and what they are doing… or better yet, include a pic… is a great way to gain visibility to audiences that may not already  know about you. And if they do know about you, it never hurts for a reminder to let them know your doors are open.

Finally, your store introduces hundreds of ways to market itself, and social media should be one of them. If you have a few minutes to spare, log on. Only have  second? Log on! It’s not going anywhere, so it’s time to make it a (big) part of your retail life.

 

 

Creating a Top Ten Wish List For Your Store

There’s no time to spare anymore. The holidays are literally around the corner. Big box retailers are already sending holiday catalogs out and have their stores mapped out and ready to go for the weeks ahead. Sales are scheduled, events are planned, Santa is booked. While it’s easy to get intimidated by the big box stores during the holidays, it can be easier to compete with them if you face them head on. One way? With a must have “Wish List” for your customers to shop from.

With a few simple steps, you can help your customers understand what’s hot in your store assortment. While this doesn’t mean they need to only shop from this “Wish List”, it is a great way to get conversations starting, curiosity rolling and sales cha-chinging.

1. Get your customers excited by introducing them to the idea of your store’s Top Ten Wish List. Send an email blast announcing that the top ten products were hard to narrow down, but… drum roll please… they are finally ready to be shared! But not yet… hold off a day or two and then send your list out. The anticipation adds to the excitement!

2. Announce your top ten wish list with a bang! Use email blasts as well as Twitter, Facebook, your website, store signage and  local media. Don’t underestimate the power of excitement when excitement is used to help promote something.

3. Let everyone know about your store’s wish list when they walk through your doors. It can be a great opener that extends beyond hello. Simply state that your store’s top ten items for the holidays are available in limited quantities and offer to answer any questions they may have about them. Make sure to show them the great signage you have for this – including a list that accurately represents each product. Visuals work, as well. Including pictures on your list add to the understanding of each product. Of course, the actual product is the best visual aid to use.

4. Have a merchandising display dedicated to your top ten items. Make this a vocal point in your store that adds to the wish list excitement. A Christmas tree with each of these items as presents underneath is a simple yet impactful way to deliver the message that these items are hot gifts.

5. Offer shoppers a chance to make their own wish list. If you have lists ready to go that are fill in the blank style, then shoppers can make their own list and give them to others to shop for them on. Or… offer to keep their list so that when their husbands, friends, etc. come in, they just need to ask for so and so’s wish list. You get the idea… and just in case you need an extra push, this is all to create shopping energy that offers gift ideas and gives a reason for customers to return to your store.

Remember, the holidays are 9 weeks away. There’s no time to spare… it’s time to get ready!

A Checklist To Ensure You’re Holiday Ready

It’s less than ten weeks away until the busiest time of year for retailers. Are you ready?

From creating impressionable window displays to offering festive gift wrap to planning for extra staff, the list is long. Let’s not forget stocking your store with this season’s must have gifts! Trusting your orders are already placed (we hope), here’s a look at some operational musts to ensure your holiday season is a success.

1. Create and start promoting extended hours to support the holiday season. If you are in a zoned area or shopping mall, these hours may already be determined for you. Either way, start marketing these hours so that your customers know you are there for them beyond your normal hours.

2. Plan for special marketing initiatives. These will vary based on your store and customer, but are likely to include (but not limited to) email marketing, a holiday open house, special shopping deals, customer appreciation days, a visit from Santa in your store, a shopping guide for customers, e-commerce only specials and more.

3. Identify your return and exchange policies on all receipts and near your cash wrap. If you are planning for altered policies specifically for the holiday season, make sure you also identify time frames they are specific to. It’s always a good idea to have customers initial receipts after you have explained your policy, as well.

4. Use social media as a marketing tool to post daily deals, special event details and more. If you aren’t already using social media, it’s not too late to get started. If you already are, you are a million steps ahead already! Identify how you can leverage your social media audience to not just hear you, but buy from you this holiday season.

5. Cross promote with like minded businesses. Create packages that overlap your products or services with other businesses in a “bundle package”, allowing you to gain new customers from their mailing list and customer outreach – and vice versa. Addiitonally, it’s a fun way to introduce new gifts to your local marketplace.

6. Get the media involved in your holiday plans. Radio stations, newspapers, local television stations, magazines and other local media outlets are crave great information to share with their readers. Let your store holiday plans be among what they share! Get on the ball now, though… The holidays are only ten weeks away.

7. Plan for additional staff. Possibly this means additional hours for current employees. Maybe this means holiday only help. Whatever works for you, it’s time to get it all identified so when the rush of customers keeps you busy, you won’t be stressing about extra help supporting you. Remember to train new hires, as well, on all your store policies!

8. Plan for Plan B. Extra help means extra people to worry about. If someone calls in sick, do you have a back up plan? Life happens – so you may as well have a plan of attack for when it does.

9. Have your holiday window and store displays ready to go. This means knowing what products and extra display accessories you need to support a dynamic display are ready to go for you to simply install. Don’t wait till the last minute to buy your own display extras at the store, either… Just like your store, they are likely busy and maybe sold out. Plus, you want your displays to be impactful and memorable, so don’t wait till the last minute to plan for them.

10. Offer above the top gift wrapping. Sure, everyone offers free gift wrapping this time of year. But does everyone offer beautifully wrapped presents that make a statement all on their own? While we can’t all get the same response a Tiffany blue box does, we can certainly try! The real challenge is to simply go above and beyond the expected.

Bonus Tip: Stay cheerful. The holidays are suppose to be a happy, beautiful time of year. Unfortunately, this isn’t only the case. If it happens to be stressful at home or in your store or both (hey, it happens to the best of us), try not to let your customers see this stress. By acting… dare we say… Christmas”y”, you help set the mood that then impacts your customers.

Finally, try to enjoy the season! From Cyber Monday to Black Friday to Christmas Eve, there is a lot to get ready… and to get excited… for. Have more tips to share? Let us know!

 

 

 

 

How to Talk “Retail” To Gain Attention From Retailers

Did you ever imagine that the layers and politics of retail would be so complex when you dreamed of selling into retail stores? For that matter – as store owners – did you ever dream that the politics of choosing products for your assortment could be so tough?

So many people dive into retail without even understanding it all. And while everyday is a chance to learn something new, it’s important to dedicate time to truly understanding some key retail lingo before diving too deep into the retail world. By doing this, you can better support your business as well as better communicate with potential accounts, retailers, business partners and more.

See & Hear How Retailers See & Hear

Plain and simple – if you want a retailer’s attention, you need to think like a retailer and then communicate to them with these thoughts in mind. They have to worry about their Open To Buy dollars, their visual displays, their employees or lack of them, their old inventory, their new vendors, their Net 30 payments that are due and much, much more. Consider all these points when speaking with retailers so that you don’t lose sight of what their objectives are. Additionally, consider their product assortment. Is what you are trying to sell to them really a match for their store? A sale isn’t a  worth wild sale if it ends up in the wrong shop.

Timing Is Everything 

Buy seasons exist for a reason, and too often eager vendors and sales reps disregard this. Consider what buy season you are in the midst of, then pitch retailers accordingly. While each individual store may place orders at different times, their general thoughts are in sync with a certain buy season based on what time of year it is. For example, stores begin to think about Christmas purchases in June. By September most of their orders are placed. Last minute buys often take place, but dollars are typically spent or budgeted for 6 months in advance. Additionally, each specific industry varies so always make sure to identify your specific industry’s buying trends prior to reaching out to stores.

Bringing it Together 

Retailers are busy, busy folks. Don’t waste their time. When you get their attention, make sure you keep it. Have what you need to support them in your communication. This includes marketing tools,  a Buyers Packet, samples of your product, order forms ready, delivery details available and anything else to help sell your products. If you have a great display to showcase your products, bring it to your meeting. If you have a lot of press clips to help enhance your products, use them in your pitch. The worst thing you could do is not be fully prepared. And remember, retailers want results. Remind them why you can offer them this through sales of your product to their specific customer.

Have your own tips to share? Let us know! Please comment below.

A Wholesale Checklist to Becoming Retail Ready

Time and time again, people’s dreams of launching a product line come to life – therefore jumpstarting a million steps towards landing on retail shelves. Many wholesalers – whether designers themselves or vendors sourcing their product - miss vital steps along the way that create barriers for their brand to effectively position themselves at retail. Others take each careful step with consideration as to how it will lead them to the next. All steps have one goal in mind, however - gaining customers from retail sales.

To help prepare you for your own steps towards retail, consider the questions below.

1. At what pace (turn around time) can you support orders placed? Do you have shipping plans prepared for bulk deliveries and multiple deliveries, or are you paying traditional mark up for shipping? If you are paying traditional mark up, you are losing money.

2. Speaking of shipping, what are your packaging plans for this? Do you have boxes and all the packaging goods you will need to safely and securely ship your goods? Retailers don’t want broken pieces or loose garments arriving to their stores.

3. Of course, before you ship you need to gain sales. What is your sales strategy for reaching out to retailers? Door to door only goes so far. Trade shows, social media, sales reps… there are so many ways to go about this.

4. Do you have a Buyer’s Packet prepared to support retailers?  This is a must. Pitching to retailers without effective marketing / selling tools make you look unprepared to be retail ready.

5. Are you prepared for the time it takes to create sales? If you aren’t good at sales, what is your back up? Remember – good work costs money. Experienced support cost more.

While there are many more steps involved in reaching the retail market, the above checklist will help get you on track with the right steps you need to take. And if you happen to be in the middle of your path and not sure how to get on the right track, take time to review and analyze. It’s okay to step backwards if you trust it will get you moving in the right direction.

Need more support? Retail Minded is available for one on one phone consultations to help support your unique business. Additionally, we offer Buyers Packet creations at affordable prices to help position you to reach out to retailers. Learn more by emailing Retail Minded’s Nicole Reyhle at nicole@retailminded.com.

B2B Social Deal Sites – You’ll Love This!

Groupon is great. And Living Social is pretty cool, as well. But let’s face it… you won’t always need highlights or a fancy dinner out. Instead, you need deal purchases to help your business thrive. Luckily, the world of deal sites has caught on to this trend.

Smart and savvy in their deals, the sites below all cater to B2B expenses, overhead and more. Check them out for yourself to see what may be great for your business.

Bizy Deals, www.bizydeal.com

From Constant Contact deals to reduced credit card fees, these deals are worth checking out. They even have a 50% savings on leasing a sales rep! Their tag line  is “Money Saved is Money Earned”… enough said.

Market Blitz, www.marketblitzdeals.com

While this tends to lean heavily for Denver area deals, it’s starting to spread itself out around the country. From reduced press release services to office furniture to marketing services, their deals are designed for businesses of all kinds.

Group Price, www.groupprice.com

Their goal is to help your business grow for less… less money spent from you, that is. What they offer are unique and purposeful deals that help get your job done. While not everything they offer will be for you, a lot of it likely is. Worth the online visit to their site!

Office Arrow, www.officearrow.com

These guys not only offer daily deals, they have a lot of valuable business content on their site. Webinars, podcasts, articles and more make up their collection of tools supporting business owners – gotta love that.

Spending money is a necessity in making money sometimes, so why not spend less and still gain exactly what you need? These sites are worth checking out – and checking out often – for that reason alone.

Happy dealing!

Optimize Online Sales – 5 Must Know Tips

Looking to drive traffic to your e-commerce site? Who isn’t?! Now if you want to drive traffic AND get some sales, here are a few ideas to help optimize your e-commerce sell thru.

1. Offer comprehensive product information without a lot of junk in the middle. In other words, be concise but don’t waste your audience’s time with too many fancy words that just take up space. Give a clear understandinng of what the product is, including (if necessary) it’s purpose.

2. Cross sell products whenever possible. Include small photos of complimentary products that your customer may be interested in based on what they are currently viewing or at the very least, what they have already just purchased.

3. Provide multiple e-communication offers. Don’t have a 1-800 number? That’s okay. But give your customers options to get a hold of you in case they have questions about a product or placing an order. Email, phone number, online chat, Q&A list for frequently asked questions – include at least two.

4. Give the sense of touch even when they can’t touch anything. Selling apparel? List the product contents, such as 97% cotton and 3% spandex. Is there texture to a product? Include a snapshot and describe the touch of this. Review your inventory to see what can be described and shown in words and photos that may help your audience in their purchasing decisions.

5. Don’t ignore your SEO options. SEO – Search Engine Optimization – drives consumers to your site that don’t already know about your site. Make this matter for you!

Finally, make sure your check out process is easy for your customers. Include all necessary details of purchasing policies, return policies and payment options. Adding a coupon for a return purchase is a great way to get returning customers, as well!

 

The 4 P’s of Retail Marketing

Marketing never gets old. It constantly surrounds us in new ways. What stays the same, however, are the 4 essential P’s to marketing. Product. Place. Price. Promotion.

Without a product – whether it’s a service offered, person or actual product being sold – there is no reason to put marketing efforts out there. Naturally, this product needs a “place” to be found, so identifying this is critical in your marketing outreach. Customers always want to know how much things will cost, so the price is a key component to this 4 part mix. And finally, the actually promotion of the product / place / price helps to create a call for action from customers. This part can be simple, elaborate or even fairly routine, but it should always provoke your customer’s interest.

When referring to the 4 P’s in retail marketing, it’s important to stay focused on your goals. For most of us, that is selling through your inventory…. and making money! Keeping your budget in check along the way is very important, so make sure your pricing strategy is built to support your marketing plans in addition to your product resources, selling efforts, time it takes to bring this product to life and much more. A few other key components to consider include:

1. The life span of your product. How will this influence the price? How will this influence your promotion strategy?

2. The buying behavior of your target market. Are they impulse buyers? Or do they research things before a purchase?

3. The competition of your product. Who are your comeptitiors? What points make up their marketing mix?

Beyond the 4 P’s of marketing, there are 4 environmental stimuli that greatly influence consumer behavior and buying trends. These are the economy, technology, politics and cultural life stlye. Consider how these will influence your unique 4 P’s, then respond accordingly. If you are aware of all contributors to consumer purchase decisions, you are more likely to win their actual purchase.

 

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