Single Issue, Subscibtions & Group Rates Available for RM Magazine

Retail Minded is excited to deliver the PREMIERE ISSUE of Retail Minded Magazine in early February! Single issues are available for purchase, as well as subscriptions are now available. Additionally, Retail Minded offers preferred rates for groups, associations and organizations. Wholesale rates are also available. Please contact Retail Minded at nicole@retailminded.com for pricing details, as well as any other inquires you may have unique to your business.

Thank you for your support! We look forward to introducing you to the only retail lifestyle publication in the marketplace – filled with news, education and support for boutique businesses!

Learn more at www.retailminded.com/magazine

 

 

 

 

Reducing Your Retail Overhead

Ah, the bliss of running a retail store. The joy in being your own boss. The love of paying your own bills.

Wait. That’s not right. There’s not really love involved in paying bills… even the ones you know you need. So when times get tough or your budget gets tight, reducing your retail overhead is a must to ensure your business stays afloat.

The tips below can help you achieve a more manageable retail overhead  without compromising your business objectives. While there’s no promise you will like what you see, there is the promise this can help (at least a bit… we can’t solve all your challenges via one blog!).

1. Eliminate services you pay for but do not use. This may be two phone lines versus just one, a fax machine you rarely use or a membership to a local gym via your company account. If you pay for online memberships of any kind, consider if they are really worth it. Often you’ll find you are being automatically renewed to things you don’t even participate in anymore. These things add up!

2. Buy in bulk – even if it means paying more upfront. You’ll need paper, receipt rolls, toiletries and many other obvious supplies during the course of every work year. Rather than buy these things as you go along, buy in bulk from a warehouse store to save money in the long run. Plus, this will save you time since you only have to make a couple trips to the store versus monthly visits.

3. Give up cleaning services. I know, I know… cleaning your own toilet is a dreaded chore and certainly cleaning up one that is shared by many is worse…. BUT sometimes these cost eliminating sacrifices are what it takes to get focused on saving and making money versus spending it.

4. Let go of professional organizations that cost you money. Some networking groups are effective in building your business, while other professional organizations charge you a fee that may not be worth what you get in return. Really consider if what you pay is worth what you get from it. Then, consider eliminating this expense only if it makes sense for your business and budget goals.

5. Scale back on trade show participation… But still go.It’s essential to keep up with trade shows, new vendors and what’s hot in your retail environment, but attending every show isn’t always effective. Often it may just mean sharing a hotel room versus getting your own on a buy trip, or other times it may mean going to two shows a year versus four. Every penny adds up on these excursions, so think about each penny being spent as if it’s your last one.

While each retailer is unique in their vision, goals and budget, the above list can challenge every retailer to think about how their dollars are being spent. Next time you write a check, will it be for something that’s effective for your business, or will it be for something you could have done yourself or don’t need? Keep asking yourself these questions as your business grows, and soon you’ll have more money to spend on what really matters (even if that’s a vacation on your time off!).

Planning For The New Year By Reviewing The Last

The start of the new year is a great time to assess what is ahead as well as what you just accomplished – or lacked to, for that matter - in the previous year. Joining you in this should be your employees. To jump start this important review process, a few questions are outlined below to help engage your thoughts, provoke new ones and lead you towards accomplishing new goals in the year ahead.

1. What was the single biggest accomplishment for your retail store or wholesale business in the past year? This accomplishment does not have to be reflective of dollars, but instead it can represent opportunity, steps  taken or anything else you truly believe made the largest impact on your business. Make sure your employees have the unique opportunity to give their individual thoughts on this, as well.

2. What do you believe you failed to accomplish in the past year that you had hoped to? Again, make sure your employees can share their opinions here. Take the time to listen to their thoughts and together, you can evaluate both the strengths and weaknesses of your business in an effort to do better in the coming year.

3. What were the top selling items of your store or brand in the past year?Do you think  they will continue to trend as top sellers in the new year? Either way, did you anticipate they would be top sellers? If not, how did you react to their sales to provide proper inventory? How can you learn from this to do again in similar situations?

4. What items do you think may replace your top sellers from this past year? Are you prepared to chase any items that sell well from a financial perspective, or have you already eliminated wiggle room in your buying budget?  

5. Is your sales team at the level of performance you want them to be? What do they believe they can do to improve their sales and overall work for your business? What do you want them to do to improve? How will you communicate, educate and inspire them to be stronger performers?

6. What new marketing initiatives can you make to gain visibility for your store, your business, your website and your overall brand / store image? Are you prepared to take the extra steps to do this? What are these extra steps?

7. Did you reach your target market in the past year?Who is your target market? Do you believe your audience may have changed since you opened your store or business and if so, how can you react to accommodate that?

8. Are there new layers (new product, new branding, new marketing, etc.) to your business that you plan to add in the coming year? What are they? How will this impact your employees? You? Your time? Your budget? Make sure everyone necessary understands the process.

9. Do you have to give up anything to get ahead this year? What? Are you willing to make this sacrifice? Are you employees prepared? What do you each need to do to prepare for this?

10. What goals do you have for yourself and your business that need support from outside resources? Whether they are vendors, contractors, consultants, photographers or anyone else, make sure you have scheduled times to work with the necessary parties so that you aren’t left chasing them last minute.

Hopefully these questions can help engage you and your entire team to jumpstart the year ahead with excitement and energy to reach the goals you have set for your business. Make sure to take the time to really evaluate last year in an effort to do better this year. Learn from both your mistakes and successes and when necessary, learn from others. Retail continues to be tough, so it’s okay to not be able to do it alone. Work together and hopefully 2010 will be the year you plan for it to be – or better!

Surviving Retail In January

The holidays are over, the mad rush to shop has passed and consumers are buckling their wallets tight. Or are they? Traditionally, consumers will shop New Year sales for larger purchases, such as cars, appliances, electronics, furniture and other more expensive ticket items. However, for those of you selling clothes, accessories, home decor and items priced more affordable, it can be a struggle to make your sales goals in January. A few survival ideas include the following:

1. Provide a variety of prices.Consumers may not be willing to spend as quickly as they were before the holidays, but they will still spend if something intrigues them enough. Make sure to catch their attention at every price point that your store caters to… and possibly a little lower than your norm to get a few additional sales. These prices can be regular priced or products on sale. Either way, make sure you make them worth wanting through your displays and sales pitch.

2. Don’t put everything on sale but rather showcase what you want to sell. Even if you know something has been in your inventory for too long, your customers may not. Highlight this product by freshening up it’s display, how you merchandise it, what you merchandise it with and how your sales team supports it. Taking a fresh approach towards merchandising and ultimately selling older goods can often surprise you in the results… quick sales or unexpected sales to surprising customers!

3. Consider who your audience is and if whether or not you are reaching out to the right demographics. Often the biggest mistake retailers make  is not knowing who their customers are. January is  the perfect time of year to evaluate your business, and with that comes evaluating who your customer is. If you believe you are missing a core customer, find ways to reach this new audience. Consider various marketing tactics that include business to business marketing, promotional mailers and more. Your new audience may be just who you need to reach in order to obtain the sales goals you set for your business.

4. Give thanks to those who have already shopped at your store. Why not let your customers from 2009 know just how much you appreciate their business? By offering an incentive for them to return to your store, you open up the opportunity to gain additional sales. You can do this through having a customer appreciation sale, a special event, offering an incentive based coupon or in many other ways. Be creative in how you reach out to your customers and what you offer them so that they will actually want to return to your store. 10%, 20%, even 30% may not do it alone.

4. Stand out from your competition. Whether it’s through visual displays, product assortment, customer service, sales or special events, make sure you stand out from your competitors. Customers who shop local or independent boutiques are typically aware of their shopping choices, so be  ahead of the game by being the best at the game. Work hard to stand out and be the best in your local area – not only through product assortment and customer service, but special events, exciting sales and more. January markdowns and cluttered sales racks can get old. Bring something new to the table that your competition is not.

5. Introduce new selling strategies to your business. Consider selling at local markets, cross selling with other boutiques, swapping stale merchandise with friend boutiques for new product, selling merchandise online and much more. Be creative and think out of the box – whatever your box may be. By introducing new avenues to make sales, you increase your opportunity to make money.

Finally, be realistic and work hard. Now is not the time to get cozy and sit back. Dive into 2010 with ambition, dedication and new ways to get your business ahead. Stay focused, keep learning and always look for ways to grow your retail business in what is still a tough retail market.

Creative Ways To Market Your Retail Store

Tired of the same old, same old marketing tactics that every other retail store in your community uses? Postcards, special events, sales and advertising are all great ways to gain visibility for your store, but there are other ways to gain valuable attention that can drive business to your cash register. A few out of the box ideas include:

1. Reach out to local radio stations and publications.Explain to them in a professional fashion that while you are not looking to buy advertising space, you do want to donate some product from your store in exchange for their mentioning of your business either on the air or in print. Take the time to negotiate specific details so that you know exactly what you are partnering yourself up with. This includes how often you get mentioned in exchange for the product. Make sure you have a timeline defined, as well.

2. Have a front window display contest. You can offer this to anyone or reach out to specific group of people to do this, such as a local college or high school. Create buzz about this contest by promoting it to the local media. Have your partners in the contest, such as a college, do their own promoting of this contest, as well. Span out the contest over the course of a month for a highlighted, elongated event that will create  ongoing buzz.

3. Sell store gift cards at other local businesses. This is a great way to encourage cross promotion between local businesses, as well as gain a new audience of customers to your store. Even if they don’t sell a ton of gift cards to your store, the exposure will still offer the opportunity for your store to be introduced to new clients. To better support this, include an enticing visual display to feature the gift cards.

4. Hold monthly or bi-monthly seminars or clinics at your store. Depending on your business, you can educate your customers at the seminars or clinics, provide knowledge on products you sell or provide “how-to” information that relates to your store assortment. Don’t underestimate the value in bringing customers into your store for reasons other than shopping. This is a great way to show you support them and in return, they just may end up shopping!

5. Volunteer your time by offering speeches on career days at high schools and colleges. Depending on who your target market is, this could introduce you to a whole new audience of potential customers. Make sure to “sell” your business during your speech.

Finally, don’t be afraid to try new things. Look for ways to promote your business in non traditional ways that bring new eyes to your store. Be open to new ways to promote your business so that you can gain new customers while keeping your existing clientele. And of course, when you find something that works for you, make sure you do it again and make a big deal out of it each time. The best thing to do is to keep up with marketing, though. Those that avoid it all together are typically the ones that fall behind.

Altering Your Return Policy For The Holiday Season

Many small retailers have very controlled, very time sensitive return policies. While this is absolutely the best way to support their business from a day to day basis, the holidays bring some exceptions that are worth considering.

The first thing to consider is the timeline of your return policy. If you have a two week return policy from the date of purchase, this may not allow a gift giver to get the gift for the holiday season under the terms that the gift receiver can return or exchange it after the holidays.  The most effective way for small retailers to handle this is to decide from what start date to what end date they will accept returns or exchanges during this time of year. Many business owners consider Thanksgiving as a good start date with shortly after New Year’s as a fair end date. Extending this timeline to just before Thanksgiving, such as mid November, to mid January can be even more effective and supportive of your consumers. Whatever timeline you decide is best for your business, make sure to promote this so that your customers are aware of this special holiday return policy for gifts only. Include these details in your store front window, through an email blast and near your check out area leading up to and during the holidays.

The second thing to consider are the terms of your return policy. Will you accept returns or only exchanges? Are there any products that are not acceptable for returns, such as undergarments or jewelry? Whatever specifics you want to be clear to your customers, let them know. This includes items that may not be gifts but purchases for themselves. Leave no room for exceptions here in an effort to avoid an upset customer later. Include these details on their printed receipt, as well as make a sign that is visible during their check out at the store. In addition, it’s always a good idea to have store associates tell customers about your return policy before or during the check out procedure.

The third thing to consider is making sure your customers are supportive of your extended holiday return policy. By being supportive, they simply need to be aware so that they can’t claim later they weren’t aware of the return or exchange details. One way to do this is to have any customer who purchases a gift initial the gift receipt so that upon return, you are aware that the gift giver was informed of the policy. This helps avoid extended returns on products they may have purchased for themselves, as well, since you will not have to ask them to initial the receipt. Do make sure that if you offer returns or exchanges, you only do so with the receipt of the product. Make ALL points that you want included in your policy visible to your consumers not only on the receipt, but in a clear posting at your cash wrap station, as well.

Finally, be realistic with the complications this may bring. While you should do everything in your effort to prepare  yourself, your store employees and your customers for this extended policy with new terms included, you need to also be ready for some hiccups along the way. Tis’ the season for customers who want to push the limits! But supporting your store with an extended holiday return policy is likely to open up more opportunity for sales than not extending your policy at all.

Have other ideas on what works for your store? Let us know!

Holiday Visual Displays – Making An Impact

Nothing brings the holidays to life like a great visual display. Whether it is for Halloween, Thanksgiving, Valentine’s Day or Christmas, visual displays help bring excitement to stores and products leading up to each particular holiday. The catch is that you want to make sure your displays are appropriately planned so that you can support the holiday season with products being sold into it for your particular business. There is a reason Valentine’s Day products start to be merchandised just past the New Year… it’s the next big “holiday” to get consumers excited for. By getting them excited, you are also getting them in the thought process of what they want, what they need and what they simply can’t live without. Your displays help paint these pictures in their minds, so making sure your displays are powerful and leaving strong impressions are essential in gaining sales during the holidays.

Promoting Through Display

While it’s fun to create displays that are whimsical and appropriately designed for the holiday, it’s also great to incorporate products into your display that consumers can actually purchase. Identify some key products that you purchased to sell during a particular holiday season and see how you can include some of these products in your visual displays to help entice the customer while also giving them the feeling of the holiday season. This isn’t always easy… wrapping boxes with your store logo on them and placing them under a Christmas tree can be easier, of course, but how is this spotlighting what you have to offer them from your store assortment?

Remember to do the following in your displays to be more effective in having your displays support your sales:

1. Use product that is available for purchase within your displays, specifically highlighting product that accommodates the particular holiday season.

2. Use additional display product that is not part of your store assortment as accent pieces to help promote what they can actually purchase.

3. Use these three general rules of merchandising as your basis for a visually pleasing display - which are BALANCE, COLOR and HEIGHT. Balance refers to making sure your entire display coordinates from all angles. Color references both the wow factor it brings to your audience and the combination of how you use color to create that wow. Height refers to making sure key products are eye level to ensure they are visually seen versus having them in the corner, on the bottom of the display or anywhere else within the display that may be overlooked.

By incorporating these points together and combining your store product and display product together, the opportunities are endless for an amazing display.

Theme It

Tis’ the season for some great shout outs to holiday classics. Whether it’s referring to your favorite Halloween custome or referencing a Christmas movie classic, consumers respond to their own memories when drawn in by displays that capture them. Consider using a theme to embrace your entire holiday visual plans that carry through from the store front window to inside displays to promotional events. Make sure it’s an obvious theme that most consumers can relate to so that you don’t have a void in grabbing the attention of a lot of your consumers.

Switch It Up 

Many retailers create wonderful displays for the holidays that stay put for almost two months before getting a face lift. The work they put into the display is certainly worthy of a long run without interruption, but unfortunately this doesn’t always capture all of your customers. Why not consider doing smaller displays each week that help promote the holiday season versus one huge display to last all season? By switching it up, your regular customers will have a new reason to come into your store and potential customers are more inclined to walk in each time you offer something new in your display. You can make it even more fun by taking pictures of your displays and having customers vote on their favorite at the end of the season.

Whatever you decide works best for your store, just remember the opportunities that are being missed or taken by each display being made! The goal should be more than just a great visual masterpeice – it should be a support to the sales you are trying to make for your store.

Have holiday display ideas of your own? We’d love to hear from you! Comment below.

Consumer Shopping Habits – Need vs. Want

Need is only a small part of why shoppers buy things. Want, which is typically driven by emotions, makes up a large part of why consumers choose to purchase things. Because of this, it’s up to you as buyers of your retail stores and designers / owners of wholesale businesses to try and understand both the need and want of consumers today. Balancing the reality between the two and your specific business can help enhance your overall success in sales, allowing you to really capture an audience that stays dedicated to your store or product. The first step in doing this is understanding the difference between products consumers need versus products consumers want.

For example, as cooler weather approaches, consumers start to think about a change of wardrobes and new essentials they will need – or want – to keep them warm. Some consumers already have their staples, such as coats and boats, taken care of and in their closets with no care as to what the new fashions may be. Others, however, may have gained or lost some weight and NEED something new while others want to stand out in the latest trends, therefore WANTING to get a new coat. These examples represent two different types of consumers, though two is just a small example of the many types of consumers that exist. As retailers and wholesalers, it’s important to try and understand just who your audience may be when trying to make a sale. Will he or she NEED to get your product or is it more likely your product will be sold on a WANT basis?

Once you have identified the type of product you are selling, you can then support it with marketing and merchandising that will help capture the audience you believe it will be sold to. Make sure your sales team, whether as wholesale reps or in store sales associates, are educated on the reasons someone may NEED a certain product as well as why someone should simply WANT that product. In addition, make sure they know how to listen and understand your consumers so that they can help make the sale accordingly, trying to sell it as something someone “has to have” simply because it’s a hot trend or looks great on someone or likewise, because it is something they must have to meet the needs they are looking for. Each consumer is different, therefore each sales pitch may need to be altered and of course, each reason for purchase will be varied. Recognizing these points in a competitive marketplace is important in keeping your business healthy by making smart, educated decisions on your marketing, merchandising, product purchases and more. Listening and reacting to consumer purchasing trends in your business can help give you an edge, as well. Don’t ignore the reality that consumers really are your bosses when it comes to your success. Their decisions as to if they NEED something you sell or really WANT something you have makes all the difference in how your business will succeed.

Ten Reasons To Attend Trade Shows

Whether you are a retailer or a wholesaler, there are many advantages to attending trade shows. While cost is of course an issue since you typically will have to travel to attend these shows and pay for registration fees (though some retailers attend for free depending on the show), there are many reasons to participate in trade shows that include gaining valuable experience, knowledge, product exposure and more.

In no particular order, the below points are valuable reasons to consider attending trade shows.

1. Gain knowledge and exposure to new trends, products and resources that are available for your retail business or wholesale company. This is a great way to learn about what’s hot, what’s fading and what your company needs to have or do right now.

2. Stimulate new ideas and creative ways to support your business despite the economy, past seasons and more. Where you will gain this knowledge is endless – your competition at the show, your general experience at the show and even your participation at the show will make an impact.

3. Meet other retailers and vendors who you can lean on, learn from and possibly gain business from that you would not have had the chance to meet had you not attended that trade show.

4. Learn what your competition is up to without having to go to great lengths since their business information will be easily accessible. Ask yourself how do you compare to your competition and evaluate your strengths and weaknesses to best support your business.

5. Expose yourself to the press attending the trade shows so they know about your business – retail or wholesale. Make sure your business stands out so that they will remember you.

6. Generate leads for strategic alliances and most importantly, potential customers. Collect business cards, refer to the directory and use all other outlets provided to you during the show to create a list of contacts for your files – and your business outreach.

7. Participate in educational seminars, networking events and surveys that only take place at trade shows and will expose you to new people, new business and new ways of thinking for your business success.

8. Get answers right away, whether from a vendor or a retailer, since trade shows allow for immediate communication and easy, accessible outlets of exposure for both vendors and retailers.

9. Become educated on your industry so that you can better support your clients and customers by utilizing all the resources trade shows offer.

10. Have fun. Yes – have fun. Nothing gives a business owner more energy than a good time while working to keep them motivated to want to work more!

Competitive Shopping – Are You Doing It?

Whether you are a wholesaler or a retailer, it’s important to know about your competition. Taking the time to understand who your competition is, what they are up to and why it matters to your business is extremely important in being effective in the marketplace.

Who Is Your Competition?

Competition surrounds us in our own communities as well as online. Let’s not forget about mail order catalogs, television shopping networks and house parties selling similar products to what you sell and who you sell to, as well.  Take the time to know all of the outlets that may be competitive to your business, but don’t just don’t this once and think you have it all understood. The reality is that new competition is always entering the marketplace. As a store owner or manager, it’s your job to stay on top of current businesses and new businesses that are competitive to your business. In doing this, you will be better prepared to make your business stand out from the rest.

What Is Your Competition Up To?

Recognizing the competition that is directly competitive to your business will allow you to analyze why customers are purchasing from them versus you, how they are communicating in the marketplace and what their strengths are that you may be able to learn from. You may also find out along the way that you are stronger than them in many ways, including marketing, press and merchandising, however staying on track with their growth should help you strive to stand out from your competitors. You can also learn from their failures, as well. The key is to know what they are up to so that you can better support your retail or wholesale business.

Why Your Competition Matters

While a store similiar to yours two states away may not make a difference to your direct sell thru, it’s still possible to learn from their successes and failures. However, a store two towns over with similiar product assortment and the same target market definitely should be on your radar. As wholesalers, it’s very important to be aware of the national or international marketplace since your brand is more likely to be sold on a larger scale - even if not now, it may be a goal for eventually. Either way, the point is to want to know what your competition is up to so you can ultimatley learn from them. Take their success in stride, not jealousy, and learn from them however you can. Even if just through observation versus chit chat with the owner, the time you take to care will impact decisions you make for your own company. These decisions will be the determining factor in your success or failure, so everything you can lean on to help make the right decisions matter.

In addition to learning from your competition, this is a great way to get inspired. Sometimes seeing new ways of merchandising, different marketing executions and more are just what you need to recharge your business energy. So take the time to competitive shop so that your business can gain from your competition -  after all, isn’t using your competition for your own growth rewarding in some way?

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