courtesy of - retail minded
TRANSCRIPT
RETAILMINDED.COM
JUL | AUG | SEP 2013
$12.95
COURTESY OF
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EDITOR’S NOTEHear from RM’s Founder & Editor
WHO WE AREMeet Our 2013 Advisory Board
INDEPENDENT RETAILER CONFERENCE Get a recap of the 2013 IRC
NEXT ISSUECheck out what to expect in our Fall/Holiday issue
THE LISTDiscover 10 reasons retail rocks in summer
INTERNET SALES TAX Learn about the Marketplace Fairness Act & more
RETAIL EVENTS & SALES Tips to capture customer attention
MUSIC IN YOUR STOREWhy it matters, how it helps
COMBATTING THEFTDiscover what you can do on a dime
MONEY MATTERSLearn how to better manage your personal finances
INDIE NEWS Industry news specific for small biz
YOU ASK, WE ANSWERExpert advice for our most popular questions
IN THEIR SHOESHear from real customers & get real feedback
SOCIAL MEDIA ORGANIZATION Understanding why & how to use it
INTERNET SALES TAX Learn about the Marketplace Fairness Act & more
RETAIL EVENTS & SALES Tips to capture customer attention
MUSIC IN YOUR STOREWhy it matters, how it helps
COMBATTING THEFTDiscover what you can do on a dime
MERCHANDISING BASICSGain display & store layout techniques
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TWEET TALKHear from store owners & industry supporters
A CITY’S CHARMGet to know Cape Cod, Massachusetts
THE UNEXPECTEDHear from Harcore Pawn’s Ashley Broad HEALTHY LIVINGStay healthy this summer both in & out of your store
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TREND SPOTTING RM’s picks for retail trends
BRAGGING BOUTIQUES Meet a Wisconsin store owner & his men’s shop
MONEY MATTERSLearn how to better manage your personal finances
THE BALANCING ACT Insight on how to live a retail life
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Jen Villa, a Cape Cod Chamber of Commerce mem-ber and local business owner of “The Little Beach Gal-lery”, welcomes customers to her store with updated signs and local shopping encouragement on her store sandwich board. Villa’s store is located in the Hyan-nis town of Cape Cod. Photo Provided by Courtney Wittenstein of the Cape Cod Chamber of Commerce.
Summer has felt more like Spring this year in my neck of the woods, but I’m still enjoying the perks of Summer fun that my local Mainstreets and area communities have to offer. There seems to be a festival within twenty minutes from my home nearly every weekend, and I can’t get enough of our local farmer’s market. One of the many other perks of Summer that I enjoy include sidewalk sales and some major retail therapy. I can’t help but navigate in and out of stores when the weather is beautiful outside!
Aside from shopping, festivals and visiting my local farmer’s market re-ligiously, I’m also enjoying some downtime after our 2013 Independent Retailer Conference that took place May 20th in NYC. We had a blast… but wow, was it exhausting! Hopefully you were able to join us that day, but if not please be sure to review our conference recap on page 48. Plus, reserve the date now in your 2014 calendars for April 21st. We’re looking
forward to returning to NYC for our next Independent Retailer Conference and hope you can join us then, as well. Early bird registration begins in the Fall… so be sure to check RetailMinded.com for all the details.
While some downtime is always nice, I can never sit still for too long. Some of the new projects I’ve been working on in-clude RetailMinded.com’s newly launched MINI MOO SHOP, which is a retail-minded inspired print shop from MOO.com exclusively designed for indie retailers and wholesalers. Shop for all your in-store print needs - including hangtags, loyalty punch cards and more – and get 20% off with code RM2013. Simply visit RetailMinded.com to check out their design savvy, retail-inspired products. Another project I’m excited about? The “Retail Influencers”, a group of retail savvy pros that I got together to do what they do best… educate indie retailers! Together, Rich Kizer and Georganne Bender of Kizer & Bender, Cathy Wagner of Retail Mavens and myself are teaming up to deliver educational retail workshops, presentations and speaking sessions for retail audiences of all sizes and sectors. Curious? Learn more at RetailMinded.com.
Finally, to our dedicated readers who have followed Retail Minded Magazine since its inception in January 2012: Many of you may have noticed two of our initial team members missing from our pages. As the Founder of Retail Minded, I would like to acknowledge Robert and Julie Hillery for their efforts in helping to launch Retail Minded Magazine. As Retail Minded moves forward, we want to thank them for their efforts and wish them the best in their future endeavors.
While Summer may be half way over, I hope you find time to enjoy the good things in life that can’t come in the shape of a store – no matter how big or small. Wishing you all some sunshine fun, family love and lots of smiles this Summer! And please be sure to reach out and say hello, as I always love connecting with retailers. Find me on Twitter at @RetailMinded and Facebook.com/RetailMinded. Happy retailing!
Nicole Leinbach ReyhleFounder & Editorial [email protected]
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I’ve been raving about the conference! It was really informative and I’ve already begun to implement some of what I learned. Austin Frawley, AttendeeDirector of OperationsKidding Around NY & NJ Locations
From a presenter’s point of view, the Independent Retailer Conference is as good as it gets and is now one of my favorites. They provide an amazing venue, pay attention to every detail, and the audience is fantastic.
Ron Cates, PresenterDigital Marketing Expert Constant Contact
We had a wonderful day at the Independent Retailer Conference. Thank you for hosting a fabulous, informative day. Hope another one is in the works.
Dedrick’s Gifts Independent Retailer Conference Attendee New Paltz, New York
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FOUNDER & EDITORIAL DIRECTORNicole Leinbach Reyhle
BUSINESS DEVELOPMENTEric Reyhle
PARTNER PROGRAMS MANAGERHeidi Ames
CREATIVE SPECIALISTBryna Faye Shields
CONTRIBUTING EDITORAmy Barnes Knebel
ADVISORY BOARDGeorganne Bender
Christie BurrisJim DeBetta
Rebecca Marion FlachAbby Heugel
Rich KizerInna Shamis Lapin
Kate NardoCurtis Picard
Crystal VilkaitisCathy Wagner
Retail Mindedis a publication ofThe Reyhle Group
PO Box 109, Geneva, IL 60134
www.retailminded.com
Retail Minded
No part of this publication may be reproduced in any form without prior consent from The Reyhle Group. Any views expressed in this publication, including advertisements, articles and photographs, are those of the author and do not necessarily reflect the position of Retail Minded Magazine or The Reyhle Group.
Retail Minded Magazine (Volume 2, Issue 7, 2013) is published quarterly (4 times a year) by The Reyhle Group, PO Box 109, Geneva, IL 60134.
Periodicals postage paid at St. Charles, IL and various other mailing offices.
USA Subscriptions: 1 year / $39.95International Subscriptions: 1 year / $139.95 US Dollars. Back issues available at $12.95 each.
Retail Minded Magazine assumes no responsibility for unsolicited materials.
POSTMASTER: Send changes of address to Retail Minded Magazine, PO Box 109, Geneva, IL 60134.
Printed in USA
Hear What Attendees of Retail Minded’s 2013 Independent Retailer Conference Had to Say!
RM’s Nicole Reyhle led two panels during the Independent Retailer Conference, as well as moderated the entire, day-long event. Among the panels included at the 2013 Independent Retailer Conference was “Publicity for Indie Retailers”. PR Panelists (from left to right) included Stephanie Shore - VP of MOO.com, Raina Setel - NBC Lifestyle Correspondent and Alyson Campbell - Co-Founder of AMP3 Public Relations, whom shared their expertise on in-store marketing, how to gain free press, tips to attract local media and other indie-specific insight to help retail-ers gain more visibility for their stores. For a full recap on the entire event, check out page 48.
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JIM DEBETTAJim DeBetta’s experience has amassed millions of dollars within the retail selling world, position-ing him as a leader in the retail marketplace among entrepreneurs, inventors and retailers alike. Debetta heads up the Retail Distribution arm of Kevin Harrington’s TV Goods corporation, which today is fueled by the hit ABC reality show Shark Tank, as well as is a frequent speaker for leading trade and consumer organizations and international conferences. Learn more about DeBetta at JimDebetta.com. RM appreciates Debetta’s valued expertise.
REBECCA MARION FLACHDuring her decade-long tenure at the Retail Council of New York State, Rebecca Marion Flach has developed close relationships with independent retailers in her quest to better serve them. Flach is Vice President of Membership and Communication for the trade association that represents merchants of every size from Buffalo to the Big Apple, overseeing communication to support the Council’s government relations, sales and marketing and membership functions. Retail Minded ap-preciates Flach’s experience and support to the independent retail community.
ABBY HEUGELAbby Heugel is the Managing Editor of Museums & More Magazine, Party & Paper Retailer and the Interactive Editor of Stationery Trends Magazine. Based in Michigan, Heugel is an experienced writ-er in everything from professional matters of retail and industry trends to personal matters of humor and life. RM is grateful for Heugel’s professional leadership and support.
CATHY WAGNER Cathy Wagner proudly supports retailers nationwide as an expert retail consultant, offering them guided insight on how to achieve stronger profit in their stores. Having successfully owned three stores, Wagner knows first hand what it is like to work retail. For eleven plus years, Wagner now solely dedicates her time to help other retailers achieve more profit-building success. Learn more about Wagner at www.retailmavens.com.
CHRISTIE BURRIS An advocate for brick and mortar retail stores of all sizes, Burris has worked for the North Carolina Retail Merchants Association (NCRMA) for over ten years overseeing the print and visual communi-cation materials for the association. As the primary liaison for NCRMA and its affiliated companies to the media and general public, she works to give North Carolina’s retail industry a voice on issues ranging from seasonal hiring to tax reform. A University of North Carolina at Chapel Hill Journalism School graduate, Christie began her career in Washington, DC, working in the communications and public affairs departments for national non-profits. RM is grateful to have her insight help support the RM community.
Meet Retail Minded’s trusted Advisers from across the country, helping to lead Retail Minded and retailers nation-wide through their expert support. The expertise of our elite Advisory Board helps shape our unique support for independent retailers, and we encourage you to get to know their individual work more, as well.
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RICH KIZER & GEORGANNE BENDERRich Kizer and Georganne Bender are professional speakers, authors and consultants who have been trusted experts in the retail industry since 1989. Their expertise includes a vast understand-ing of generational diversity, consumer trends, marketing, promotion and everything retail. Kizer & Bender are frequent contributors to media outlets and have been recognized twice by The American Society of Business Publication Editors Award of Excellence (ASBPE). They maintain a popular blog, RetailAdvensturesBlog.com, that is a must read for anyone in the industry, as well as can be seen nationwide at a variety of trade and association events. RM is thankful for their industry expertise and guidance.
INNA SHAMIS LAPINInna Shamis Lapin is a communications specialist with over 15 years experience in Public Relations, Marketing Communications and Client Management. Her expertise includes work with recognized brands such as Vogue and Elizabeth Arden Red Door Salon & Spa, as well as for emerging brands like Om Aroma & Co. Her experience spans all media channels, and Lapin offers tremendous sup-port for a vast amount of retailers. Her company, AvantGarde Communications Group, was founded in 2005, and Retail Minded values Lapin’s talent, guidance and expertise to help support retailers and Retail Minded alike.
CRYSTAL VILKAITISCrystal Vilkaitis has been using social media to market businesses since 2007 and was recognized as Fast Company’s 2010 Most Influential Person Online campaign. Her work has produced results such as: tripled web sales, increased blog traffic by over 2700% and coverage in Entrepreneur Magazine and USA Today. She is currently the owner of Crystal Media, a company dedicated to helping retailers integrate proven social media and strategies into their businesses to increase ex-posure and growth. RM is thrilled to have her expertise shared with our RM audience! Learn more at crystalmedia.com.
CURTIS PICARDCurtis Picard, CAE, is the Executive Director of the Maine Merchants Association and currently serves as board chair of the Maine Society of Association Executives and serves on the Board of Directors of the Maine Tourism Association, the Council of State Retail Associations and on the Northeast Board of Regents for the US Chamber of Commerce Institute of Organization Manage-ment. His extensive experience supporting communities and retailers alike is unmatched, and we are privileged to have to have his support with Retail Minded.
Thank you for your dedication & support to retailers!
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Consistently rotating featured products leads 2 product visibility & consumer interest
& is a way 2 promote slower selling items
@Josh_Wick
Imprinted bags are both a store supply and low cost marketing tool. They extend your
#brand beyond your neighborhood.
@StevenMatsumoto
Having an active social media presence and offering limited-time deals to get the
consumer through the door!
@SocialLara
Def use social media. Collaborate with neighbor businesses for events.
Great customer service!
@GoodWorksGal
Give cause marketing a try. It’s just not for the big retailers!
@joewaters
Work hard. Then work harder!
@RahillySmithRE
RETAILERS – WHAT IS YOUR BEST RETAIL TIP TO SHARE WITH OTHER INDIE STORE OR SMALL BIZ OWNERS?
that the average American eats 5 ½ pounds of ice cream a year? If you want to join in on this fun, July is likely when you’ll do it. July is National Ice Cream month because it’s the month when the most ice cream is sold.
It’s estimated that online retail revenue in the United States will reach $361.9 billion in 2016.
According to a recent study from Visa, Americans celebrating the July 4th at home will spend an average of $169 while the 10% of celebrating respondents taking overnight trips away from home plan to spend an average of $1,161.
The popsicle was invented on accident in 1905 by a young boy named Frank Epperson. He left water and a mixture of powdered soda with a stirring stick in it on his porch. The next morning, he had a frozen pop!
that according to the U.S. Small Business Administration, one in four individuals ages 44-70 are interested in becoming entrepreneurs and 63% of Americans plan to work during their retirement?
The retail sector is the largest United States industry by employment, and is projected to add almost 1.8 million jobs between 2010 and 2020. This makes it #2 in most industry jobs, following construction.
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A study released in May 2013 by SDL Campaign Management and Logistics identified that 58% of customers reported a positive experience when dis-cussing brands via social media. This same study identified that a third of all respondents (US, UK, Singapore and Australian consumers were surveyed) had claimed some sort of promotion via social media. Outside of looking at how social media impacts consumers, SDL also analyzed the impact of mobile usage on consumers. 80% of folks in the world today have or have access to a mobile phone, and 26% of mobile consumers have made unplanned purchases directly as a result of using their mobile device. Our thoughts on this? Social media should be a must on your priority list and identifying how you can engage mobile users should be a close second.
According to a recent study from Local Market Launch, approximately 85% of lo-cal shoppers search online for local busi-ness information. With only 15% of con-sumers not using the web to support their shopping needs, it’s undoubtedly important to have an online presence. And remember… this is not the same folks buying online. These are the folks simply looking online for where to shop in-store within their lo-cal communities.
The Institute for Local Self Reliance revealed in its sixth post-holi-day survey that pro-local attitudes are growing and indie retailers are beginning to see the rewards of these initiatives. Of the 2,377 independent and locally owned businesses surveyed (about half re-tailers) among all 50 states, 65% reported revenue growth in 2012 compared to 61% in 2011 and 54% in 2010.
According to ThisIsRetail.org, 77% of retailers have 10 employees or less. From where we’re stand-ing, that puts us in great compa-ny… and in a popular crowd!
The National Retail Federation’s (NRF) ninth annual Organized Retail Crime (ORC) survey found that 93.5% of retailers have been a victim of organized retail crime in the past year, down from 96%.
According to a new study from Retail Next, traffic on the Friday before Easter this year was up 47% over a typical Friday. Check your numbers for that day. How did you do?
Square launched Square Market, an online market-place intended to connect local businesses nationwide with customers nationwide. Your only cost? 2.75% of each sale. It’s available to all registered Square sell-ers. The question is... will customers grab a hold of this new market?
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Retailers get hit up a lot with vendors trying to sell them prod-ucts... it’s just part of the biz. But we’re sure you will agree with us that nothing is more frustrating than folks trying to sell you something who aren’t prepared to do so. Every sec-ond counts, and first impressions mean everything, which is why we love BuyersPacket.com. A new destination to help vendors, designers, artists and anyone else trying to sell to retailers, BuyersPacket.com prepares line sheets, prices sheets, order forms and complete Buyers Packets to help vendors get retail ready. Customized options are available, as well as templates. Additionally, BuyersPacket.com can take any image and make it float seamlessly in a white backdrop - for e-commerce stores or to support the creation of Buyers Packets. Give your next unprepared vendor a tip and let them know how they can become retail ready with BuyersPacket.com – plus check it out yourself!
BUYERSPACKET.COM
There’s nothing like a little competition to get retailers to pay attention, and ShopKeep is delivering just that in competition to Square – its closest competitor in the brick and mortar retail market. In June 2013, ShopKeep POS announced that together with PayPal, they will offer a flat 2.7% rate to point of sale processing, besting Square’s 2.75%. This rate will be available when consumers pay with credit card via PayPal, and only available when processed with ShopKeep POS. Now available in the App Store, ShopKeep POS’s CEO and Founder Jason Richelson explained recently to Retail Minded the following - “Our promise to our merchants is to contin-ue to build out our product in a way that offers choice and flexibility. We’re in the business of empowering merchants to make smart choices that suit their business.” Empowering merchants? We love that, which is why we love ShopKeep POS.
SHOPKEEP.COM
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Etsy is no stranger to retailers. For years, retailers have sourced this crafty site to discover products and new vendors for their stores. Yet this type of buying wasn’t for everyone, and certainly came with limitations and frustrations for indie and big-box stores alike. Now, however, retailers can breathe a sigh of relief with the introduction of Etsy Wholesale. This private, juried marketplace offers retailers the chance to dis-cover unique, hard-to-find products from artists, designers, and vintage purveyors 24/7. Still in beta, this new addition to Etsy should say goodbye to their beta phase within the year - welcoming a new destination for retailers to officially buy for their stores. If you’re a wholesaler looking to jump on this Etsy bandwagon, you’ll have to meet their qualifications. And re-tailers, that means you can expect your standards to be met. Sounds like a win-win to us!
ETSY.COM/WHOLESALE
According to Kirt Manecke’s and his new book, Smile: Sell More With Amazing Customer Service, one in two customers have walked away from an intended purchase due to poor customer service. As far as we’re concerned, that’s one too many! While retail trends continue to grow in mobile, digital, cloud and other modern technologies, good old-fashioned service never goes out of style. Manecke’s award-winning book delivers just the right dose of customer-friendly med-icine to help your store get back into stellar service shape - while also offering great reminders to what you may already be doing right. Yet you alone reading it is not enough. Make your whole team of store support read Smile: Sell More With Amazing Customer as part of your Summer book club! Then be sure to get together to discuss how your store can im-prove it’s customer service... and better yet, sales.
SMILETHEBOOK.COM
YOU DO A LOT... THE LEAST WE CAN
DO IS SPOT A FEW TRENDS FOR YOU.
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Retail Minded Founder & Editorial Director, Nicole Leinbach Reyhle, shares her thoughts:
Many store owners assume store signage has to be large to make an impact, however this is not the case. What it should be, however, is visible, clear in it’s message and supportive in your overall store design. In order to support your store despite limited signage space, consider limiting where and why you use it. Not everything demands a sign, though what does is well worth using one for. Greet customers with a welcome mat that either has your store logo on it or simply says “hello” both in your store and outside of your front door. Draw their attention up once they walk into your store with hanging signage... But keep this to a minimum, only using it selectively. For example, you could hang a sign that says “Sale Items Here” or “Fitting Rooms” or even get playful with your choice of words, offering something
more whimsical, such as “No Frowns Allowed.” Put vendor details, sale announcements or store policies in frames throughout your store on shelves, by your POS area or secured to your wall. 5”x7” in size can work for some messages, but 8”x10” is ideal in most settings. By blending in your signage among your displays, you eliminate the need for more stand-out messages. Your customers won’t know any different that you struggled to get signage up - even if you do. Just make sure you call out all the key messages you want to share, not avoiding any must-know details. This would include store hours (secure to door and / or window), return policy (keep on wall by check out area, as well as on printed receipt) and vendor details (use as needed). Finally, if you have received great press, be sure to frame this or pin to a bulletin board for your customers to see, as well. It may not be official signage, but it’s definitely communication you want to share.
My store is small, so I struggle to incorporate signage. Any ideas?
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Have a question that you want a retail expert to answer? Please direct all questions to [email protected]. While we strive to personally follow up with each inquiry, we can’t always get in touch directly. Check out RetailMinded.com and future issues of Retail Minded Magazine for answers to your questions. We look forward to hearing from you!
I’m opening a retail store after 17 years in education. I’d love a mentor! Any tips on how to ask for this type of support from a local retailer in my own community? I’d even be open to a virtual mentor.
Mary A. Alonso, Principal of Strategic Brand Directions, shares her insight on how to gain mentor-style support for your retail business. Learn more about Alonso at StrategicBrandDirections.com and follow her on Twitter at @maryaalonso.
Having been both a Mentor and a Mentee, I know that having a Mentor will bring your business forward faster. As in any business partnership, both parties have a responsibility to one another. The Mentor has a commitment to scheduled availability, confidentiality, candid feedback and advice. The Mentee has a commitment to making efficient use of the Mentor’s time with an agenda for scheduled meetings, integrity and being accountable to the Mentor for taking action. A Mentor can help you maximize time and financial resources by sharing their experiences – successes AND failures - as you develop the best practices for your store.
Whether local or long distance, the “fit” is most important. Personal chemistry is key for a comfort level and work style. While it would be ideal to have a Mentor with a similar store to yours, the perspective of an experienced retailer would nevertheless be extremely valuable.
Within your immediate community and surrounding areas, look for owners of well-established businesses that your store would not compete with. A retail owner who has a strong business and history in the community would be able to guide you, without concern that your business would cannibalize theirs. Outside of your local area, a current or past retail owner in a business most similar to yours would be best.
There are several organizations that support small businesses and may have mentor programs. If they do not have a mentor program, you can still get business advice on an ongoing basis, depending on the program. Contact your local chapter for details. A list of options follows.
MicroMentor: micromentor.org
Women’s Network for Entrepreneurial Training (WNET): sba.gov/womeninbusiness/wnet_rountables
Small Business Development Centers (SBDC): sba.gov/content/small-business-development-centers-sbdcs
Women’s Business Centers (WBCs): sba.gov/content/find-business-mentor
SCORE: sba.gov/content/score-0
Entrepreneurs Organization: eonetwork.org/benefits/Pages/EOMentorshipProgram
I also recommend contacting your local Chamber of Commerce, as well as some industry groups have mentor programs. Additionally, you can reach out to national organizations for the product categories that are carried by your store. Often you will find they can support you in your mentorship goals.
...having a Mentor will bring your business forward faster.
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Getting inside the minds of customers is no easy task. Retail Minded gets straight to the point with customers, asking them to tell it
“as it is” about their thoughts on retail.
Retail Minded wants to know what keeps people from walking into your stores... even if they walk by it all the time. Curious? Hear what our customers had to say.
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If I were to finally change my mind and decide to venture into a store I had not been in before, it would be because they had a really eye catching display or a sale sign in the window. I think a unique and colorful window display that tells a story is key to attracting customers. And what shopper doesn’t love a sale? Something outside on the sidewalk may also help to grab my atten-tion to come inside and shop. Whether it be a simple message written on a store’s sandwich board or a colorful balloon, helping to standout will help get me into a store.
A store would catch my eye the 101st time if they began advertising prod-ucts that are fair trade or made in the USA. After the recent factory fires in Bangladesh brought to light the horrible situations in sweatshops, I was ex-tremely disappointed in myself and my favorite store knowing that they are one of the top abusers of sweatshops. I made the tough decision to quit this store despite how cute and how cheap their clothes might be. Fair trade and American brands are surprisingly hard to find but I am happy to seek out and support any store that ensures sustainable and ethical business practices. Many of us are willing to spend a little more money on clothes if we know how and where they were made. What’s most important is to support the economy that supports us by buying American brands while also encour-aging brands that make clothes abroad to ensure the same safe and just workplace conditions that are guaranteed in the United States. I am now on the hunt for stores that are brave enough to take this challenge on.
NAME: Angela Boschee AGE: 39LOCATION: Medicine Hat, Alberta, CanadaPROFESSION: Store Owner, RunwayzBoutique.com
NAME: Brittney Desch AGE: 28LOCATION: Boston, MAPROFESSION: ESL teacher
If you have walked by a store a hundred times and never walked into it before, what may make
you finally change your mind?
Have a question you want us to ask real customers? Let us know! Email all questions to [email protected].
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Retail on the Sea:A Look at Indie Retail in Cape Cod
by Nicole Leinbach Reyhle
All photos tAken by courtney wittenstein of the cApe cod chAmber of commerce
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easide living may seem like a lot of R&R, but don’t be fooled. Cape Cod retailers and other small business owners of the Cape Cod com-munity work hard to deliver stand-out, memo-rable customer service experiences – all while uniquely supporting visitors and locals alike.
Retail Minded spoke with Wendy Northcross, CEO of the Cape Cod Chamber of Commerce, and discovered just how hard the Cape Cod community works to make shopping there well worth it.
Cape Cod leaves long-last-ing impressions on every-one who visits there, as well as those who call it home. A large part of this is thanks to the retail scene – though the scenery certainly helps. Why do you believe indie retail in the Cape Cod community is memorable to customers? As a popular visitor destina-tion, we greet nearly 4 mil-lion people a year who are all seeking something from their time on Cape Cod to take home with them. We believe the independent re-tail offerings bring a wide array of interesting and un-usual choices for shopping, and also offer interaction with the owner or the person who selected these items. The social experience is a part of the attraction of Cape Cod.
We’re big fans of delivering memorable, social experiences for customers. Sounds like Cape Cod is, too! Since many of your cus-tomers are visitors, how do you attract repeat customers? Repeat customers are generated when the guest has an out-standing experience, and typically when they realize there is so much to do and see on Cape Cod… including shop! We are really a collection of 15 towns and many villages, all boasting unique shopping and sightseeing. It takes a lot lon-ger to see it all then people often expect, so as a result we successfully lure visitors back time and time again. We think the salt sea air helps too!
It certainly can’t hurt! But don’t be fooled… Your stores have as strong a reputation as your salty air. What are some of Cape Cod’s stand-out retail spots? There are so many! Certainly each of our unique village cen-
ters that were built centuries ago are memorable, each offer-ing shopping, dining, cultural institutions and work and living environments. And then we have the larger shopping expe-riences too, such as the award-winning Mashpee Commons or South Cape Village. A personal favorite is Main Street Hyannis, with family owned and operated businesses that go back generations, like Puritan of Cape Cod or Mass Bay in the West End.
We can see why it takes many trips for visitors to really see it all on Cape Cod. There is a lot of shopping to discover! Speaking of
shopping, does Cape Cod have a buy local campaign of any kind? We have a “Christmas on Cape Cod” campaign that urges visitors to come for a pre-holiday stay, get some spa pampering, fine dining and great unique shopping for holiday gifts – all gift wrapped and ready to go. Our retail council has worked to put together the elements of that with our hospitality industry. For local residents, we created a give-away program that includes a passport that increas-es foot traffic for our local stores. And several of the individual villages run Shop Local campaigns in their in-timate communities.
That’s great to hear. We know that Cape Cod truly prides its heritage and natural environ-
ment, minimizing the scale of retail centers and big-box stores that often come in large entities. Can you tell us about what big box stores you do have? We have strict building codes on Cape Cod to protect our beautiful natural environment and to keep the scale of our built environment in keeping with this place. Any large proj-ects must go through architectural review as well as environ-mental impact review. We have a Simon Mall and K-Mart and Walmart - but on a scale that is much smaller than you might expect in other places. BJs just opened here a few years ago, as well. But for the most part, Cape Cod consists of indie businesses in retail and many other sectors, as well.
We love hearing that big box stores are kept to a minimum and small businesses rule your communities. Well done, Cape Cod, and thank you, Wendy!
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Does any of this sound familiar to you?
“We’re on Facebook and have a Twitter account and we’re pinning on Pinterest, but we’re just not really seeing any sales from it.”
“I just feel like social media doesn’t work. I’m wondering if I should stop spending my time on these sites because I don’t have any time to waste.”
For any business - retail or not - it’s critical to create a social media action plan in order to avoid wasting precious time and resources managing your accounts. The question is, how do you do this?
Having a social media plan and actually following through with it separates business owners who succeed in social media from those who cross their fingers hoping that one day it will pay off.
Developing a Social Media Action Plan A social media action plan doesn’t need to take a lot of time to create. In order to get started, simply answer these key questions:
• Why are we going to use social media to accomplish our goals? • What kinds of things are we going to discuss and post? • How often are we going to update? • How much time should we spend a day doing social media? • When should we be posting on these channels? • Who could and should manage our online efforts?• What social media channels should we be on? • What are we trying to accomplish? • What are our goals? Increase sales? Drive foot traffic?
Determining right off the bat who, what, when, where, why and how of your social media action plan, you will position yourself for success in social media. It will also prevent any
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confusion between you and your staff regarding your goals for using social media and what you want to gain from it.
Why Use Social Media?For many retailers, using social media is something they have been pushed to do, and often they don’t think they are being effective. This is because their What hasn’t been established and because they aren’t focusing on Why they are using so-cial media to market their business.
You might already know your “why” for using social media. It’s likely to market your store. But there might be a few other reasons you haven’t considered, such as:• Be in front of customers more frequently • Find new customers • Use a free outlet to promote products, sales and events • Stay competitive with big box and other stores in your town/city • Stay competitive with online retailers (if you’re only a brick and mortar) • Strengthen relationships with customers through direct, daily conversations • Support your local community and other businesses • Increase web traffic (if applicable) and sales
Your social media plan should include a blend of all of the above. Knowing that you’re using these tools daily to strength-en a relationship by staying in front of customers motivates you to post quality content often and consistently. Knowing you’re using social channels to find new customers makes you think about where those customers are and what might get them to ‘Like’ you and come in and shop.
Staying competitive is a big Why to use social media for in-dependent retailers, because you have an advantage. Big box stores might have more resources – including people and money - to make a fancy, custom Facebook page or promote a catchy new ad campaign, however independents have strong staff and their community on their side. A perfect example of this? The personal interaction your social media outlets have versus a big box store. You can’t walk into a big box store and say, “I was talking to Carly on your Facebook page and she invited me to stop in and see the new scarves. Is she here? I’d love to meet her!” You can, however, do this in your store through your social media channels.
For an independent store, chances the same person on the sales floor is the same person who just sent a tweet or Face-book update. There’s even a good chance it’s even the own-er. Talk about personalization! If you want strengthen this in your social media posts, consider including your name after each post, letting folks know more about you, as well as your
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store. You can also include pictures of you in your store – always a great way to remind customers to “come say hel-lo.” This is an easy way to use social media to stay competitive.
Taking some time to think through the Why of your social efforts will help you find clarity in what to say, what your goals are and help you remain excited and passionate about your online networks.
What to Talk About Posting to Facebook or tweeting out content sometimes feels like we’re talking to ourselves. We anxiously open our Facebook page to see how people responded to our most recent post and can be left disappointed when we see no one said anything. For many busi-nesses, it’s a frequent experience and mostly a result of lacking a strategy of What to say.
Too often retailers are so busy that Facebook or Twitter becomes an af-terthought. For example, you’re hav-ing a sale this weekend. It’s now Sat-urday night and you think, “Oh! We should post something on Facebook about our sale. Let’s take a picture and put something up.” Or, you sit at your computer wondering what to post or if you should even post at all. A thought may enter your head and BOOM! You post something random. You know what? Random is not what engages your customers.
Your customers are busy. They click through the internet at lightning fast speeds to connect with friends and family, get a movie recommendation, talk about their favorite singer on some reality show, make weekend plans, show pictures of their dogs/cats/chil-dren/gardens/meals/drinks/sunsets and yet somewhere in the middle of all that, they’re willing to stop and connect with businesses… but only if they get pulled in. Rarely do customers log onto Facebook to see if their local gift store
invited them to an upcoming event, but if they happen to see an invite or post that triggers their interest, you have their attention.
If your content isn’t engaging, then consumers will skip right over it - and your store. It’s crucial to post con-tent that people will be compelled to interact with your business. By do-ing so, their connections will be no-tified within their Ticker or Newsfeed – which then links back to your page and will ultimately link back to your page with potential new customers in tow.
Naturally, of course, what’s engaging to one person may vary from another. But generally speaking, here are a few ideas to help you create unique content specific to your store:
Questions: Yes/No or open-ended. “Yes or No: We’re at market right now! Here’s a pic from the show floors. Would you want to wear this?
Fill in the blank. “My favorite thing about shopping is _______.”
Funny pictures. Funny is funny, enough said. Make it tie back to your store and it’s even better!
Ask for what you want. If you want peo-ple to ‘Like’ your post, say, “Like this post if you’re ready for the weekend” or “Like this post if you’ve shopped at our store before”.
Are you ready to get started? Remem-ber – identify WHY you want to do so-cial media and WHAT you are doing it for, then determine your best steps in reaching your goals. You’ll be on your way to social media success!
Crystal Vilkaitis is the owner of Crystal Media, a company dedicated to helping indie retail-ers market online. She offers free weekly social media tips featured on Crystal Media TV, and is the creator of Social Edge: A Member-ship Site for Retailers. For more information visit crystalmedia.com.
Whether You’re a Social Media Veteran or New To
The Game, Consider These 5 Social Media Tips
Contributed by Retail Minded
Assume everything you ever post, tweet, pin or comment on via social media will be public and visible. FOREVER.
Engage in conversations from other local businesses that you respect and share common customers with from your busi-ness page, not just your per-sonal pages or accounts.
Break news of sales, events, store promos and more via your website – then link to your website via social media to share these details.
Be consistent in your social media participation versus oc-casionally being on top of it and occasionally letting it go. Persistence and professional action steps are key.
Respect that social media is a tool for your business, not a toy to play around with. Treat it as such and reap the rewards.
Many people think of search engine optimization (SEO) and social media optimization as behind-the-scenes strategies that have no effect upon your visitors. You might be surprised to learn that just the opposite is true; there are a few specific things you could be doing to create a positive experience for your customers as well as a positive boost in search rankings.
If you are looking to increase your online store’s visibil-ity and customer experience, then you want to make sure you are including the following search engine and social optimization tactics in your online marketing.
1. Know what your ideal customer is searching for and optimize for it.If you haven’t invested in some good keyword re-search, now is the time to do it. You can get an idea of what your ideal customers are looking for by looking at the keywords your competitors are using on their homepage and top product pages.
Once you’ve determined what those keywords are, make sure they are included in your page’s SEO title, meta description, and within the content of the page itself. This will help you rank for those keywords in search, increasing your visibility and traffic.
2. Include three types of content on your product page to satisfy the customer’s search.Next, you will want to ensure that when people land on a particular page on your website, such as your prod-uct pages, they get everything they need to make their purchasing decision from the content on your page. This means you should include: • A solid text-based product description• Great photos of the product• Video demonstrating the best features of the prod-uct, if possible.
The goal is to make sure you satisfy all of the questions the buyer will have before they make their purchase decision so they don’t have to go elsewhere (like your competitor’s website) to find the answers.
As an added bonus, having images and video on your product pages will raise the overall quality of your page, making it more appealing to Google. You’ll also have the opportunity to not just rank with a text-based listing in Google search results, but also rank with your media, such as the video, next to your listing. This will make it stand out even more for the people searching for your product.
3. Help them share with their network.If you’ve created a great product page that not only sells product, but also answers a lot of common ques-tions about it, then people will want to share your re-source with their friends. Make it easy for them by in-cluding social sharing buttons on your product page, particularly the Twitter retweet button, Facebook like button, and Pinterest pin it button.
When your customers share your product with their friends, they are building up your product page’s social authority as well as giving your business the power of word-of-mouth marketing. As the so-cial sharing counts of your product pages increase, so does the social proof. Customers who like social networking will feel more confident in their purchase if they see that a lot of people have “liked” the product.
By applying these three things to your online store’s product pages, you will help increase the traffic to your sales pages, the conversions from visi-tors to buyers, and the referrals by your customers to their friends.
Contributed by Scott Cohen, CEO of 180Fusion, which helps companies increase sales, build brand awareness, gen-erate qualified leads, and expand market share by taking full advantage of the internet. It is the gold standard for Search Engine Marketing. Its suite of services include: Na-tional and Local SEO Services, PPC Management, Repu-tation Management, and Social Media Marketing to help thousands of small and medium sized companies succeed online. For more information, visit 180fusion.com.
3 TIPS TO MAXIMIZE ECOMMERCE SALES: Don’t Let Your Social Media Efforts Go to Waste.
by Scott Cohen
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SOCIAL MEDIA ORGANIZATION:
ever before have there been more options for consumers in choosing how, when and where they shop. We live in a global marketplace. If I want to buy a new pair of shoes I have a mul-
titude of choices where to shop. I can drive to my local mall, or visit the specialty shoe store just around the corner from my house. I can go online and type into the search engine the exact type and size shoe that I am seeking and will have shoe sellers around the world provide me pricing and pictures within seconds. For the retail industry, this global marketplace is the new reality.
Five years ago online retail sales were $175 billion. By com-parison in 2012, U.S. e-commerce sales amounted to $289 billion dollars, a 65% increase. According to eMarketer es-timates, online retail revenue in the United States will reach $361.9 billion dollars in 2016. Simultaneously, the number of U.S. digital shoppers is expected to grow from 137 million in 2010 to 175 million in 2016.
With the ever-increasing technology that is putting the world in the hands of shoppers, the retail industry is spending a significant amount of time talking about the multichannel ex-perience – which simply means making products available to customers where they are – in-store, online, mobile phone, tablet, etc. Retailers of all sizes know they need to adapt to survive.
But for too long the elephant in the room has been the fact that online-only retailers have a price advantage because they are not required to collect and remit sales tax from their customers. Under U.S. Supreme Court decisions dating to 1967 and 1992, out-of-state retailers have been shielded from state sales tax col-lection due to concerns about impeding interstate commerce.
For over a decade, states have been fighting the bat-tle on their own, trying to force online retail giants like Am-azon to collect and remit sales tax in states where it has
affiliates. And over time, many states have successfully expanded the nexus that makes sales tax apply. Amazon, whose share of the online retail sales pie is 30 per-cent, now collects sales tax in California, Kansas, Kentucky, New York, North Dakota, Texas and Washington. Soon Am-azon will collect in Virginia (September 2013), Indiana (Janu-ary 2014), Nevada (January 2014), Tennessee (January 2014) and South Carolina (January 2016).
FEDERAL STEPS TO END PATCHWORK SOLUTIONShe Marketplace Fairness Act (S. 743) is a stand-alone bill in the U.S. Senate that would allow states the authority to require sales tax to be collected and remitted on every sale
regardless of where the sale occurred. S. 743, gives states the power to require online-only retailers to collect the state sales tax due on sales made. On April 22, the Senate voted 74 to 20 to bring the legislation to the floor for debate; it passed by an overwhelming 2 to 1 vote on May 6, 2013.
The legislation is now sitting in the U.S. House Judi-ciary Committee that is chaired by Congressman Bob Goodlatte (R-Va.), where it has a tough road ahead. “I do not believe the Marketplace Fairness Act is suf-ficiently simplified yet,” said Goodlatte. “I am open to considering legislation concerning this topic but these issues, along with others, would certainly have to be addressed. The Committee will also look at alternatives that could enable states to collect sales tax revenues without opening the door to aggressive state action against out-of-state companies.”
The White House has signaled it will sign the bill if it does pass out of the House this session.
Opponents to the legislation argue that this legislation is being pushed by “big retail” and that small businesses and consum-ers have a lot to lose. In fact, one of the largest opponents to
by Christie Burris, Director of CommunicationsNorth Carolina Retail Merchants Association
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this legislation is eBay who has gone as far as sending an e-mail to 40 mil-lion eBay users saying that they are fighting this to ensure healthy compe-tition, value and selection that benefit online consumers.
What is being left out of eBay and other opponents’ arguments is that all brick and mortar retailers, both large and small, are required to collect and remit sales tax. All consumers are required to remit this same tax for on-line shopping (called a use tax on your tax return) though few seldom do. Folks, this is not a new tax. This legisla-tion is simply bringing tax laws into the 21st century and leveling the playing field for those businesses who have a physical presence in a state and those who do not but choose to sell across state lines.
For state governments that collect sales tax (45 out of 50), the move to online shopping across state lines has led to significant drops in tax-gen-erated revenue. Estimates put lost tax revenue at approximately $11.4 billion in 2012. California alone was projected to lose $1.9 billion; Texas, $870.4 million; New York, $865.5 mil-lion and North Carolina $436.5 million in sales tax from internet purchases. These uncollected funds can be used to assist in tax reform and lowering everyone’s taxes, Medicaid reform or for public education. These are also the same funds that are used to build roads and landfills. Online-only retail-ers utilize state highways to ship in-ternet purchases and their packaging ends up state-funded landfills. What many do not know is that state gov-ernments rely on sales and use taxes for nearly one-third (32%) of their total tax revenue, and local governments derive 11.2% of their tax revenue from sales and use taxes. The only states without sales and use taxes are Alaska, Delaware, Montana, New Hampshire, and Oregon.
HOW THIS REALLY IMPACTS SMALL RETAILERS
nother argument circulating is that requiring small busi-nesses to collect and remit sales tax in numerous states
will drive the cost of doing business so high that they will be forced to close their doors (no pun intended).
This is simply not true. The technology has been in place for several years that will calculate the sales tax at the point of sale for the consumer. And states who have gone through the streamlined sales tax process (North Carolina is one of these) have simplified the process for remitting sales taxes to the state. In fact, here’s how one software company described its product to Bloomsburg Business Week:
“TaxCloud is one of a handful of com-panies state-certified to do online sales tax collection… His service meshes with Internet shopping-cart systems to add state and local sales tax charges to customers’ checkout screens based on their zip codes. It does not cost retailers a cent or require them to memorize tax rates or remit funds, he says; the ser-vice is paid for by the states getting the tax revenue.”
By giving online sellers an automatic 5 to 10 percent head start, it’s virtual-ly impossible for a Main Street retailer to compete on price. Even if they have the lower price, the sales tax loophole often makes the online retailer the winner. In a free market economy, that sort of special treatment is just wrong.
Brick and mortar retailers have seen the writing on the wall and are address-ing their need to adapt and compete in a rapidly changing marketplace. Now it’s time for online-only retailers to see the writing on the wall and realize that it’s time to play fair when it comes to sales tax.
The MFA is packed with in-teresting facts, resources and more. While we high-ly recommend you review it on your own, here are some key takeaways:
• The MFA is expected to be split into two divisions – states that qualify and col-lect sales tax and states that don’t.
• Twenty two states (as of June 2013) have already be-gun the process of collecting remotely for sales tax as part of the Steamlined Sales and Use Tax Agreement (SSUTA).
• Software will be made available for sellers and sales tax collectors, but it’s import-ant to read the fine-print on both sides to ensure liability protection.
Curious what the entire nine pages of this Bill says?
Check it out for yourself here: http://www.gpo.gov/fdsys/pkg/BILLS-113s743es/pdf/BILLS-113s743es.pdf
The Marketplace Fairness Act
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Creating Retail Events That Will Capture Attention & Salesby Rich Kizer & Georganne Bender
If it has to do with getting foot traffic into your stores and making money doing so, retail experts Rich
Kizer & Georganne Bender are the experts to call on. Retail Minded asked this retail favorite duo their
best tips on driving foot traffic to stores via retail events, and here’s what they had to say.
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e are big believers in Shoppertainment: the use of in-store events and promotions to build foot traffic and increase sales. Now, there are times when you need to run a sale, however, do not confuse events and promotions with a sale.
Sales provide the opportunity to clear out the dogs and the discontinued stock – pile it high and watch it fly! There are times when a sale can be combined with an event, but the true purpose of an event is to create customers, the life blood of your business.
You need to plan for two kinds of in-store events: Major and Minor. We believe you need to host one major in-store event and two to three minor events each month. A major event is one that builds traffic and packs your store with custom-ers. Do not confuse a major event with something that takes a long time to plan. A fashion show can be a major undertaking, but it’s not a major event unless it attracts potential custom-ers who come to watch, and buy something while they’re there. A minor event might be a Saturday full of makit & takits, demonstrations, and mini-classes. Minor events draw cus-tomers to your store, but should not take a lot of time to plan or implement. If the concept of events and promotions is new to you, then begin by running one major event and one minor event for each month of the year. If you’re already running events on a regular basis, you can add as many as you are comfortable adding. Ready to begin? Great! Here goes:
Customer Appreciation Event. Invite customers to this “exclu-sive” event. Participants can stroll around the sales floor en-joying hors d’oeuvres, fancy non-alcoholic beverages, prod-uct demos, etc. Give your guests a special discount that’s good that evening only and offer free gift wrap.
Note that we said “exclusive” event. Send out invitations or advertise using bag stuffers, but if a customer or two or 100 happen by, let them in, too. Want to cheese off a customer and build bad press at the same time? Tell her she cannot attend your store event.
Concierge Connection. A Concierge is defined as “a member of a hotel staff in charge of special services for guests, such as arranging for theater tickets or tours.” Or recommending not-to-be-missed retail stores! Invite the staff from near-by hotels to visit your store. Give them something to take back with them that represents your store – and don’t be surprised if you see these items proudly displayed on their very public work stations. Throw in a sign to help show them off, plus a stock of special cards advertising your store. You can design your own cards in a variety of sizes for not a lot of money at Moo.com (RM Editor’s Note: Use code N2RPBZ for 20% any order from Moo.com).
This idea works all year round, but be sure to schedule a con-cierge visit early in the holiday season – you’ll want to attract
those out of town guests while you can!
“Create Your Own Coupon” Sale. Every one of your customers wishes they could tell you what to put on sale, so why not let them? It’s to your advantage because this promotion has been known to pull in a response as much as six times great-er than normal coupon promotions. Simply offer three cou-pons: $1 off, $5 off and $10 off any one, regular-priced item of a certain retail value, and let customers fill in the item of their choice on a blank line provided specifically for that purpose. Customers love creating their own coupons, and you’ll love how easy this sale is to run when you e-mail us for your own “Create Your Own Coupon Sale” template.
Girls Night Out. Sometimes a girl just needs a night off! Cre-ate an evening of fun and relaxation with refreshments and entertainment, plus how-tos and demonstrations held right on the sales floor. Add contests and door prizes. Partner with a hair and nail salon to offer makeovers, manicures and ped-icures. Your store will be the talk of the town!
Bring Bubba a Bone: A Wisconsin retailer named Bob told us he was bored with the usual events he ran each year in his nursery and gift shop. He wanted to shake things up in the store and create a buzz about town. One day while sitting at his desk, struggling to come up with a fresh idea, he hap-pened to look down at his dog Bubba, who was fast asleep at his feet. That’s when it hit him: customers come to the store just to visit Bubba, so why not give him an event of his own?
“Bring Bubba a Bone” was genius in its simplicity. Customers who brought Bubba a bone on the day of the sale received a discount that varied from department to department. Bob seriously under-estimated Bubba’s celebrity; he thought the dog would get a handful of bones and he’d have a few laughs with customers. Wrong. Bubba received 427 bones, and the event was a huge success. Bob was so pleased with the turn out that he’s seriously considering renaming his next event “Bring Bob a Beer”!
Open House. An open house gives you the opportunity to showcase the product and services that you sell. The fun and festivities for your open house are completely up to you, but you will want to include refreshments, discounts, entertain-ment, mini-classes and demonstrations, contests and door prize drawings throughout the evening. You can host an open house any time of the year, but they are a must during the holidays.
Top 10 List of Not to be Missed Gifts. Make sure every as-sociate memorizes it, and have plenty of copies available on the sales floor and at the cash wrap. Feature your list on Facebook, your website, e-mail blasts, and in your newsletter. Mention it on store signing and bag stuffers. When you make shopping decisions easy for your customers, they’ll thank you in dollars and cents.
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Pick-a-Lollipop Sale. Buy a bunch of Tootsie Pops and dump them in a basket or line them up like toy soldiers in a piece of decorated foam. Color-code discount percentages in in-delible marker on the bottom of each lollipop (red = 10% off, blue = 15% off, etc.). Follow these guidelines for each 100 lollipops:
15 discounts at 15% off (one regularly priced item); 50 dis-counts at 20% off; 18 discounts at 25% off; 10 discounts at 30% off; 5 discounts at 40% off; 2 discounts at 50% off.
Of course, the discounted amount and number of discounts given at each percentage is solely at your discretion. We’ve learned from experience that it’s important to announce a minimum discount of 10%, but not actually award any, so that every customer wins at least 15% off. If your sale has too many small discounts, word will spread that there aren’t any big winners and customers will stay away.
Sell Gift Cards at a Discount. If Tom buys Mary a gift from your store, she might like it, but it’s not going to get her inside your front door. But if he buys her a gift card she has to come to your store to redeem it, and while she’s there, she’ll be tempted by all of your cool product.
Sell your discounted gift cards throughout the month of De-cember, but there’s a catch: Shoppers can purchase as many
as they like at the discounted rate, but the gift cards are not valid until December 26. This ensures customers can’t use the cards to receive a deal on holiday gifts. Don’t worry about the discount. Studies have shown that 61 percent of gift card recipients spend more than the value of the card; 40% are redeemed for twice the face value; and 88 percent of gift card purchasers buy more than one card – you can’t lose!
Gift Card Plus One. As an added bonus, when a customer purchases a $50 gift card, give her a five-dollar gift card for their own use. People who are originally planning to spend $40 will often throw in an extra $10 if they know there’s some-thing in it for them.
Finally, we realize there is a lot to do on any retailer’s list. But we also realize those that are doing events regularly are doing them because they bring success to their stores. Want to fall into this category? It’s time to start planning your next event.
RM Editor’s Note: Want to really kick your event up a notch? Be sure to check out Kizer & Bender’s e-book, “Jin-gle Bells… Christmas Sells: Events, Promotions and Tips for the Holiday Season”. This e-book is full of turn-key, fully customizable events and templates that you can use during the holidays (which aren’t that far away) or translate to any time of year! Visit www.KizerAndBender.com to discover this fantastic e-book.
A Few More Things to Think About
Compliments of Kizer & Bender
If you’re going to hold an event, hold an EVENT. Make your sales floor sing with balloons and ban-ners to attract attention, hire a DJ, a band to play, or invite a local choir to perform. In other words, make it a big deal that entices shoppers to stay longer and shop more.
Utilize bag stuffers. But don’t let the name fool you: Bag Stuffers should never be pre-stuffed into your bags. Instead, have associates hand the Bag Stuffer to the customer – the time spent talking about the event becomes a live commercial and helps grow the associate-customer relationship.
Appoint a Sultan of Sizzle for each event. Give this associate $50 – $100 to use at his/her discretion to kick the event up a notch. This added sizzle will make things even more festive, and it will create a friendly competition between your associates as they try to out-do one another.
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In-store events are a great way to introduce new customers to all that your store has to offer. Consider holding an event where you reward your customers for bringing a friend. Make the event all about friendship. Offer a shared coupon with larger rewards or dis-
counts if both friends buy your merchandise. Feed them cupcakes with BFF written in icing. High-light “friendship” in your email marketing and your store decor. Engage customers by asking them to share a best friend story on Facebook. Look for ways to use your best marketing tool – your satisfied customers – to bring other customers into your store and reap the rewards – and make a few new friends as well!”
Suzy Teele - COO, SnapRetail.com @SnapRetail
Whenever possible, unless it is a special celebration, events are best when they provide an educational focus for the customer that specifically aligns with the store’s products and services. Providing demonstrations and hands-on experiences sets the retailer up as the
‘go-to’ shop for expert advice which in turn makes them a trusted partner. Interactive is best, so keep groups small, 20-25 people at most, which also implies exclusivity. Consider those around you as potential instructors; you may be surprised at what your employees have to offer. Don’t forget follow up opportunities; attendees need to be contacted post-event to come back in for the products and services they sampled and for version 2.0. Michele L. Nebel Peake - President, AshtonConferencePlanning.com
@mlnpeake
Welcome, smile, greet and introduce yourself. Wear a name tag, offer your name and ask for your customers name. Invite and encourage your guests to wear name tags. Your team of employees, of course, will do the same. Events are a great way to build relation-
ships, strengthen community and form new and lasting friendships – plus store sales.Nametags can help!
Gina Lempa - Independent Sales Rep
@ginalemp
My best advice would be to “Eat the elephant one bite at a time.” Big events can seem like a monumental task but if you break it down into simple steps…you CAN do it. A written plan on paper and on purpose will help you navigate through and achieve your
goals. Gather a few individuals on your team to help you brainstorm all aspects of the event and execute your written plan. Do not try to do everything on your own and don’t procrastinate. Use a timeline as a checklist to write all tasks down beginning several months before and ending with the day of the event broken down by hours. Don’t forget to put yourself in the customer’s shoes and how you want them to “experience” your event. Keep them in mind during the entire process and you will have success!
Jennifer Albaugh - Co-Owner, Quiltique
@quiltique
More from the Experts
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Sometimes in our insanely busy day-to-day lives we crave a moment of silence, but if you’re an indie retailer, you need to switch on the music and turn up the volume if you want to maximize your store’s success.
CONSIDER TWO SCENARIOS:Scenario one is an upscale home and gift store located in a trendy shopping district in an urban area. Upon entering the quiet store, you are greeted by a clean, brightly lit space with gorgeous wares elegantly displayed. As you walk through the store, the only sound you hear is the hollow tap of your heels on the hardwood floors.
Scenario two is a funky accessories and shoe store locat-ed on the recently revived Main Street of a small town. What greets you when you walk in the door is a riot of colors and textures as everything seems to be merchandised rather hap-hazardly. While sorting things out visually, you begin to move your head in tempo with the music coming from a docked iPod behind the cash register.
While neither scenario represents retailing perfection, which retailer is more likely to have customers who stay longer and spend more? If you answered Number 2, you’re right. If you think retailer number one would have better sales and cus-tomer retention, you’re probably not retailing to all five senses. Read on to find out how music is a bigger influence on con-sumer behavior than you might realize and how can you use this research for your own store’s benefit.
THE HISTORY OF MUSIC & CONSUMER BEHAVIORResearch into music’s behavioral influences has a rich history,
but it wasn’t until the mid-1900s when scientists began to take a closer look at how music affected consumer behav-ior. From Smith and Curnow’s 1966 “arousal hypothesis” (a certain degree of noise increases activity) to Kotler’s (1973-1974) emphasis on the importance of how “atmospherics” (color, sound, smell, temperature) influence consumer buying behavior, earlier research laid the groundwork for more recent studies examining specific customer behaviors. Two of the most significant research questions address how music influ-ences the amount time consumers spent in a store and the amount of money consumers spent.
THE SCIENCE OF MUSIC IN A RETAIL SETTING Time really is money, and when it comes to the amount of time consumers spend in stores, music has a direct influence. According to Kellaris and Kent (1992), music can increase the amount of time a customer remains in the store and can also slow down a customer’s travel through a store. More interestingly, Yalch and Spangenberg (2000) discovered that when customers hear music that is pleasant to them, but un-familiar, they shop even longer than when they hear familiar music. The theory behind this is we pay more attention to what is familiar, perhaps humming along with a familiar tune and therefore are better able to perceive how much time we are spending. When we hear unfamiliar, yet likable music, we are more apt to lose track of time, thereby spending more time shopping than we think we are spending.
Since you can use music to keep customers shopping longer, which could then lead them to buy more, all you need to do is just turn on the radio to the local easy listening station, and forget about it, right?
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Nope. Enter your branding and what researchers call ‘fit.’ First, think of your store as a micro-climate that you want to tailor to your customers. Now, think about your branding since it has a great deal to do with fit. What words describe your store’s brand? Sophis-ticated? Fun? Funky? Tailored? Whimsical? Classic? Macinnis and Park (1991) maintain that music has to fit the situation to produce a wanted outcome, so in order for music to have the best fit for your store and increase sales, it needs to communicate your brand. For example, a home and kitchen goods shop that caters to aspiring gourmet chefs would choose music that fits their branding, such as up-tempo classical music versus country. Hip-hop music might be the best fit for a clothing store that specializes in clothing for the urban set while jazz might be more suitable for a vintage men’s retailer.
Fit is way more than what happens in a dressing room. One research study by Areni and Kim (1993) revealed that consumers purchased more expensive items in a wine
store with classical music in the back-ground versus Top-Forty. Why? Classical music contributed to the store’s brand-ing and fit with the consumer’s percep-tion of what they wanted their shopping experience to be. Other research stud-ies support this finding; music that fits your brand and your customers’ as-pirations helps influence them to spend more money.
So when it comes down to keeping your customers shopping longer and
buying more, your selection of store music is an important part of retailing to all five of your customers’ senses.
WHAT MAKES RETAIL RADIO UNIQUE?We LOVE music. We’re one of the fastest growing com-panies in the US and Canada led by a management team with over 80 years of experience in big-market radio. Our proprietary software makes managing music fast and easy. For example, one can customize music by time of day or by region or store.
WHY WORK WITH A COMPANY LIKE YOURS?In addition to the ease and convenience, we provide li-censed music only, so you don’t have to worry about fines for copyright infringement. Many retailers don’t realize that they can be fined for playing copyrighted music without the proper licenses. We obtain all the licenses, so store owners have one less legal issue to worry about.
In addition, our music is programmed with the store’s particular customers in mind and can be chosen by the store’s owner or manager. Our music has commercials only for the store that’s playing the music, whereas a radio station would have commercials for other businesses.
HOW DO YOU WORK WITH SMALLER, INDEPENDENT STORES?Our music can help the store enhance its brand (it has its own customized “radio station”) because we ask about the store’s overall goals, we learn as much as we can about the store’s customers, and then we program the music to fit the customers.
WHAT SERVICES DO YOU OFFER?In-Store music, on-hold music, digital signage, queue management and scent, all of which can be designed specifically with the store’s customers in mind.
EXPLAIN HOW YOU BELIEVE MUSIC IMPACTS BOTH CUSTOMERS AND EMPLOYEES? Music has a big psychological impact on people; the right music keeps the customer in a good mood, creates an environment that customers enjoy and remain in longer, and they’re more likely to return.
The right music can also energize employees who might be in the store for eight hours straight, making the time pass more quickly in a more positive work environment.
IF YOU COULD ADVISE A STORE OWNER TO DO ONE FIRST STEP IN IMPLEMENTING THE RIGHT MUSIC INTO THEIR STORES, WHAT FIRST STEP WOULD THIS BE? Take some time to really consider who your customers are and ask yourself: How do you want them to feel about your store? What kind of music would they want to hear? What would they NOT want to hear? It really, really is all about knowing your customer.
We’re big believers in knowing your customers and could not agree more that this is important for indies. Thanks Retail Radio for your great insight!
Enter Retail Radio, an in-store music provider. Retail Minded spoke with Retail Radio VP Bill Louie about how they work with indies and why you should leave the music-making up to the pros.
HOW DO YOU GET THE RIGHT MUSIC INTO YOUR STORE WITHOUT ANY HASSLE?
LEARN MORE ABOUT RETAIL RADIO AT RETAILRADIO.BIZ
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hether you call it “boosting” or “shrink-age,” one of the most frustrating as-pects of owning a retail store is theft. A serious shoplifting problem can cause se-vere damage to independent retailers with-out corporate support. But part of being your own boss is solving your own problems.
How can you do that without high-tech HD cameras, facial recognition technology, and a sea of security officers? Here’s a quick strategy to help shrink your shrinkage.
ASSESS YOUR RISKSNo one knows your store better than you. As an indie retailer, you’re not only the person most invested in your store, but an expert in layout and inventory. Walk through your store and channel your inner Sherlock Holmes. Ask yourself, “What could a criminal steal and avoid detection?”
Areas infrequently monitored or have little line of sight from the register are the most vulnerable places for your prod-ucts. These can be corners, areas behind shelving, or even changing rooms.
Small products that are easy to pocket or stuff into a handbag are your most vulnerable assets. Examples include jewelry, lotions, and other small items. Placing vulnerable ob-jects in high risk areas is a bad combination that could tempt would-be shoplifters.
DECIDE WHERE TO PLACE YOUR INVENTORYNow that you’ve seen what’s wrong, it’s time to fix it. Create a risk–value ratio for each of your items. This will help you organize which items to place high risk areas of your store and which ones to store in safe areas. For exam-ple, lip balm sticks have a high risk of being stolen with low
6 Tips to Combat Retail Theft in Your Indie Store:What Are You Doing to Keep Your Store Safe? by Alex Roitman
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value while diamond earrings also have high risk, but also have high value. Obviously, the diamond earrings will get a priority and thus go in the glass casing. However, adding scarves, bracelets, and shoes in the mix complicates things. Where would you place these items?
Assigning a value and vulnerability measurement to all of your items is helpful for stores with large, diverse sets of inventory and a high turnover. Use an excel spreadsheet or create a new field for “vulnerability” in a ledger.
DESIGN YOUR STORE WITH INTENTCreating an anti-theft plan can be an opportunity for creating an innovate layout for your store. Retail store layouts are often overlooked, but can increase sales, highlight certain items, and deter theft.
• Place the register between the mer-chandise and the exit. This creates a barrier between the “goods” and “es-cape” for would-be thieves.
• Increase line of sight and create openness. It’s proven that shoplifters are less likely to steal if they know they are being watched by employees or other customers.
• Keep the store tidy. When a store is clean and organized, it’s much easi-er to notice when things are missing. This discourages thieves.
BE A DUMMYLarge retail stores use expensive and innovative methods to prevent retail theft like Electronic Article Surveil-lance (EAS) tags, cameras, and secu-rity guards. You can take advantage of some of these tactics without break-ing the bank.
Installing dummy security camera housing can deter amateur shoplifters targeting indie stores. You can even buy recycles EAS tags and install them on high-value products. While professional thieves may spot these tricks, these cheap “dummy” tactics can deter many shoplifters.
TALK TO YOUR STAFFYou and your staff are the first line of defense against shop-lifters. Many indie retailers don’t have cameras or high-tech
surveillance systems so they have to rely on employees and owners to keep a look out.
Communicate your concerns to your employees. Teach them to keep their eyes open for suspicious characters and vulnerable items. Employees should approach suspicious customers with a welcoming smile and a helpful manner. This shows the customer (or perhaps shoplifter) that the store is well managed and the customers are well monitored. This is the best practice whether or not the visitor has mali-cious intentions.
SEND CLEAR MESSAGESWe couldn’t talk about retail security without mentioning signs.
A clear message delivers a store atti-tude towards shoplifters. Here are a few examples:
• “Shoplifters will be prosecuted”
• “Please ask an employee for access to the dressing room”
• “Employees Only”
Each sign communicates instruc-tions and therefore, expecta- tions for visitors. Sending these messages produces a more controlled and secure environment for your cus-tomers, employees, and your items.
Creating a theft prevention plan can be daunting. Managers tend to focus on how to con- nect with customers, market their product, and expand into new seg-ments, rather than fight crime. That’s why evaluating store layout and inventory can be such a help-ful tool. Look for vulnerabilities in your store once a year and ask yorself, “What am I doing to
keep my products safe?”
Alex Roitman is a contributor to the MySecuritySign Blog. After opening a successful retail store in Tucson, AZ, Alex moved to New York, pursuing a career in e-commerce. He’s always looking for innovative ways to help independent orga-nizations become safer and more secure so they can focus on what they really care about: their products and services. Visit MySecuritySign.com for your retail signage needs.
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esigning attention-getting, impactful dis-plays is a great way to showcase your cre-ativity. It’s also the best way to showcase your products and move merchandise. Even better, well-designed and interactive displays can increase sales up to 25% per-
cent. Is your attention peaked yet?
Getting Down to the Basics: MerchandisingMany people think that the term “display” and “merchandis-ing” are synonymous. They are, in fact, distinctions between the two techniques of which to take note.
Very simply, merchandising is “good housekeeping”. It’s the act of presenting your products on fixtures in an organized fashion - with a goal of helping customers quickly see and interpret the merchandise, and then be influenced to pur-chase something.
It is important to understand that in the United States, consumers tend to read merchandise from left to right and top to bottom. A well-merchandised fixture will have your customers’ eyes roaming the entire fixture, not just the top shelf. A key to an attractively merchandised fixture is to group products according to size, style, color and type, and to fill the shelves. When shelves are left half-filled or even emptier, it conveys a message of poor maintenance to your customers. Additionally, it may suggest to customers you are going out of business – even if you are not. Shelves not fully
merchandised also take away from your business image and reduces professional credibility. Yet overstocking prod-ucts on a fixture isn’t good, either. Products bulging off shelves and hooks will only end up on the floor and have customers thinking you don’t know how to monitor your in-ventory – or your store. Even worse, customer may not be able to comfortably shop in this type of environment. Your goal should be to find the right “critical mass” for your store to help make consumers happy and your store look happy, as well.
Creating Focal Points: Displays While the majority of your store will consist of merch- andising, less space is dedicated to displays. This said, their purpose often weighs greater in total store layout and consumer impact.
Displays are well-coordinated focal points that are stra-tegically placed throughout your store and should be changed regularly. Positioning your product purposeful-ly throughout your store will encourage customer’s steps to follow their eyes - bringing them further into the store and closer to your merchandise.
It is important to keep some “empty space” around the displays to ensure the focal points stand out from their surroundings. Thoughtfully placed focal points entice customers to shop your entire store without even thinking about it.
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An effective display is simple, incorporates a theme (whether it’s color, shape, style or a category of product), uses props and has good composition. Displays should attract and hold the attention of your customers for at least a few seconds. A display should stimulate interest and tell a story. And displays should create desire for the product. A well designed display will move the customer to action.
Display artists often create the unexpected, using principles of design such as “illumination” to provide interest and eye-ap-peal. Lifestyle displays can be very rewarding as they evoke emotional appeals that are often followed by a purchase. An-other display rule of thumb is placing items in groups of odd numbers – three, five, seven or nine are great numbers to work with.
Providing information is often an important element of a dis-play, so make sure signs communicate your message quickly. The fewer the words, the better. Avoid hand-made signs, un-less your penmanship is excellent and you have a consistent style, and/or you are changing the sign daily as in a café or deli.
Finally, your display should reflect your product’s price point. Keep the props and fixtures you use of a quality consistent with that of your product lines – never use cheap or obviously used, hand-me-down fixtures to display mid to upper-end items.
In a Dry Spell? Brainstorm With Your Buds!A fun exercise you can do with your staff or friends is to pick
10 to 20 of your bestsellers and brainstorm all the reasons why these products appeal to your customers, then figure out how to use these ideas when merchandising your products. Get into your customers’ minds — are they browsers? Are they tour participants who are rushed for time? Do they have small children with them when they shop? Once you have identified all the reasons these are great sellers, come up with display ideas that cater to the desires and needs of your cus-tomers while also supporting these great products.
Some people have the knack for merchandising and others don’t. Some folks can be trained, and other folks… well… they should stay away from the display making end of the business! Practice will help those you can teach. And if you’re still struggling to get a good display assembled, find an art or design student from a local college. They are often looking for work for their portfolio. Even high school students have proven their talents with window displays. In the end, your store — and your sales — will reap the rewards.
Lyn Falk, award-winning designer, author, and educational speaker, is found-er of Retailworks, Inc., a boutique store design firm in Wisconsin, and “I LOVE That Display!”, a visual merchandising & display studio. Falk has over 25 years of experience teaching retailers how to build beautiful, purposeful and productive spaces. Her clientele represents over 35 different retail industries, including hundreds of independent retailers. She is a long-time consultant and speaker for the National Main Street network, and grew up in an “Indie” family. Lyn is passionate about design and believes one should “never under-estimate the power of a well-designed environment”.
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“To create a strong retail layout, first and foremost you need to have clear, measurable goals. You’d be surprised how many retailers don’t have clear metrics to measure what they set out to achieve. Once you have your metrics, you can always use them as a guidepost to reassess your layout,” Nathan Col-kitt, principal and CEO of Colkitt & Co. – an firm dedicated to creating commercial spaces to enhance consumer experiences - explains. To an indie retailer, what does this really mean? Do your homework to best support your store layout… ultimately allowing you to best support your store goals.
Below are five basic principles that Colkitt & Co. strive to achieve for their store clients, as well as want all retailers to know.
Operation is King:If a retail store doesn’t place operations first, they are not a serious contender. You can cover the space with good design, marketing, and visuals, but you’ll lack a sustainable and scalable retail model if the store layout doesn’t always tie back how it’s affecting the operations.
Merchandise Comes First:
Understand what you’re selling. Most brick and mortar shops are selling an experience, not just a product. The layout should allow for the creation of a story that grows out of this experience.
Shopability & Customer Friendliness:
Be your customer. How shopper-friendly is your layout? Is there logical zoning, destinations, and way-finding? Do you bring the customer joy? Create a layout that brings the customer pleasure, and they won’t want to leave.
Messaging & Visuals:
Is the brand, marketing, and all visual messaging layered into the layout cohesively? Where and when you choose to address these items along the way are critical.
Innovation to Impact:
Are you creating new experiences? Are you trying new things and analyzing what works and doesn’t work? If you challenge conventional wisdom, often times you can debunk long standing myths about how you’re “supposed to” approach creating positive or intriguing experiences through layout. We have more choices today than ever before. Innovation in layout can be an effective way to drive suc-cess, as simple, yet unique shifts in layout, can effectively change the shopping experience.
5 Basic Principles In Store Layout
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HABERDAPPER253 Broad St, Lake Geneva, WI
STORE OPENEDDecember 2008
FACEBOOKfacebook.com/haberdapper
WEBSITEhaberdapper.com
OWNERStephen Monticello
AGE29 (again)
NO. OF EMPLOYEES4
photo: retAil minded
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Your store truly stands out in design, architecture and cosmetic de-tails – highlighting your assortment of men’s fine clothing and acces-sories. Can you tell us more about your store design and layout?When we first began the adventure of designing our store, we knew that we wanted things to be similar to what you would find in an upscale home. Our designers represent a collection of the best in the business, whether it is lighting design, floor-ing, custom kitchens, audio-visual design or cabinetry. We sought out to find the best of the best so that our customers wouldn’t have to do the legwork. Should you find yourself looking for a new belt, a new kitchen, a new pair of khakis or an interior designer for your home, we hope you will come to us. We feel that we have assembled a collection of the best of all things and we believe you will agree.
What a unique concept. We love it! Upon visiting your store, we were so impressed with the “kitchen” in your point of sale space. Now it makes a bit more sense to us! Can you tell us more about this? The kitchen is the fo-cal point in any home. We wanted our store to have a home-like atmosphere and one where customers can feel more like friends when they visit. Everyone tends to hang out in the kitchen when people get together, and our store is no different. We offer coffee and sweets and encourage people - whether first time visitors or regulars - to stop and chat “in the kitchen”. The kitchen also allows us the ability to have private parties, such as offering special shopping experiences for a select group of customers or to raise money for a particular charity. The kitchen truly enables us to invite guests to Haberdapper, just as we would to our home.
What a great way to look at your store... as a “home”. Your store truly stands out in design, inventory, experience and customer service. Ku-dos for that! Any pointers you can share with other retailers on how to achieve a ‘stand-out’ experience in retail? We pay attention to details. Although not every customer is going to notice every detail, you never know what the next person through the door will or will not notice. Therefore, we try to have everything arranged neatly and uniquely so that people notice that. We pay attention to the details of custom-er service, as well. Our team prides ourselves on knowing their product lines inside and out. We work closely with our vendors so that should a customer need something that we don’t have in stock, hopefully we can get it quickly. We do whatever it takes to make a customer happy - whether its
gift wrapping, delivering a purchase to a customer’s home or providing special private after hour shopping to accommo-date their schedule. We make sure we always put the cus-tomer first.
We’re always amazed out how few stores still consider customer service a top priority. Glad to hear you are an exception to this. Speaking of exceptions, your store is located on a side street in Lake Geneva, off of a more main shopping street. How do you find this im-pacts your store? Being “off the main drag”, if you will, actually lends itself well to our type of store. Our customers usually set out to find high end shops or are already aware of our store and its location. It’s not too often that someone just stumbles upon our store. Usually they’ve seen an ad, heard about our store or been in before. The side streets usually cater to
a different clientele than the main sec-tions do. We find it to be to our overall ad-vantage. Additionally, our location enables us to offer private parking to our cus-tomers. Haberdapper has two of its own parking spots behind
the store and we are happy to offer them to our customers whenever possible.
Another great customer service perk! Your customers consist of both locals and seasonal guests, many of whom have vacation homes in the Lake Geneva area. Do you find there are differences in supporting these two distinct customers? We appeal to the local audience by being open all year round and carrying products and brands that they appreciate. Our Fall and Winter collections are just as popular as our Spring and Summer ones. People who live here or visit their lake home all year need quality men’s wear for all seasons. They also shop for gifts during the holidays. People who visit the area might see an ad in one of the local resort’s publications and recognize the brands that we carry. They might only be in town once a year but they know we carry things that they want, so they remember us. We also have a large group of customers who come up regularly but don’t actually live here full time. They look forward to coming to see the store because it’s always different than the last time they were in.
Keeping a store fresh and having new inventory definitely keeps customers coming back. Well done, Haberdapper! We’ll definitely be back for a visit next time we’re in the Lake Geneva area!
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Small-business owners often fail to utilize their finely tuned business skills to manage their personal finances. Fortunately, it’s never too late to switch gears and get started in running your personal assets as finely as you do (or should) your business.
Consider These 5 Thoughts: • Successful small-business owners understand and are aware of every detail about their companies, including how much money is spent and on what. Again, they are aware of every… single… detail.
• Maintaining detailed insight into key financial statistics isn’t a recipe for success for small-business owners. It’s a necessity for survival. Ask them about annual revenue and you’ll likely get a quick response. The same goes for expenses, taxes, investments and profits.
• Ask those same successful small-business owners how
much they spent on food and groceries last week and you’ll likely get a blank stare. The same applies for utilities, housing expenses and personal taxes.
• Because many small-business owners don’t take that same highly structured and analytic approach to their personal fi-nances that they use to manage their companies, they often don’t see the same financial growth and goals met that they do in their businesses.
• As a result of this, it is counterproductive to creating wealth. Letting the details of personal finance slide is a lot like watch-ing a basketball game with no score. There’s no way to tell if your team is winning or losing.
Ready to make the shift and switch gears? Here are 5 leading business management strategies that will help introduce clar-ity and insight into your personal finances.
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Track Your ExpensesYou know nothing about a company without detailed informa-tion about costs and expenses. And that exact same principal applies to personal finance. But many small-business owners would be hard pressed to provide any details on their person-al spending habits. That includes spending on housing, taxes, insurance, food, entertainment and knick-knacks. Yes, you heard me, knick knacks.
The home is no different than a business, with many catego-ries of expenses competing for limited dollars. Understanding how and where your money is spent is the first step to creat-ing a comprehensive view of personal spending habits.
Follow a BudgetIt’s difficult to be successful doing anything without a plan. And a budget does just that, providing a blueprint that out-lines spending parameters in key areas. Having a roadmap targeting how much person-al income will be allocated to key areas is a powerful tool to keep spending on big-ticket items like housing, cars and education in check.
Creating a budget also helps to manage expectations and the emotions that are often involved in making big-tick-et purchases or investments. Budgeting $20,000 for a new car makes it much less likely that you will walk out of the showroom with a $25,000 model. And that is another power-ful strategy to keep spending in check.
Practice Conscious Spending A regular day on the road comes with all kinds of opportuni-ties to spend hard-earned cash. It is amazing how quickly “small expenses” can add up. A seemingly cheap $5 cup of coffee a day comes out to $150 at the end of the month. At the end of the year that’s close to $2,000.
When you add a few of those together, frivolous spending can have a huge impact on the bottom line. That is particularly relevant right now as small-business owners and consum-ers battle a slow-growth economy plagued by rising energy and healthcare costs. Analyzing discretionary spending
habits is a great way to target expenses with little financial or emotional value.
Turn a ProfitThe goal of any respectable company is to turn a profit, and that same principal should apply to personal finances as well. Far too many people associate financial success with a high income. But the reality is that income is a poor indicator of wealth. That’s because higher incomes usually drive higher spending, diminishing the marginal benefits of discretionary dollars that could be invested for a potential return.
The secret to wealth creation is simple. Spend less mon-ey than you earn. That’s why someone making $75,000 a year living on $25,000 is prob-ably wealthier than someone making $150,000 a year while spending $200,000. Having a high income is great. But the real goal is to turn a profit, which in the world of person-al finance means having cash left over at the end of the year to save or invest.
Know Your WorthEverybody knows how much money they make, but very few know their net worth. But net worth is the real indication of wealth, not annual income. That’s why the Forbes 400, an annual list of the 400 richest people in the world, is always based on net worth.
Net worth is the best way for an individual to keep score of their professional and financial success. Under normal cir-cumstances, a person’s net worth should grow every year. Any contraction in net worth is an opportunity to evaluate in-come and expenses, as well as create a plan to eliminate deficit spending.
The Take AwaySmall-business owners have unique business skills that en-able them to succeed in a highly competitive environment. Applying those same techniques and strategies to personal finances is a great way to identify opportunities to reduce ex-penses and increase revenue. And those are two very pow-erful forces that can pump up the bottom line and fuel your net worth.
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by Nicole Leinbach Reyhle
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RETAIL MINDED: We love your show, Hardcore Pawn! What’s it like working with your family both in your store and on the show? ASHLEY: Working with family is great in the sense that they always have your back. But you always have a ton of differ-ences, too. My brother and I have strong feelings about how the business should be run and that’s where we bump heads, but we have the same goal. We just differ in our approach. It’s about accepting the challenges with the perks.
RM: You have a great, practical way of looking at it. Be-yond your family, you manage a large staff, as well. We have found that anytime you get a lot of personalities to-gether in a work place, conflict is sure to arise. How do you deal with this? A: Deal with it, nip it in the butt and move on. Most retailers are with their staff more than they are their family, so they are like family. They are your family away from your family. You should strive to handle fights and conflict to avoid disrup-tion in your store or in public. You should try and do it calmly, as well.
RM: Well you guys are definitely doing something right, because rumor has it your employees love sticking around and are dedicated, long-term employees for the most part. A: We’re lucky at the store. Most of our employees have been with us a really long time and are good at what they do. They have to be tough and resilient, and they take on a lot. We appreciate them for that and support them in their efforts, as well.
RM: Sounds like you guys work as a true team. That’s great! That probably helps make the long hours you work fly by a bit, as well. A: I work 60 to 70 hours a week, yes. Our team is our family. It’s part of who I am. But I’m also a wife, a mom.
RM: You’re a busy gal. How do you jump from being “on” at work to being “on” at home with your kids and husband? A: I am able to easily turn gears on and off. You have to find balance in your life, and being able to switch gears easily helps.
RM: We couldn’t agree more. Working retail is a lifestyle, as we say, and finding balance is key. Speaking of balance, we hear your kids come to the store with you sometimes. A: My kids come to work on weekends, just like I did with my dad. They help our jeweler and wash the showcases.It’s a true family affair.
RM: Sounds like it! What a great business you guys have, and what a great family – both your real family and your retail family – you have. Any last tips you can share with our Retail Minded family? A: You have to truly find what you love to do. Once you find something you love, it won’t be a job - it will be a passion.
RM: Well said, Ashley. Thank you.
To see Ashley and her family in retail action on Hardcore Pawn, watch Tuesdays at 9pm eastern on truTV. Learn more at pawndetroit.com.
American Jewelry and Loan is a family business that oversees 50,000 square feet of operations. Together with her father and brother Seth, Ashley is a powerhouse retail pro that knows more than a thing or two about how to succeed at retail. Retail Minded spoke with Ashley and got her best tips on how to handle working long hours, balancing home life, dealing with employee conflicts, working with family and more.
YET ALWAYS ENTERTAINING DAY-TO-DAY OPERATIONS OF DETROIT’S LARGEST PAWN
SHOP, AMERICAN JEWELRY AND LOAN. FOUNDED IN 1978 BY ASHLEY’S FATHER, LES GOLD,
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by Nicole Leinbach Reyhle
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Your store hours may be longer, but that doesn’t give you an excuse to not stay healthy this summer. There are plenty of ways to maximize your health this summer, despite long store hours or limited play time (hey, we know retailers are busy). Consider your schedule both at home and in your stores, then identify what works for you to get healthier or stay healthy this summer. Our three favorite tips are easy, fun and retail-friendly.
TIP #1: BOOST UP YOUR BERRIES
Whether you love blueberries, blackberries or strawberries, boost up your intake this summer for an antioxi-dant-rich diet that is both yummy and good for you. Their powerful antioxidants will help prevent damage to your body’s tissue, as well as reduce age-related illnesses. For those of you looking to watch your cholesterol, fiber-rich berries can help you do this while also helping to prevent some cancers. Throw them on yogurt, top them on an (occasional) bowl of ice cream or eat them plain. If fresh berries aren’t readily available for you, use frozen ones. They make the perfect base to any smoothie!
TIP #2: GET MOVING OUTSIDE
Sidewalk sales might get you out of your store and into the daylight, but sidewalk sales alone won’t give you the sunshine or exercise your body needs. Take full advantage of summer weather by biking or walking to your store, taking early morning hikes or participating in a local sporting league. You can even have your store sponsor the league! If you’re one of those retailers who feels like you can’t ever get away from your store, consider wearing a hat or shirt that has your store logo on it while you get some exercise in. You’ll do double duty of promoting your store while working out!
TIP #3: TAKE SOME TIME OFF Even if you don’t have vacation time – we know you own your own biz, after all – consider taking a day or two (or three or four) off this summer. Part time employees can step up and take over with a little preparation and TLC, letting you get some well-deserved time off. Vacations – no matter how long or how short – have proven to im-prove blood pressure, stress hormones and heart rates. Another perk of vacation? They often allow you to spend some overdue face time with those you love most. Whatever your vacation style is, be sure to work it into your busy schedule this summer. You deserve it.
Not sure how to kick your sluggish routine into a healthy one? Consider baby steps that will lead to happy, healthy strides over time.
• Plan Ahead. If you schedule your days to include healthy habits, it’s easier to keep up with them. Pack your lunch instead of ordering in or eating on the fly, set your alarm for the extra time you need to bike or walk to your store and commit yourself to healthy activities during your time off.
• Double Team. Studies show that if you have a workout buddy, you are more likely to do it. Find a friend, co-worker or other local retailer who wants to commit to healthy living this summer. Schedule time to do it togeth-er, and lean on each other to make sure you are both staying accountable in your efforts.
• Pay Attention. Before you reach for a snack, handful of chocolates or sugary drink, ask yourself if you both need it or want it. It’s likely you are doing things out of habit. Challenge yourself with every bite you take, making sure it’s necessary and it’s healthy first. Not eating isn’t your answer, of course, but eating right is.
Retailers. Designers. Harmony.Discover Some Indie Designers That Are Helping Retailers
Gain Customer Attention… And Sales. by Nicole Leinbach Reyhle
hat does every retailer need to create balance, harmo-ny and sales in their store
space? Inventory. Without it, a store – very simply – can’t exist.
Retail Minded searched for some of the best designers in the indie retail scene and discovered more than just great fashion. Like our indie retail audience, they are indie themselves and under-stand a thing or two about catering to an indie crowd. As a result? They’re some of our favorite designers in the retail market right now.
Meet Rosalina Pong.It was Rosalina Pong’s obsession with finding the perfect coat that led her to create her own collection of sophisticated, timeless outerwear that is proudly produced in midtown Manhattan.
Combining luxurious wools, menswear inspired interior pockets and hand-sewn details, Rosalina Pong coats keep today’s discerning woman stylish from day to night. The designer introduces a single fall-winter coat collection, with a new 2014 collection to be debuted next Spring. The collection accentuates and adds the fin-ishing touch to every woman’s individual style, offering the perfect blend of style and function to complement a variety of lifestyles. Retailers can set up an appointment to view or purchase her coats by visiting rosalinapong.com. In the New York area – or need an excuse to be? You can also sign up at her website for invite-only trunk show collaborations with chefs and personalities around New York City. Combining fashion with fun never goes out of style! Discover more at rosalinapong.com.
Photo Provided With Permission to Use by Rosalina Pong
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Photo by Pat Jarrett. Photo Provided With Permission to Use by Michelle Pajak-Reynolds.
Meet Danilo Gabrielli. Born and raised in Porto Santo Stefano, Monte Argentario – a small island off the West coast of Tuscany, Italy - Danilo grad-uated from the Accademia Pistoiese in Rome before moving to New York to pur-sue his career in the Fashion Industry. With a sentimental view of America and of his native Italy, Danilo reflects the art that he creates and makes women feel empowered through his bespoke, time- less fashions.
Danilo Gabrielli, whose website is DaniloGabrielli.com, is an artist with vision that breathes timeless elegance into a high end, ready-to-wear collection with con-temporary couture finishes. Rustic Italian roots, London artisans and an American dream makes Danilo Gabrielli a brand that is unique in sentiment, dramatic in design and luxurious in quality. It also makes it a brand that stands out in retail stores that ca-ter to a high end crowd.
Meet Michelle Pajak-Reynolds. “An extraordinary woman deserves extraordinary jew-elry,” says designer Michelle Pajak-Reynolds.
The Michelle Pajak-Reynolds brand is a haute cou-ture jewelry label founded in an unexpected place - Akron, Ohio. Despite being based in a commu-nity that isn’t always known for fashion, her work debuted to the international fashion market at New York Fashion Week in February 2012. Pajak-Reyn-olds’ jewelry designs are one-of-a-kind pieces that require dozens to hundreds of hours of highly skilled labor to create. Her collection is meticulous-ly handcrafted in the United States, and is highly sought after by fashion stylists, celebrities and fash-ion connoisseurs. Among her fans include celebri-ties Sophia Bush, Dina Manzo and Miss Brazil 2010 Debora Lyra. Additionally, Pajak-Reynolds’ designs have received media coverage, even gracing the covers of Grace Ormonde Wedding Style and LA Brides magazines. Curious how her work can change your store inventory and sales? Discover more at michellepajakreynolds.com.
Photo Provided With Permission to Use by Danilo Gabrielli
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On May 20, 2013, at Scholastic Auditorium in New York City’s Soho neighborhood, Retail Minded welcomed over two hundred independent retailers and indie retail supporters to our second annual Independent Retail-er Conference.
Kicking off our event was opening keynote speaker Ron Cates, Digital Marketing Expert from Constant Contact. An attendee favorite, Cates offered indie specific tips on how to strengthen digital experiences. On tip he shared? Keep images smaller than 150 pixels to allow readers to get to content and messages faster. Following this en-ergetic opening was a PR Panel that consisted of three stand-out talents in the marketing and PR sector, includ-ing VP of MOO.com Stephanie Shore, NBC lifestyle cor-respondent Raina Setel and Co-Founder of AMP3 Public Relations Alyson Campbell. Among their thoughts includ-ed insight on how to develop local media relationships so that you are their go-to-source for quotes, articles and contributions. Additional speakers from the day in-cluded Jason Richelson, CEO of ShopKeep POS and former indie store owner, as well as Robert Bethge of Per-ka Inc., Anoop Kansupada of ownth.is and Haig Kayseri-an of Kayweb Angels. Among their collective tips included claiming accounts with Google+ to avoid being missed in everyday searches that take place in local marketplaces. Next up was the creator of “Thank You Small Business”, Carissa Reiniger, who captivated our audience with ways to grow their business and hit revenue goals. One of her main messages shared was to stay focused, and to fill in the blanks of “I _____________ for _____________ on a _____________ scale.” Retail Minded took the chal-lenge, and here’s what we came up with: “Retail Minded
provides education and support for independent retailers on a global scale.”
Finally, the conference came to a close with keynote pre-senter Cathy Wagner of Retail Mavens. Making her sec-ond appearance at the Independent Retailer Conference, Wagner shared her expertise on how to make a profit in your store - period. Her proven strategies have helped thousands of retailers, and the attendees of the Indepen-dent Retailer Conference took countless notes to bring back to their own stores. Wagner’s best tip? Develop more cash flow by stronger inventory management.
While the day was packed with stand-out speakers and hours of retail-rich education, Retail Minded was also thrilled to introduce attendees to exhibitors that in-cluded SnapRetail, ShopKeep POS, Kabbage, MOO.com and our welcome sponsor, the Retail Council of New York State. This unique face time with some of the best supporters of indie merchants allowed attendees to get questions answered while also getting a hands-on ex-perience to some of the best resources for their stores. Finally, the day concluded with a networking party at a nearby bar, The Anchor.
The days and weeks after the conference had Retail Minded wondering... where should we take the confer-ence to next year? The decision was hard, but it looks like we’ll be back in NYC again on April 21, 2014. Retail Minded looks forward to preparing for this exciting day, offering even more support for indie retailers nationwide. Be sure to visit RetailMinded.com for updated event infor-mation and more!
by Nicole Leinbach Reyhle
photos: nolcha events
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your pos area in holiday shape
to maximize sales & make more money
best practices of buying from crafters, plus
meet some rm faves
tips on making customers loyal
this holiday season…
& forever!
how traditional commercial
districts & indies benefit from each other
CHECK IN WITH RM’S FOUNDER & EDITOR, NICOLE LEINBACH REYHLE, ON TWITTER, FACEBOOK & SULIA!
while it may still be hot outside, fall is just around the corner.
here’s what to expect from retail minded
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Sidewalk Sales Indie stores nationwide look forward to the days when their stores can gain some extra square footage, thanks to sidewalk sales. Who needs four walls when the sky can be your ceiling? Maximize sidewalk sales with engaging table displays, energetic employees, and great inventory at impulsive pricing.
Local Festivals Customers, friends, friends of friends and more love nothing more than a good summer festival. When there’s one in your town, leverage the opportunity to get your store involved. Keep your doors open to accommodate festival hours whenever possible.
Lingering Customers The idea that school is out and Monday through Friday routines are a bit thrown off put customers in a more lingering mood. Embrace their willingness to shop longer, look more and linger throughout your store.
Colorful Inventory The transition of merchandise in your store is a great chance to brighten things up, offering customers a fresh and colorful approach to shopping. If your inventory isn’t screaming summer through its color choices, make sure your displays and merchandising tactics do.
Water Breaks Whether it’s July’s inevitable heat or August’s quench for pools, Oceanside and some last minute R&R before Fall kicks into gear, everyone loves a refreshing water break. Slice up some lemons to give your water an extra burst, then offer it complimentary to every customer who walks through your doors.
Sunlight Evenings The sun deserves a huge thanks during the Summer for the extended daylight hours it offers retailers – ex-tending otherwise dark stores into bright ones well into the evening. Maximize this daylight with altered store hours and sunlight evening special events.
Summer Hours Speaking of store hours, consider how your local customer shops differently come Summertime. If it makes sense to change your opening hours, weekend hours or normally closed hours, do it. Don’t settle into a rou-tine of “this is this, no matter what” when instead it makes sense to support your seasonal customer.
Mainstreet Madness There’s something about summertime that gets otherwise big box folks onto their local Mainstreets. Streets and stores alike welcome new faces from within their own communities – providing a great opportunity to turn barely there customers to more regular shoppers.
Summer Spirit Store employees and local customers alike have a different spirit about how they live come summertime. There tends to be more smiles, less stress and refreshing conversations that begin with “how is your day” – with answers in full bloom and listeners actually caring.
Employee Makeovers Just because Summertime screams fun doesn’t mean you can neglect the care and training of your employ-ees. Take this time to enhance what they already know, provide trainings on new inventory or store operations and finally, make them more dedicated to your store than ever before.
TEN REASONS RETAIL & SUMMER ARE MEANT TO BE
WISHING YOU & YOUR STORE A SUMMER FULL OF SUNSHINE & SALES!
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