June 20, 2016
While we all have (or should have) a retail mission statement that emulates the mission of our institution, have you ever thought about a customer service philosophy? One of the most important aspects of a retail operation is its customer service and its philosophy about that customer service. What exactly do I mean by philosophy of customer service?
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June 6, 2016
As you have been expanding your marketing to increase your presence online, you may have added a blog to your website. Of course now that you have your blog, you’re probably struggling to maintain a high level of high-interest content. For everyone who’s ever been faced with producing a regular blog, content is probably one of your biggest challenges (along with just maintaining a regular schedule). Read more →
May 30, 2016
When you ask most people what was the last deal they negotiated, they’ll probably tell you it was buying a car. And certainly there will be a horror story to go along with it. No doubt, it involved some extended back-and-forth with the salesman and sales manager ending in an outcome.
But when you think about it most of us negotiate every day. Each of us negotiates in business and in life. You negotiate when asking for a raise, when purchasing a home or car, when hiring a new employee or when dealing with a supplier. So it couldn’t hurt to get few more ideas on how to master the art of the everyday deal. Read more →
May 23, 2016
If you read trade journals and newspapers, you start to get the feeling the future of retail may be dramatically shaped by two things: technology and the Millennials. If Walgreens is now located at the corner of Happy and Healthy, then future retail will soon live at the corner of Technology and Millennial. It pretty apparent that technology and Millennials go hand-in-hand.
Okay, I know, yet another blog musing on the affect Millennials may have on the future, but stick with me on this. So far, many of the predictions made about the Millennial’s impact have been surprisingly accurate. Read more →
May 16, 2016
If you Google “customer experience” you’ll be surprised by the number of hits you get labeled customer experience management. Who knew your customer’s experience needed to be managed?
It wasn’t that long ago that you simply put merchandise on the counter, turned on the lights, opened the doors and… voilà, instant customer experience. Oh sure, somebody would throw in some clever visual merchandising to spice things up, but in the end the customer’s experience was pretty much unmanaged. Read more →
May 9, 2016
If you’re regular reader of this blog, you know we like to try to guess the future of retail. Of course no one can predict the future, but that’s never stopped us from trying. A recent article on the Chain Store Age website, Study: Three Technologies That Will Shape Retail and One That Won’t, took a look at a study that tries to predict the future of retail for the next 10 years.
Of course the study was conducted by Ovum, a technology company commissioned by Criteo, which is also a technology marketing company, so it focused only on technology. Included in the study was Hyper-Connectivity, Wearables, Augmented Reality, and 3-D printing. Read more →
May 2, 2016
Last week, the Business Journals interviewed 11 of the top small business owners and asked them for tips for success in running a successful company.
These business owners were honored as last year’s Small Business Persons of the Year in their respective areas. While their businesses may differ from an operation like a nonprofit retail store, it is easy to apply much of their advice to all types of operations. Let’s see how we can adapt their ideas to boost your museum and institutional stores. Read more →
April 25, 2016
Remember the old days when the cash register was literally a work of art? Those old monsters that were made by National Cash Register and a few other companies. Many of these devices were lovingly cast in bronze, while others in plated in brilliant nickel. They came adorned with flowers, filigree’s, and even characters like cherubs. For most retail establishments, they were the star attraction planted proudly at the front of the store.
Despite their size, some were nearly three feet tall, they didn’t really do much. As late as the 1970s, many cash registers did little more than record a sale. They didn’t even add and they certainly didn’t help manage the inventory. Yet, for all their shortcomings they were the anchor of the store. When you saw them in all their glory you knew exactly where to pay and where to find a sales person. Read more →
April 11, 2016
As the operator of an institutional store, you’re in a unique position to grow both your business and your professional self… often at the same time. In retail, you never know what the future will bring. Every day is a new adventure, every year is a new challenge, and fortunately, every challenge is a new opportunity. But you have to be ready.
The Business Journals recently ran an article, Six Quick and Affordable Tips to Grow New Business. After reading the article, you begin to understand that the success of the business and the success of the business manager are often inherently linked. If you follow professional sports, you begin understand that when a team wins, the value of the individual players usually goes up. In business, being associated with a winning team and a successful enterprise, often increases the value of the people who are directly responsible for the store’s success. Read more →
April 4, 2016
Boutique grocer, Trader Joe’s recently reported that they would be reducing prices. This is in response to a new pricing strategy announced by Whole Foods… or as they are sometimes referred to – Whole Paycheck. While Whole Foods has thrived over the years despite their reputation as being the pricey alternative, even they aren’t immune to the risks they face by losing price-sensitive shoppers.
In retail, correctly pricing the items in your store is both the key to your profit, and probably your biggest minefield. Obviously, you have to set a price with enough margin to cover your operating expenses and hopefully show a profit at the end of the year. But if you price too high, you’ll be babysitting the items on your shelves for a long time. Read more →
