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The Perils of Pricing

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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 →

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The Pareto Principle and Your Store

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March 21, 2016

Marketers have long relied on the Pareto principle, or the 80/20 rule, which states that 80% of your revenue comes from 20% of your customers.

The theory is tempered by the fact that museums rely less on a local customer base than conventional retail locations do; many of us draw a lot of revenue from tourists, including international or out-of-region visitors. Our biggest spenders may only be in town once. But even if the top-20 spending group doesn’t always comprise the same individuals, if you analyze visitorship and spending, you will find that customers in that 20% have a lot in common. Read more →

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5 Ways to Increase Foot Traffic

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March 7, 2016

Have you ever noticed how many people walk by your store and don’t come in? Does it bother you? Of course it does. No one who has ever managed a retail operation is comfortable with traffic that passes them by. It’s like having a party and no one comes. For stores that are contained within a museum or an institution, it’s easy to feel like you’re doing something wrong if your numbers don’t reflect a sizable portion of the general admissions.

Increasing your foot traffic is one of the primary ways of maximizing profitability for your store. Profitability begins with feet through the door. So let’s look at five ways that you can increase your foot traffic, without breaking the bank. Read more →

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Storytelling

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February 22, 2016

It’s been said that you should write about what you know.  Occasionally, I have been accused that I don’t know what I am talking about, but in truth all of us are experts in some way or another.  If you do your job well, you’re probably an expert.  If you’ve been doing what you do for a while and have developed good methods to do what you do, you’re an expert.  This can be writing, managing people, cleaning, budgeting, working with customers, curating items for your store, and on and on. Read more →

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Life on the Floor

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February 15, 2016

Not long ago, I had the opportunity to visit the great Musical Instrument Museum on the outskirts of Phoenix. This is a fabulous museum and well worth your time if you happen to be visiting Phoenix. For me it was a total surprise. One of the other museum stores I visited recommended that I see it and I’m so glad they did. I expected a modest venue with a small collection of musical instruments. Instead, I got to enjoy a mega museum with musical instruments from around the world and throughout the decades. All of the displays are interactive, with music provided to each patron though headsets as they wander around the museum. Read more →

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Social Media Explained

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February 8, 2016

A while back, I came across an image that went viral that explained social media using donuts. Naturally, the use of donuts caught my attention since donuts are at the top of my nutritional tree… and social media seemed kind of important, too.

As it turns out, the social media explanation, ala donuts, has been knocking around the Internet since 2013. It’s a simple, yet effective way to visualize the social media food chain. It’s easy to see why it caught the imagination of anyone who is trying to figure out a way to take advantage of all that social media has to offer – especially for businesses. I guess that’s why I keep a copy of these nine definitions pinned to the bulletin board near my desk.

Read more →

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8 Apps To Make Your Day Better

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With both Apple and Google each offering more than 1.5 million apps a piece, chances are you might have missed one or two that could come in handy.  A smartphone in your pocket is an amazing tool, made even more powerful when equipped with the right apps.  Better yet, most of the basic apps are free. While most apps offer Pro or expanded versions for a price, the free versions usually give you everything you need.  So, the investment in most apps is in taking the time to learn how to use them. 

Whether you work with an iPad, iPhone, or with an Android/Google platform (or some combination), you’ll find most of these apps are available no matter which operating system you prefer. The apps on this list might make your day-to-day life easier (or more complicated, depending on your technological prowess).

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10 Ideas You Should Steal

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January 25, 2016

In 1970, the King of the counterculture, Abbie Hoffman, wrote, Steal This Book. It was a guide to survival in time of change. It’s now 2016 and times are a changing. It’s time to steal some ideas.

Every industry has unique ways of doing business. Many of these ideas translate well to the retail business. So here are a few ideas that you can steal to help your store survive in the ever-changing world of noprofit retail. Read more →

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Busy Equals Happy

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In cities all across the country, quality employees are becoming harder to find. So, if you’re having a difficult time retaining your best employees, a good strategy may be to just make them work a little harder.

The retail work environment, particularly in museum and institutional stores, can be laid-back even with a steady stream of customers.  But for some employees, this unique pace may not feel challenging enough for them.
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Looking Back and Ahead

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December 28, 2015

It’s hard to believe that 2015 is quickly sliding into our rear-view mirrors. In many ways, it was yet another year of retail as usual. I’m sure for many museum stores the end of the year looks much like the beginning of the year.  Some stores within museums and institutions can be somewhat protected from seasonal changes with their business rising and falling based on the strength of the attendance of their institutions.

But as we peek around the corner at the new year some of that insulation may wear thin. Every facet of larger institutions could come under review if budgets get tight or if existing business and operating models are overhauled.

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