How the Closing of Retail stores Affects You

Each year companies project earnings and loss. Many make difficult decisions based on those numbers. When retail stores announce closings, how does that impact you, your family and your business?

Convenience. We are creatures of habit and convenience. When we can easily locate the product or service we need in a familiar location near our home or office, it makes our lives better. When a retail store we frequent closes, we have to find an alternative, which could require a different path.

Choice. Discretionary income, and life in general is fueled by our choice. In retail, there are a number of options for similar goods and services, and our choice predicates survival. Two ways to unpack this thought. One, where and how we decide to shop, and two, who we shop with. (See convenience).

Creativity. The close of a retail store does not indicate a decline in shopping. There are other statistics that indicate economic trends. A store closing signals more on the operation of that business, which has a number of factors. However there is a lining of opportunity that exists for small businesses that operate in the retail space, or provide a service shopping for others. Small retail businesses have the creative flexibility to reach consumers in fun ways to encourage purchases. Personal shoppers and concierge services can support the convenience and choice of consumers not willing to travel or are in need of assistance seeking the alternative shop.

The Business Insider recently compiled a list of the retail stores with locations closing in the coming year. http://www.businessinsider.com/stores-closing-in-2018-2017-12

What opportunity does this present for you?

Where Can You Find Potential Customers for Last Minute Holiday Sales?

The end of the year is fast approaching and it is the holiday season. You, your clients and consumers as a whole are bombarded with sales, discounts, and offers for last minute holiday shopping. It can be tough to break through the holiday sales promotions and gain the visibility you need to boost your business.

In another post, we will delve into the building blocks of creating an annual marketing strategy. Here, our focus is uncovering where you can find potential customers. We will start with reviewing the stats. Staying abreast of trends in your industry and the marketplace are key to the success and longevity of your business.

171212-infographic-holiday-purchasing (2)This article from MarketingProfs reveals a telling analysis of consumer behavior and holiday shopping trends. Outside of being surprised that most people buy the same type of gifts year after year, the article features an infographic of the study findings that is easy to follow. Essentially, the study reveals people are making simple purchases that accentuate the person or satisfy their electronic craving, and making less major purchases with retail apparel purchases declining and purchasing books as gifts at the bottom at the list.

What does this mean for your business marketing strategy or advertising plan?

Holiday Promotion Blog Post

This means you can follow overall consumer behavior patterns and think through a brief promotional strategy that can help you find those last minute shoppers and make them your new customers.

If you have a marketing strategy intact, sprinkling in a short term promotion should be relatively easy. Here are a few ideas to consider for product based business advertising during the holiday season:

  • Use the power of suggestion through placing digital ads on social media. Holiday gift giving can be a chore for some and fun for many. Help your potential customer make the decision to purchase your product.
  • Highlight the benefits you offer.  Whether it is a gift certificate (are those still a thing?), rewards program, or discount, hype up the benefits of shopping with your business.
  • Think outside the box. If your primary product is a leather glove and you want to reach that purchaser of a beautiful bracelet, perhaps y
    our strategy is to partner with a jewelry maker and promote a campaign that shows the beauty of the bracelet inside and outside of your glove.

 

Hopefully these ideas will spark some thought on how you can effectively position your business to be found by potential customers and generate a few new sales this holiday season. Hurry while you still have time!