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?
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.
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?
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!
Why didn’t someone create the “dislike” button? This would be one of the opportunities where I would apply it. A new social networking site geared toward children and their parents. The basic premise of the site seems to be: parents sign their kids up via their personal Facebook accounts and select the children of their friends to become friends on this new site. Then the parents, children and friends can play games, chat, or participate in other interactive activities on the site. You can read more in the article – Togetherville: A Digital Training Ground for Young Geeks | GeekDad | Wired.com.
Call me old school, but what happened to good ol’ face to face communication? I like sitting at the dinner table talking about our day, or what we look forward to over the upcoming weekend. Furthermore, I am not ready for my oldest to have a Facebook account, let alone a mom sponsored/censored social networking site. We can stick to socially networking with kids and their parents at birthday parties, sports games, and other outdoor activities.
Sound harsh? I don’t think so. We have a plethora of electronic games and television shows to entertain our children. They know when and where they can play games online. Many have email accounts. At what point do we really stop to think about the value of personal interaction and encourage our kids to thrive as personable human beings? Of course I don’t think something like this will “take over the world”, I just err on the side of caution for those who think it is cute for kids to spend countless hours flipping between tv shows, computer games, online social networking, video games….and forget to pick up a bike, or skates, or participate in some type of outdoor activity (think Michelle Obama – Let’s Move).
Even more, this opens the door for a massive advertising opportunity. Marketers love this stuff. A captive audience of families….mothers, children – those with the largest purchasing capacity and potential – we would have a field day!! (remember I am a mom in marketing)
Can’t you see advertisers lining up to post ads and run contests for products and services that appeal to kids, and moms who have kids? New snacks, games, hair wraps and silly bandz..oh my!
I take my work hat off in this instance, and reveal the badge of my heart; my family; and I want them to rest assured that I have their best interest in mind. They may not appreciate it now, but I can wait for later.
I am a mother who has ideas and likes to write, sometimes. I have to move when the spirit hits me, and honestly sometimes that isn’t quite as often as I would have hoped. I also wish I could dance…but that’s another story. So, because I like to write, and because I started this blog, then you could say I am a mother who blogs. I don’t believe however that I am a mommy blogger.
Why? Well, because I don’t talk about mommy things, or my kids very often in this space. I love them dearly, and enjoy watching them grow up and take on personalities and pick up traits from me and daddy, but I don’t blog about them, or mommyness, or cutesy gadgets. And in no way do I want to disrespect mommy bloggers. I simply write about another topic that expresses my interest. One day I hope to write about my interest in marketing with as much zeal as a mommy blogger…but, until then, I guess I will just be a mom who blogs~ about ideas and marketing. 🙂