RETAILOBSERVER.COM JULY 2014
6
Moe Lastfogel
moe@retailobserver.com
THE RETAIL
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Moe's Musings Views
Happy Retailing,
SELF-ESTEEMING - a feeling of pride in yourself, feeling regarded with
respect and in some cases, self conceit
W
hy do men buy expensive cars or women designer purses? In
some cases, it's quality or brand recognition and sometimes
it's just "My stove is bigger than your stove." There—I said it,
and it's true. How do you, the retailer play off of this phenomenon of the
human ego? I say offer them what they want.
Now the question is, what do they want? Your customers range from
architects to zoologists and they all want something better than the next
guy (within their budget of course). What can you offer to this ego-centric
client? The best of course! But without asking them what the best is, you'll
never know what they want.
Surveys average a very low return. Internal surveys receive a 30-40
percent response rate compared to an average 10-15 response rate for
external surveys. Response rates can soar past 85 percent when the
responding population is motivated, the survey is well-executed and the
person surveyed receives a benefit to them.
Start with your own client data base, the top 10 percent of revenue and
invite them to an event to ask them about the products they have previously
purchased and why. More importantly, what would they buy from you
tomorrow? Contractors and designers can offer perspectives of client
wants and needs. And don't forget to ask what they would purchase
today if you carried it. The answers may surprise you and help you open
up new categories with larger profit margins and added revenue.
SELF-ESTEEMING:
A PROFIT
OPPORTUNITY
