Listen at: https://salenaknight.com/podcast/58
Why your competitors are important,
I was recently asked, “Should I block the competition from following me on social media”?
I was perplexed. Why would you bock your competition, I asked?
Ad I got the reply “so they can’t see what I’m doing”.
And therein lies a deep-seated fear in so many retailers. Worrying whether they’ll be copied, or compared.
No matter where we are in business, we’re always comparing ourselves with others. Sometimes you’re the one comparing, and other times, you’re probably getting looked up to by others.
read more at: https://salenaknight.com/retail-51
What you will learn in this episode:
I’m a hairdresser/beautician/massage therapist, so I’m not a retailer
This was the conversation I has with my beautician recently
So I pointed to the shelves full of products, and asked if she sold them.
Of course she did. Well, they were for sale, but she didn’t really sell them.
She didn’t want to be pushy.
She’s once worked for a beauty chain, where everything was about targets and upsells, and she vowed never to be like that to her customers.
I have a secret I want to share with you today. I call it the rule of threes, and it will definitely help you get more sales.
It’s easy to fall into the old line of “can I help you” when a customer walks in the door. But you know the answer is most likely going to just be “I’m just looking”, right?
Don’t pepper someone as soon as they walk in
Forgo the “can I help you” and try “what brings you into the store today”
Why You aren’t getting sales out of Facebook.
Facebook ads are da bomb. You hear this all the time, but every time you try Facebook ads, you end up just wasting your money.
I’m sorry, It’s not Facebook it’s you.
When I was lamenting to a fb expert this week, that my favourite ad strategy had completely been changed whilst I was away for a few weeks.
Her answer was “Facebook is like a foster puppy, never get too attached, because it’ll be changing any day now”.
And you know what, that is the perfect analogy. Like anything, marketing and advertising require constant attention and tweaking.
Ok, so I’m just going to dot point these out – that’s point one.
and more at: salenaknight.com/podcast/bbtr54-how-a-brand-ambassador-can-grow-your-business-jesika-mullins/
Does this sound familiar to you? You’ve just sat down in front of your computer. There’s a cup of tea, or maybe a sneaky glass of wine by your side, and you’re ready to settle into an evening of online shopping.
Then, the kids start crying, or there’s some kind of random emergency that seems to befall your household, just when you’ve sat down.
Right? Happens to me All. The. Time.
One of the most disastrous things that can happen to your business, is losing all of your data.
No longer able to access your customer database, your sales records, your inventory, your images and files, could potentially ruin your retail store. In the least, it would set you back weeks, trying to recover all of the lost information, and the lost sales that would happen as a result.
I know businesses that have lost thousands of dollars in lost sales, when their website has been hacked, others that have lost tens of thousands of dollars in lost time, and not to mention, the potential legal issues that can arise, when you don’t have access to your business files.
We’re talking about your point of sale system, your website, client information, internal files, employee data, bookkeeping files, images and blog posts, all gone.
What would that do to your business?
Read more: www.salenaknight.com/retail-46
"Passionate about design, I love seeing our concepts brought to life at an event. I'm fascinated by psychology and like to workshop ideas that can change the way clients interact with their audience.
I find it rewarding to know that I'm able to help increase the return my clients get from a show by helping them address each phase of the process to transform their experience."
If there is a fire in your store, do you and your staff know what to do? How about if you suspect a customer of stealing. How do you tackle the subject (pun completely intended!)
No one wants to find themselves in an emergency situation. And for that matter, what actually constitutes and emergency situation? And just exactly what steps should you and your staff take, when the situation arises?
As a small business retailer, there’s a good chance that you’ve overlooked some processes. Not deliberately of course, but simply because you’re so busy doing so many roles in the business, and no one has brought them to your attention.
It’s your legal responsibility to ensure a safe environment for your employees, and your customers, so I’m asking you to mark a date in your calendar, where you will sit down and map out your emergency procedures.
Find out more at www.salenaknight.om/retail-45
Kim Krajci plays well with words. As a professional writer, social media marketer, public speaker, and podcaster, she uses words to shape
ideas. She publishes blogs and produces podcasts, including her own On the Table - Topics for Toastmasters http://onthetablepodcasts.com and
As a result of her involvement with high school speech and debate programs and Toastmasters, she strongly believes that communication is
the foundation of leadership. This has become her message in her professional speaking career.
Kim lives with her husband and family in Ohio, USA, in a household that is slowly reducing in size as the kids head off to their own adventures.
She's good with that.
Everyday, we have to make thousands of decisions. From when to brush our teeth, what to wear today, what to make for dinner, through to all the decisions you have to make at work. All of this before lunch time! It’s no wonder that so many customers suffer from indecision and the lack of purchasing power.
When you’re under stress, your body reacts in several ways. Your attention span gets shorter, you can have increased anxiety, and, quite often, have a fear of making decisions.
Couple All of these external influences that your customer is making everyday along with being bombarded by the same information from every single retailer, and your customer, can move into a state of stress and anxiety. And this leads to overthinking the purchasing decision, letting fear creep in, and eventually, just walking away from the whole buying experience.
So, how can you, the retailer, conquer the indecision barrier?
You have to pull down those barriers. What you need to do, is create a zone of security and here’s how you can do it.
Find out more at: www.salenaknight.com/retail-44
Trade fairs are a whirlwind of people, products and hopefully, sales. You’re high on excitement, surrounded by thousands of potential customers. You’re ready to sell anything and everything. But trade fairs are a funny thing. Customers are oftened hyped up and ready to spend, and the old fear of missing out, drives them to buy things that they may not normally have purchased. Now, the reason you do trade fairs, is mainly to attract new customers, right? But a new customer once, is not going to change your bottom line.
I’ve seen Megan speak before, and I remember that her insights into retail were very different to what other people were spruiking.
Coming from a background in business, Megan grew up in pubs.
She recounts many stories, such as riding her tricycle around the ballroom, how her dad taught her that you’re never to senior to pick up a broom.
And how watching the cash being counted in the evening, how she said to her dad ‘look at all that money, you must be rich’.
And how her father took that stack of bills, and showed her how much went to wages, overheads, restocking and rent, and the small amount that was left over.
Whilst I was listening to her talk, I could see this picture in my mind, and I immediately thought ‘what a fantastic way to show a child the meaning of money’.
So much of what Megan had to say, had me recounting my time in business, and how as retailers, we often overlook key areas of business, because we aren’t confident enough to stand out.
As the co-founder of net-a-porter, the super luxurious, online fashion store, Megan’s love for expensive handbags, her eye for style and her introduction to the internet put a wild idea in her head.
I was very lucky last week, to be gifted a ticket to the total summit event, here in Sydney, by my friend, the product-prenur expert, Catherine Langman.
It was a 2 day event, culminating in a mammoth 3 hour session by Tony Robbins. I was excited that there were 3 women on the speaking buill, that I was super excited to hear from. Carolyn Creswell, founder of Carman’s muesli, Naomi Simson, the founder of Red Balloon and a shark on Australia’s Shark Tank, and Melanie Perkins, the founder of Canva. Plus, Megan Quinn, the founder of net-a-porter also popped in for an amazing session.
I often forget about how important it is to go to events like these. We get so busy, wrapped up in fwork, family and the eleventy billion other decisions that we have to make on a weekly basis.
Taking time out to meet new people, in an inspirational environment, just does something to your brain, and your energy. You come away renewed, with so many fresh ideas. You have clarity of what you want, and you may just meet someone who can change the whole course of your business, or even your life.
So I urge you to find some events that you think will light you up. Write them in your diary and commit to making them happen.
For more, visit:
Can a retail store earn income from affiliates?
The margins you have in retail can often only be changed by either upping your retail price, or negotiating discounts with your suppliers, so what is there was another way of earning extra revenue in your business, without purchasing products? Wouldn't it be awesome if you could have extra cash coming into your business, without outlaying for products? Imagine if you could offer products and services to your clients that for whatever reason, you can't stock in your store? Well, you can. It's called affiliate income. [Tweet " So what exactly is affiliate income?"] Essentially, it's where your company is paid a referral fee for selling a product or service for another company. Now before you run off thinking pyramid selling, or multi level marketing, that's NOT what affiliate income is about. The key to making this work, without looking all douche bag salesy, is to find products or services that your customers could clearly benefit from, and that you truly believe to be in line with your brand.
You then advertise this service on social media, in your newsletter, in store - wherever your customers are at with a special link that your supplier will give you. When your customers purchase the item, you are automatically given a referral fee. Perhaps you're a children's store. You could team up with an in-home styling, or parenting workshops. The amount that you get paid is either going to be a set fee, or a percentage of the amount your customer spends with your affiliate. As such, you need to think about how much you could potentially earn, versus how much time and money you will put into advertising your affiliate. Be warned though, you can't just put up a sign and hope for the best. Like any product in your store, the affiliate has to be sold to earn its place in the store. Now you can rotate the offers, to be in line with your monthly editorial calendar, or maybe you just have one thing your customers repeatedly want. Either way, there is the potential to earn significant revenue streams outside of just selling the products in your store. In addition, you're providing a better experience for your customer base, and best of all, are being completely different to your competitors. I'd love to hear what you sell and one product or service that you could investigate right now, that your customers would benefit from. Comment below and have a fab day!
Banking fees are a part of business, and you should build them into your margins. Make sure you Accept multiple payment options. Cash, debit card/eftpos, credit card, paypal, stripe and even bitcoin! By only accepting one form of payment, you may well end up losing a sale.
Some people see gift vouchers as a liability, because they need to remain on your balance sheet for a set amount of time. However, gift vouchers being bought is cash flow into your business. The bonus is they will often bring in new customers, as your faithful, loyal fans seek to spread the word about how fab your store is.
I'm not suggesting that you open longer. What I'm talking about is having an online platform where people can purchase products when your store isn't open. If you don't have a website, you should. Whilst a website may take some time to set up, in less than an hour, you could set up a store on your facebook page with your most popular items, including gift vouchers!
I don't always advocate not being paid upfront, because it can cost you time chasing up people to pay. However, if you sell higher priced items, the ability to offer a payment plan may be the deciding factor as to whether a customer decides to purchase from you or not. My suggestion here is to make sure that the amount is large enough for you to justify holding the inventory/chasing payments.
So, you’re on your way to your first ever trade show as a buyer. You’ve heard all the stories about how beautiful the stands can be and you’re excited to be able to see so many suppliers in one place.
Today we’re talking about what to expect when you attend a trade show as a buyer. I remember my first ever trade show that I attended as a buyer. I felt so important, with my name and business name on a lanyard as I waltzed around the stores. But, I had a very big shock waiting for me.
Most trade shows will require that you pre register. You’ll have to fill out an online form, and usually provide some kind of proof of business registration. Once you’ve been accepted, you’ll get an email, and either your registration lanyard in the post, or you’ll pick it up on the day. To avoid any surprises, Be sure to check out start and finish times, transport, parking fees and whether children can attend. In many cases children are not allowed at trade fairs, or may be required to be in a baby carrier or pram. Here’s a little tip – you can often pre book parking, or get parking validated at the show for a reduced fee – even as a guest. Just sayin’
When you enter the trade show, you may be overwhelmed. Grab a guide and circle the suppliers you’d like to see the most. I recommend hunting those places out first, so you don’t accidentally walk past them in the hustle and bustle. Vendors will often have show specials. A word of advice. Think before you order! And if you order on the day, keep track of how much your spending.
4 weeks after my first trade fair, I was receiving whopping invoices from things I’d forgotten I even ordered. Ask suppliers what they provide. Do they supply images, Point of sale or merchandising items, are their stands available for awkward products? What are their trade terms and warranties? Can you return or exchange stock that doesn’t move? You’ll often get your lanyard scanned by everyone who’se stand you show an interest in. Be aware these people WILL email you, so be prepared for an onslaught in your inbox. Remember to ask yourself if this would really suit your ultimate customer, or is it just something YOU like? I guess what I’m saying is to just be mindful of what you’re buuing and how much your spending. Most of all, have fun, enjoy the opportunity to be a business owner, making decisions that will grow your business. Use this opportunity to connect with suppliers and develop a relationship with them. You may only get a few minutes, but have something noteworthy to discuss if you want to foster your relationship. Some suppliers will even let you book meeting times with them.
Need More Trade Fair Inspiration? Try these
[caption id="attachment_7014" align="aligncenter" width="300"] 5 Questions to Ask Before Taking On A New Supplier[/caption] [caption id="attachment_7011" align="aligncenter" width="300"] How To Choose The Right Products For Your Store[/caption]
They say that imitation is the highest form of flattery but what do you do when it feels like a competitor is copying your every move?
Today we’re talking about how to deal with copycat retailers. To start off with, woo hoo, clearly you are doing something right, and are seen as a leader in your field, and that is worth celebrating, so go you! But, it’s a pretty shitty feeling to open up your laptop and see someone who is blatantly copying all that you say and do. After chatting with a lot of people in the retail industry, what I discovered is that copying tends to be more the online component of retail, and than offline, bricks and mortar side. Let’s be honest, if you walked into a store that looked exactly like the store in the next street, you’d probably be more confused than anything. And if you went back again and the window display had changed to something similar that you saw in the original store, you’d start to realize that the second store didn’t have it’s own voice, it’s own soul.
Firstly, know your rights and ensure you’ve covered your butt. Make sure that you’ve trademarked your business name and logo. This way, you’re legally covered if someone tries to copy your logo or business name. In addition, when you publish original content on your website, such as product descriptions you’ve written yourself, cheat sheets and blog posts, you automatically have copyright attributed to it. [Tweet "So you find someone has copied your digital work. What do you do?"] Start off with a letter or email to the person who is using your material. This may be enough to get them to stop. If they continue to use your material, you have several option including have a solicitor draw up a cease and desist letter, or you can report the offender to their web host or to search engines as infringing on copyright. However, I have to put a disclaimer in here about website design: Quite often websites are created from templates. If you or your deign have chosen this option for your website, then expect that there will be many other sites that have the same look and feel. But what if the ‘copying’ is more about your style, rather than copyright infringement? Let me tell you a story about what can happen. I’ve gotten that phone call where someone tells you that they found someone who has copied your text, or your images, or your overall style. My friend called me to say that she’d found a website that had an almost identical vision, and copied my mission statement. Well, to start off with, most retailers don’t even include this stuff and when I had a look, it was nearly word for word. Better yet, there were pictures of stock, that had been taken IN MY STORE and passed of as this person’s own work. It’s impossible to ‘be someone else’ forever. If someone is copying you, they aren’t being themselves, and eventually, that will become obvious. You need to continue to show your customers, your suppliers and the rest of the retail world, how you’re different. Use video, use photos, use blog posts and reviews to build your brand, to secure your position as a leader in your retail field and to speak to your customers in a way that is truly authentic to your brand.
And what happened to the person who was infringing on my copyright? A quick call to my solicitor and for a couple of hundred dollars, he drafted a Cease and desist letter outlining what needed to be removed and by when. The person did have a whine that their ‘copywriter” had drafted the vision and mission statements, and she’d paid for them, so couldn’t see why they needed to be removed. I politely pointed out that she should ask for her money back from that copywriter and the offending images and text was removed that day. And that’s how you deal with copycat retailers. Go forth and have a profitable day!
As a retailer, it would be great if your suppliers sent you point of sale material ad beautiful images of stock. Sometimes it happens, sometimes it doesn’t. But there will also be times when you need gorgeous lifestyle pictures that you can legally use, preferably for free.
Today I’m going to tell you my 8 favourite places to get designer images, for free. Whether it’s for your blog, or advertising something seasonal, having access to beautiful images that are free is always a bonus. In no particular order, I have listed my top 6 places I use for images and backgrounds:
1) Splitshire - I find this site focuses more on things, than people, but I love the saturated colours in their pictures 2) Magdeleine - I think I was taken with the name first. This is a curated site, which tends to lean more towards nature and landscapes, but with a splash of everything else. Which leads me to 3) Splashbase is like a mini search engine for a select group of free images websites. 4) Kaboom Pics- this tends to be my go-to for lifestyle images of people and business images 5) Death to the stock photo is a subscription service, where each week, you’re emailed a curated selection of images, based on a theme. 6) New old stock photos. Super cute – these are vintage photos from the public archive. You can find so many different things in here. It’s like looking through photo albums of super cool images. Whilst you might think that you’ll never need images other than those from suppliers, not that you’re aware of what’s out there, I’m sure you’ll start to find uses for beautiful images that aren’t boring stock photos. Do you have other resources? I’d love to add them to my list. Comment and link below
We all know the feeling - cash flow is limited, you’re in those leaner months, and you need something new to bring the customers in.
The first one seems obvious. Applying to your suppliers for a 30-day account. Trade terms. So many retailers that I meet refuse to get trade terms from their suppliers because they ‘don’t want to get into debt’. Now I’m not an accountant but I feel that’s a very close-minded way to look at trade terms. Having your cash flow tied up in stock is not going to give your business a chance to grow. The key here is to be bang on with your inventory control, so that most of the stock has sold, when you’re bill comes due. Now you’re probably not going to get trade terms from a new supplier, however, freeing up you cash flow with existing, high turnover products, will allow you to invest some of that money into pro forma purchase for new stock.
Now consignment is when someone gives you stock for an agreed set period of time. At the end of the period, you run a report on what’s sold, your supplier invoices you, and you return what’s left. I find this works particularly well with brands that aren’t well know, or up and coming designers, who are eager to see their products in a store. [Tweet "The win for you is a fresh new brand, and the win for the consignee is they can promote the fact their product is already stocked in a retail bricks and mortar store."] You need to have a contract in place when you have stock on consignment, and I’ve included one in my 4 intelligent ways cheat sheet, that you can download from salenaknight.com When you need some fresh stock, getting someone to give you products may not always be the answer. For big-ticket items, or ones that take up a lot of space, whether on the floor or in your storeroom, the answer may lie in drop shipping. Drop shipping is when you take an order for a product and it’s shipped straight from the supplier. Preferably, you’ll keep a sample item in store, because after all, people are coming to your retail store to see things in person. The customer orders and pays you, you send the order to the supplier, and it’s shipped direct. The bonus of drop shipping is that you can sell as many as you like, without have to fill your storeroom with stuff.
In big retail stores, real estate is bought and sold, and you too can do this in your retail store. Where do you start? My first suggestion would be to sell your windows. These are high priced real estate, and if you put together a media pack that encompasses how you can promote a brand online along with offline in your windows, you can end up with a very tempting package for someone who wants to get their product featured. Package together things like social media profiling, electronic marketing, a giveaway or review along with insert promotions. Go forth and have a profitable day! Download the cheatsheet below