Improve Your Retail Store's Performance: Understanding Retail Consumers

If you have a store whether online or in Main Street, I highly recommend that you read Accenture's study entitled "Retail and CGS Innovation Survey: US Results." The study provides data on how consumers are using the Web to make purchase, what are the factors that pushes a consumer to buy from a store, what retailers must do to retain customers, among others.

Some of the findings of the study include:

• The key criteria for deciding where to shop are: price (85%), product selection (69%), and store proximity (57%)
• The keys to providing the best in-store experience are: store organization (61%), variety (59%), cleanliness (58%), customer service (57%), and friendly staff (55%).
• Many consumers check the Internet before going to the store: 49% will call ahead or check online to see if the item is in stock before going to the store; 69% will research the product features on the Internet before going to the store for their purchase
• Majority of the customers (69%) prefer to purchase items in a store than online, except electronics where the preferred method of purchase is online

You can download the report at the Accenture website

How to Get Your Product in the TV Shopping Channels

TV shopping channels such as QVC has become a highly effective way for small business owners to sell products. Even if you are an unknown seller offering an unknown product, getting a slot in QVC can assure you of huge sales numbers. Imagine this: in less than 5 minutes, you can sell more than a thousand units of your product (or even more!). Where else can you find that retailing wunderkind?

If your product can get into QVC, it is like hitting the jackpot -- or at least the start of something big for your business. As such, competition can be very tough as every inventor or new marketer wants to be shown in the network. So how can you get your product featured on QVC?

1. Start by going to their website http://www.qvcproductsearch.com/ and study the section on how to become a QVC vendor. Check out the conferences they offer, which can really help you prepare your product for the primetime. If you feel you are ready, submit your application online or attend a QVC product search

2. Watch the QVC shows and familiarize yourself with the types of products being offered, how they are presented, how these products are packaged, the price points, etc. Develop an understanding of what sells on QVC

3. Understand the process of QVC. It takes months sometimes to hear a reply from QVC regarding your application. Once you get invited for an interview, expect that it will be like auditioning your product where you have to "sell" the idea why your product will work well in QVC to the producers. I've heard of some sellers who thought the invitation was just a formality and that they were already "in" only to find a couple of thousand other inventors and marketers lined up waiting for their turn to present the products.

I will be writing a more detailed article on this topic so watch out for it!

How to Get Your Products to the Market: Dealing with Buyers

Whether you are an inventor or a clothing designer, you need an outlet for your products whether it is the retail store across the street or Bloomingdale's. Of course, the bigger the store, the greater the chances for success.

But the problem is: how do you get your products into the shelves of these retailers? You basically have two options: get the know the CORRECT buyer for each store you want your products to be sold; or hire a distributor or manufacturer's representative to do the pitching job for you. A sales rep is often the easiest route because they already know the buyers of these big stores, they have an established relationship with the buyers, and they know the type of information and paperwork the buyers require.

If you are going to do it yourself, here are some tips:

1. Know the retailer. Before even talking to the store buyers, research the store and why they will benefit from having your products on their shelves (it's a two way thing: you win when they win). Check if your target audience for the product shops in that store. Find out if the retailer is selling products similar to yours; if if they do, what are the advantages of your products over the current offerings.

2. Understand that buyers of big companies and mass retailers are often hesitant and wary in dealing with new suppliers with unproven track records. They don't know you and your products, and whether you will be a good fit for the store. In fact, most buyers prefer to deal with sales reps.

3. Anticipate the concerns and questions of the buyer. You need to do your homework well before your meeting with the buyer, and this includes having proof that your products are ready for the primetime. Buyers will want to know:

• that the product is finished, including packaging
• who else will be selling the product
• whether you have to resources to supply their store
• whether you can meet the demand for your product if it sells well
• whether you have adequate product liability insurance
• whether your product comply with safety, legal, labor and other regulations (imagine the horror of the buyer if he/she approves your products and it turns out your products are produced in a sweat shop!)

4. Use tradeshows. One of the easiest and best ways to attract the attention of buyers is through tradeshows. Make every effort to participate and showcase your products in the best and biggest tradeshows in your industry. Buyers prowl these tradeshows looking for new and interesting products -- and they just might see yours!

I will write more on this topic and give you more tips!

Starting a Specialty Shop Retail Business

I am currently reading a very interesting book entitled "The Specialty Shop: How to Create Your Own Unique and Profitable Retail Business" by Dorothy Finell. The book is an ideal read for those dreaming of starting their own retail shop as the author talks about a wide variety of topics from pre-planning and finance, to merchandise selection and display, promotion and customer service.

One good approach of the book is that it provides interviews with successful small retailers - those who have done the whole specialty retailing business successfully. The owners of the Juel jewelry boutique in Sydney, Australia and the Henning's Cake Shop in Santa Barbara, California, among others, share their insights on various topics such as:

• Selecting which products to carry
• Developing a business plan
• Choosing the right location
• Hiring and training personnel who will provide great customer service
• Creating an inviting ambience and choosing the right display materials, props and shelvings
• Planning an advertising and public relations campaign
• Navigating the world of trade shows and gift fairs
• Organizing a unique and memorable grand opening
• Developing a website and understanding ecommerce

What I also liked about the book is that it lists where you can source and buy your products - from the most important trade shows to contact information of buying offices. "Where can I get my products" is one of the most common questions of any would-be retailer, and these listings are invaluable.

The book will be available at Amazon on March 30, but definitely get a copy if you are planning to start your own retail shop.