Five Ideas On How To Get High Potential Customers Into Your Retail Store Without Spending Money
Tomorrow retailers are going to live in a world different than they live in today. The world is hurling fireballs at them right now.
If you are a retailer you can join the folks who believe your future is completely determined and your influence is either negligible or pre-ordained. Or you can side with the people who believe you have some influence on your future, no matter how minimal it might be. I believe you have some say in your future.
I have written a book entitled 52 Ways To Get High Potential Customers Into Your Retail Store Without Spending (Much) Money. Here are the five big secrets behind tomorrow’s successful retailing. Connect these five dots in your brain and you will have a solid foundation for growth.
These five are not easy to grasp. But understanding them well could help you navigate a safer path around the forces changing your world.
The future is a big place – one in which you can achieve the future you want. Contact me at firstname.lastname@example.org and I help you figure them out!
1. Plug The Hole In Your Leaky Bucket.
This bucket is your business. Customers come to you from two sources, those new to the market and those not crazy about your competition. Customers die or move, but most of your customers leave your bucket because they are not crazy about you.
Your success is determined by the relationship of your faucets’ intensity and the size of the hole in your bucket. Your marketing regulates your faucet flow while your hole size is defined by your customers’ experience.
Yesterday it was about more flow. Today and tomorrow it’s more about plugging the hole. Understand how your faucets are unplugged and your customers’ experience constructed. Understand why money moves from your customers to you, how your traffic is generated, and your sales closed. Decisions are easier to make when these formulas are understood.
2. Understand Why Money Moves
Money moves because of value. It’s illegal to print or steal money. But there is no restriction on you delivering value, especially more value than your competition.
Value is a word that is overused and misunderstood. Everyone talks value yet few can define it. Think of Value mathematically.
(Value equals Personal Experience minus Price)
Value is the difference between the Personal Experience you provide and the Price you are asking. Value is the space between personal experience and price. The greater the space the greater the value.
When your Personal Experience exceeds your asking Price – Value is exposed and generally a sale is made. Mathematically…
(PE>P = S)
(When Personal Experience is greater than the Price you have a Sale).
The value formula (V=PE-P) is applied when your buyers are scrutinizing a possible purchase from you. Price is the fulcrum on which their personal experience teeters. Their money will move to you if they believe their personal experience from you is greater than your asking price.
3. Understand How Your Retail Traffic is Generated
Your traffic is created by the relationship between your Share Of Voice (SOV) and Impact Quotient (IQ).
SOV is your percentage of advertising compared to your competition. This is determined by your media reps’ ability to deliver on your allotted budget.
IQ is your advertising’s power to influence. Your message’s relevance is the responsibility of your ad writer.
A convincing message with a bantam budget will whip a bulky budget with an unconvincing message every time. Work on developing a better message. What is it that you have or do that your competition does not have or cannot do? Know your strengths and let others know about them. Today’s marketing message is more about clarity than creativity. No BS. To the point. Your message needs to be real, relevant, and positions you differently than your competitors. Can you tell me your “Strategy Wedge?”
4. Understand How Your Sales are Generated
Your Sales (S) are generated by your traffic’s Personal Experience (PE) with your business.
PE is entirely your responsibility.
Your advertising will not make you better at what you do. It will only quicken what was going to happen anyway. Positive word-of-mouth is all about the personal experience! Are you delivering what you promise?
5. Do the Math
Here’s the formula:
Share of Voice x Impact Quotient = Traffic
Traffic x Personal Experience = Sales
|Share of Voice||
The numbers are fictional. Pick any set. The numbers are relational. Your growth depends on how many sales are available in your market, how well you spend your ad dollars, how meaningful your message is, how good your competition is, and how good you are!
These are the methods by which you plug the hole in your leaky bucket.
Submitted by Willie Davis, Author of 52 Ways To Get High Potential Customers Into Your Retail Store Without Spending (Much) Money and Legion of Marketing Heroes.