The retail industry relies heavily on the number of visitors who walk into a store and the amount of merchandise that these people buy. The more the customers spend per visit; the more profitable will it be for the retail business in question. Keeping this in mind, retailers across the globe have been juggling between a number of innovative strategies and techniques in order to maximize sales. However, it is one thing to get more people to visit your store, but it is an entirely different thing to get them to buy from you EVERY TIME they visit your store. And this is where consumer behaviour comes into play!
To be successful retailers must understand the influence consumer behaviour has on the purchasing of customers. Understanding your consumer’s behaviour can not only help increase your overall turnover, but can also help you plan a powerful retail strategy.
The first step to planning an effective retail strategy is by understanding the retail customer. For any organization to grow and survive in today’s highly competitive market, it needs to first understand its customers and how to respond to their current and future needs. As far as the retail industry is concerned, understanding the retail customer plays a crucial role in the success of any retail firm. With globalization and technological advancement becoming the norm, a new era of consumerism has emerged where retailers are required to concentrate only on meeting the needs and priorities of the consumer.
Retailers need to know what the various factors are, that influence a customer to purchase – and this does not have to be just at the time of purchasing but can be all the factors that lead up to the time of purchase. This would include a number of internal as well as external influences, like:
In the past, many attempts have been made to study consumer behaviour including motivation research, observation, experimentation, electronic surveillance, interviews and surveys, and sales analysis or consumption research. Other factors that were taken into consideration were group influence, attitudes, motivations, and beliefs.
A great way to understand the nature of your retail market is to analyze a number of factors including population, geography of a particular area and demography. Analyzing the population will help you understand the potential markets. Population of a particular area can be based on a number of parameters like race, ethnicity and immigration and emigration rates. Immigration and emigration rates can help a retailer understand the actual population of a specific area. Race and ethnicity can help the retailer understand the buying patterns and choices of the consumers.
When a customer decides to make a purchase, there will be both psychological as well as socio-cultural influences that take place. Psychological influences include: changes in personality, beliefs, lifestyle and even attitude. Socio-cultural influences include: personal as well as family influences.
Understanding the influences to consumer decision making can turn the looker into a buyer and into a long term buyer.
Tuesday, March 1, 2011
Monday, February 21, 2011
Does your customer service reflect your store branding?
Each year, marketing companies spend millions and millions of dollars in trying to understand the habits of customers and their pattern of making purchases. Understanding the psychology of customers is an extremely difficult task. Countless reams of research papers have been written on understanding the psychology of customers over the years.
Experts believe that there are certain triggers that are responsible for customer preference. These triggers can be influenced by the marketing strategies of the company, the methods used for advertising, the branding or just the appearance of the product and the way it is displayed in the store. This is all a waste of money if the customer service does not reflect the same message when the cutomer enters the store and wants to purchase.
It is important to learn how to build a relationship with customers and listen to what they have to say. This will help you deliver what they want. Listening actively to your customers includes being sensitive to the verbal as well as the non verbal messages sent out by the customers. All this sums up to understanding the psychology of clients. When your customer looks at you as the expert who really understands what they need, they recognize that you are catering to their needs. By doing this, you may actually turn a skeptic into a fan. This is, most definitely, an effective way of turning your customers into loyal, lifetime ones.
Another vital element of a successful marketing campaign is maintaining customer interest. Gaining attention of customers is easy. It is maintaining their interest that is difficult. This goes on throughout the sales process. Apart from the communication aspect, present yourself as a professional and someone who is knowledgeable to the prospect.Catching subtle hints from the customer’s speech will help you identify the product the customer is showing interest in. Probing is an effective technique that mostly materializes in sales conversions. Asking the prospect information seaking questions will help you to hear thier needs and any objections you may need to answer later in the presentation. Most importantly listen intentley this will help to also spark the next question.
Understand what the consumer wants and then deliver it to them. Listening to the triggers that will get the customer to purchase.
You may think understanding customers can be a little difficult, but it is not impossible. With the right knowledge and practice, understanding consumer psychology will be easy and effective.
Experts believe that there are certain triggers that are responsible for customer preference. These triggers can be influenced by the marketing strategies of the company, the methods used for advertising, the branding or just the appearance of the product and the way it is displayed in the store. This is all a waste of money if the customer service does not reflect the same message when the cutomer enters the store and wants to purchase.
It is important to learn how to build a relationship with customers and listen to what they have to say. This will help you deliver what they want. Listening actively to your customers includes being sensitive to the verbal as well as the non verbal messages sent out by the customers. All this sums up to understanding the psychology of clients. When your customer looks at you as the expert who really understands what they need, they recognize that you are catering to their needs. By doing this, you may actually turn a skeptic into a fan. This is, most definitely, an effective way of turning your customers into loyal, lifetime ones.
Another vital element of a successful marketing campaign is maintaining customer interest. Gaining attention of customers is easy. It is maintaining their interest that is difficult. This goes on throughout the sales process. Apart from the communication aspect, present yourself as a professional and someone who is knowledgeable to the prospect.Catching subtle hints from the customer’s speech will help you identify the product the customer is showing interest in. Probing is an effective technique that mostly materializes in sales conversions. Asking the prospect information seaking questions will help you to hear thier needs and any objections you may need to answer later in the presentation. Most importantly listen intentley this will help to also spark the next question.
Understand what the consumer wants and then deliver it to them. Listening to the triggers that will get the customer to purchase.
You may think understanding customers can be a little difficult, but it is not impossible. With the right knowledge and practice, understanding consumer psychology will be easy and effective.
Sunday, October 24, 2010
Do you use the same principles in sport as in business???
Last Saturday night I went on a date with my husband to the soccer (dedication I say).
It is not a sport I would normally follow or really know about. Apart from the aim of the game is to
kick the ball into the net. Well how hard is that?
So I started to look at things a little differently during the first half after many near misses.
Really its about teamwork...
The beauty of soccer is that it’s a complex game where the possibilities are endless. Your proficiency in soccer not only depends on your physical coordination, but also on your ability to read the game, make quick decisions, and communicate with your teammates. No matter how crisp your dribbling, shooting, and passing skills may be, it’s all useless without a strategy. You choose the one most likely to achieve your goal.
The best way to improve your strategy is to play with and against the best. If you play a good team and you’re constantly put under pressure, you’ll be forced to play the ball quickly. Don't do things that you know you wouldn't get away with if you were playing a good team. This kind of discipline will keep your mind sharp.
Making an effort to understand how teams get a winning edge and look for an opportunity to apply that strategy yourself on the field.
Another strategy or tactic in soccer is knowing your role. That's why the best teams have all the players roles well defined
Teams will often change tactics if they score a goal or they're ahead with just a few minutes left in the game.
Soccer is so much about momentum and confidence. The best teams never lose the belief that they can come back and win the game.
So is soccer and the strategies the players and coaches use really any different to running a business?
It is not a sport I would normally follow or really know about. Apart from the aim of the game is to
kick the ball into the net. Well how hard is that?
So I started to look at things a little differently during the first half after many near misses.
Really its about teamwork...
The beauty of soccer is that it’s a complex game where the possibilities are endless. Your proficiency in soccer not only depends on your physical coordination, but also on your ability to read the game, make quick decisions, and communicate with your teammates. No matter how crisp your dribbling, shooting, and passing skills may be, it’s all useless without a strategy. You choose the one most likely to achieve your goal.
The best way to improve your strategy is to play with and against the best. If you play a good team and you’re constantly put under pressure, you’ll be forced to play the ball quickly. Don't do things that you know you wouldn't get away with if you were playing a good team. This kind of discipline will keep your mind sharp.
Making an effort to understand how teams get a winning edge and look for an opportunity to apply that strategy yourself on the field.
Another strategy or tactic in soccer is knowing your role. That's why the best teams have all the players roles well defined
Teams will often change tactics if they score a goal or they're ahead with just a few minutes left in the game.
Soccer is so much about momentum and confidence. The best teams never lose the belief that they can come back and win the game.
So is soccer and the strategies the players and coaches use really any different to running a business?
Monday, September 27, 2010
Prepare,Prepare,Prepare...
Gain the Upper Hand in Any Situation, so what does this mean?
“By failing to prepare you are preparing to fail,” Benjamin Franklin the influential author, inventor and Founding Father once said. Planning and preparation will give you a 10-times greater chance to achieve your goals. It will reduce wasted time and effort, while improving and maximizing results.
So here are some tips on preparing so you can stand out from the crowd:
1. Study: The people who are achieving super status are the ones that continually reading, listening to Cd’s watching DVD’s at any opportunity. They don’t waste their time with escapism and mindless entertainment. They are the ones that have all the data, background and always working on improving their craft. This will always give you the upper hand in any situation. It takes approximately 10000 hours of deliberate practice to master a skill. For instance it would take 10 years of practicing 3 hours a day to become a master in your subject. (If you want to read more on this The Outliars by Malcolm Gladwell)
2. Develop: Decide on the skills that are necessary to achieve the oracle status in your Niche (remember the 10000 hour rule). Everything is learnable and you can master any skill. This will help you to succeed in your business and in your life.
3. Practice: Whether you are a musician or a Footballer playing in the Grand Final they spend time practicing. Busy professionals and entrepreneurs should practice the skills they need for success—public speaking, impactful writing and interpersonal communication. The more you practice the better you get.
4. Play the Game in Your Head First: Recreate the event exactly as you want it to be. What do you want to happen first, how you expect the event to play out? Whether it is an important phone call, training or presentation know what the purpose is and how you want it to be. Try re-enacting the event you’ll be amazed at how your posture, energy and expectation will change. As we know from our NLP training your unconscious mind rises to the occasion. Try it and let me know how you go.
“By failing to prepare you are preparing to fail,” Benjamin Franklin the influential author, inventor and Founding Father once said. Planning and preparation will give you a 10-times greater chance to achieve your goals. It will reduce wasted time and effort, while improving and maximizing results.
So here are some tips on preparing so you can stand out from the crowd:
1. Study: The people who are achieving super status are the ones that continually reading, listening to Cd’s watching DVD’s at any opportunity. They don’t waste their time with escapism and mindless entertainment. They are the ones that have all the data, background and always working on improving their craft. This will always give you the upper hand in any situation. It takes approximately 10000 hours of deliberate practice to master a skill. For instance it would take 10 years of practicing 3 hours a day to become a master in your subject. (If you want to read more on this The Outliars by Malcolm Gladwell)
2. Develop: Decide on the skills that are necessary to achieve the oracle status in your Niche (remember the 10000 hour rule). Everything is learnable and you can master any skill. This will help you to succeed in your business and in your life.
3. Practice: Whether you are a musician or a Footballer playing in the Grand Final they spend time practicing. Busy professionals and entrepreneurs should practice the skills they need for success—public speaking, impactful writing and interpersonal communication. The more you practice the better you get.
4. Play the Game in Your Head First: Recreate the event exactly as you want it to be. What do you want to happen first, how you expect the event to play out? Whether it is an important phone call, training or presentation know what the purpose is and how you want it to be. Try re-enacting the event you’ll be amazed at how your posture, energy and expectation will change. As we know from our NLP training your unconscious mind rises to the occasion. Try it and let me know how you go.
Sunday, August 8, 2010
5 steps to creating the image you want in sales
In sales when a potential client/prospect meets you he will decide in 3 minutes whether he likes you enough to continue the conversation. Sales are about building relationships. People buy from you because they like you and trust you and part of that is how they see your image as you represent the product you are selling. Most of our success is to get along with other people and the quality of our relationships. The prospect wants to know you have authority, professionalism and high standards. Style is important because not only does it make a difference to people’s perception of you but it alters how you feel about yourself. Studies have shown that on meeting a person, they are judged 55% on appearance, 38% body language, and only 7% on the words they say.
We are all different and we will have an individual style, even when you wear a uniform the individual style comes out in some way it may be the hair, our stance or the way we hold ourselves. It’s about getting the respect and power showing that you are able to influence and have confidence.
There are 5 criteria to look at when deciding which image is appropriate for you to get the best results:
1. Who is my Avatar/prospect/client?
2. Who do I need to be so I reflect the product I am selling?
3. What is the character I am playing to get this avatar/prospect/client to relate to me?
4. How will I build rapport with this prospect?
5. What research do I need to do before visiting this prospect so I may reflect all of the above?
Once you have answered these questions you may go ahead and decide how to dress and what image you will portray. By dressing for success you have taken the first step towards becoming a success. Style comes from within we all have our innate way that we want the world to see us. This is great if your style is congruent with your market. If your love piecing, tattoos and quirky clothing. Then you need to decide whether you are living congruently with your purpose.
Go ahead look at your wardrobe are you dressing to get the results you want and to be seen as an expert in your field. Is it in line with your Prospect.
We are all different and we will have an individual style, even when you wear a uniform the individual style comes out in some way it may be the hair, our stance or the way we hold ourselves. It’s about getting the respect and power showing that you are able to influence and have confidence.
There are 5 criteria to look at when deciding which image is appropriate for you to get the best results:
1. Who is my Avatar/prospect/client?
2. Who do I need to be so I reflect the product I am selling?
3. What is the character I am playing to get this avatar/prospect/client to relate to me?
4. How will I build rapport with this prospect?
5. What research do I need to do before visiting this prospect so I may reflect all of the above?
Once you have answered these questions you may go ahead and decide how to dress and what image you will portray. By dressing for success you have taken the first step towards becoming a success. Style comes from within we all have our innate way that we want the world to see us. This is great if your style is congruent with your market. If your love piecing, tattoos and quirky clothing. Then you need to decide whether you are living congruently with your purpose.
Go ahead look at your wardrobe are you dressing to get the results you want and to be seen as an expert in your field. Is it in line with your Prospect.
Saturday, July 24, 2010
ANTS THE 4 PART PHILOSOPHY
Today I heard a great story about Ants and their 4 part philosophy as I read through I thought to myself that we could learn some important lessons from these tiny creatures.
1. Ants never quit If they’re headed somewhere and you try to stop them they will look the other way. They will climb over, under or around. They keep looking for another way.
Lesson: To always look for another way to get to where you want to go, never give up.
2. Ants think winter all summer. Don’t be naive and believe summer will last forever. Ants start to gather their food for winter in the middle of summer. Think rocks as you enjoy the sun and sand.
Lesson: It’s important to be realistic. Think ahead.
3. Ants think summer all winter. They remind themselves that the winter will not last; we’ll soon be out of here. First warm day they’re out. If it gets cold they dive down again the next warm day they are out again.
Lesson: Stay positive at all times.
4. All that you possibly can. How much will the ant gather for during the summer for winter? All he possibly can!!
Lesson: Do all you can...and more!!!
So when we sum up the 4 part Philosophy
1. Never give up 2. Look Ahead 3. Stay positive 4. Do all you can?
“Don’t be encumbered by history go out and do something wonderful”. Robert Noyce.
So when you read this what can you take from this story, what changes can you make to your mindset, day to day things you do, how will you make a positive change to allow this philosophy to start to work for you?
There are many questions in that last sentence. What is important is that you think about the ants, their philosophy and that we should learn from all creatures’ great and small.
1. Ants never quit If they’re headed somewhere and you try to stop them they will look the other way. They will climb over, under or around. They keep looking for another way.
Lesson: To always look for another way to get to where you want to go, never give up.
2. Ants think winter all summer. Don’t be naive and believe summer will last forever. Ants start to gather their food for winter in the middle of summer. Think rocks as you enjoy the sun and sand.
Lesson: It’s important to be realistic. Think ahead.
3. Ants think summer all winter. They remind themselves that the winter will not last; we’ll soon be out of here. First warm day they’re out. If it gets cold they dive down again the next warm day they are out again.
Lesson: Stay positive at all times.
4. All that you possibly can. How much will the ant gather for during the summer for winter? All he possibly can!!
Lesson: Do all you can...and more!!!
So when we sum up the 4 part Philosophy
1. Never give up 2. Look Ahead 3. Stay positive 4. Do all you can?
“Don’t be encumbered by history go out and do something wonderful”. Robert Noyce.
So when you read this what can you take from this story, what changes can you make to your mindset, day to day things you do, how will you make a positive change to allow this philosophy to start to work for you?
There are many questions in that last sentence. What is important is that you think about the ants, their philosophy and that we should learn from all creatures’ great and small.
Sunday, July 4, 2010
Time... Where Does It Go!!!
We all have the same amount of hours in the day. What do you do with yours? Do you invest in the busy-ness of what comes along or do you plan the day based around the things that truly matter?
Start by Decluttering your life, decide what's important to you right now. Get rid of the things in your life that waste time for eg too much TV, x-box and computer games.
Once you have worked out what your dreams are and how you want your life to be there are some questions to ask yourself?
1. How much time do you waste watching/playing TV, video games etc?
2. Which friends/family are drainers and timewasters and you can elliminate?
3.How can you use your time more effectively to do the activities that create health, wealth or whatever you have chosen?
4.How much time will I spend focussing on my goals and dreams and what I need to do to achieve them?
Once you have answered these questions and spent time writing your goals and dream, then it's time to write your 30,60,90 day goals and take it even further and break them down to daily and weekly goals.
Always remember Richard Branson has the same amount of hours you do he just uses his
more effectively. It's the 80/20 rule 20 per cent of your activities should produce 80 per cent of the results.
Start by Decluttering your life, decide what's important to you right now. Get rid of the things in your life that waste time for eg too much TV, x-box and computer games.
Once you have worked out what your dreams are and how you want your life to be there are some questions to ask yourself?
1. How much time do you waste watching/playing TV, video games etc?
2. Which friends/family are drainers and timewasters and you can elliminate?
3.How can you use your time more effectively to do the activities that create health, wealth or whatever you have chosen?
4.How much time will I spend focussing on my goals and dreams and what I need to do to achieve them?
Once you have answered these questions and spent time writing your goals and dream, then it's time to write your 30,60,90 day goals and take it even further and break them down to daily and weekly goals.
Always remember Richard Branson has the same amount of hours you do he just uses his
more effectively. It's the 80/20 rule 20 per cent of your activities should produce 80 per cent of the results.
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