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Small Businesses Can Sell the Black Friday Way

black_fridayHere we are … it’s Black Friday – the day when, historically, retailers get into the black. So they’re hoping that people shop, shop, shop.

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marylynnBlack Friday has almost become a sporting event. I just don’t enjoy shopping that much so it’s not for me. But plenty of people sure do enjoy trying to find that irresistible bargain.

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georgeI don’t like standing in line for anything but I especially don’t like doing it to spend money! Crowds are great – at a concert or a ball game!

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In honor of Black Friday, we want to talk about merchandising in your business. We’ll discuss four lessons you can learn from retailers about selling your wares.

Price check in Lane 123
If you’re a true retailer – you buy goods at wholesale and resell them – it’s easy to determine your cost.

If you’re a service business, it’s more difficult. But you have to know how much anything you sell costs or you risk charging too little. A lot of small business owners fail for this very reason. 

Attention K-Mart Shoppers. There’s a blue light special on …
K-Mart had scrapped this program. They brought it back earlier this year.

Surprise your good customers with a special deal now and then. We heard about a car dealer who would occasionally pick a customer whose car was getting serviced and give them their service that day for free. It created tremendous goodwill.

It would be a customer who had bought the car from him and did all their service with him. In other words, a customer on whom he made a lot of money. Occasionally giving them free service was just a small rebate.

But it paid dividends to the car dealer as well – he got a lot of word of mouth advertising.

Manager on duty to the front of the store please
The front of the store makes us think about the psychology of buyers. Have you ever noticed how most grocery stores have a fairly similar layout?

Research shows that most people walk into a store and turn to the right. So what do you want to put in the front of the store on the right side?

High margin items, of course!

In a grocery store, you notice the milk and eggs are usually in the back – nowhere near the bread. They want you to walk through the whole store so you see more things you might buy on impulse.

Every business has customers who behave in similar ways. Get to understand how you can naturally show your customers more of your products and services.

Clean up in aisle 5
Just about every business that handles inventory ends up with some slow moving items. You need to clean them out so you can get new inventory in that will turn faster so you make more money.

The mistake some small business owners make is being afraid to discount an item – especially for lower than cost. But the sooner you get an item that isn’t selling off your shelf, the better.

Another version of this is displaying a discounted item with a full-priced item. Think about it …

How many times do you see a skirt that’s on sale displayed with a full-priced top?

You like the combination so you buy it. You may be able to do the same type of thing in your business.

Retailers have become pretty sophisticated at discounting items to draw people to their store. They know the law of averages means these people will buy a lot more than just the sale items. Find the lures to bring in your customers and you’ll be a bigg success!

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Thanks so much for reading our post today. Please join us next time when we’ll look at the only three ways to get more done. Until then, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00526-112709.mp3

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Are You a Shopoholic?

shopping_mall There is a group that is suffering more than most during these tough economic times. Unfortunately, their agony is not covered much in the major media. They are all around us. Yet we seldom see the turmoil that they are experiencing. They have chosen to largely endure it on their own, not talking about it to anyone.

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Who are we talking about?

Shopoholics!

This economy has really made an impact on this group of people. There are a lot of people who claim to be shopoholics. But most people who call themselves shopoholics probably don’t really have a problem that borders on an obsession.

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georgeOne of my sisters can shop all day long and never buy anything. She just seems to love being in a shopping arena … she’s a gladiator among shoppers!

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marylynnBoy, I’m not one of those people. I like to get in and out. I have an aunt who likes to do all-day shopping ventures. It gives me a headache and makes me dizzy.

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Problems experienced by compulsive buyers

We’ve taken a light-hearted approach so far, but this problem is more serious than we realize. A recent study, conducted jointly by researchers at the University of Richmond and the University of Illinois, found that true shopoholics comprise a larger percentage of the population than is generally assumed.

About nine percent of the participants were found to be “compulsive buyers” according to this study. True shopoholics feel better when they buy things, tend to hide purchases, have more family arguments, and are more likely to have maxed out their credit cards.

Test yourself

Perhaps the most interesting item to come out of this research is the test they used to determine if someone is a shopoholic. The researchers asked participants to rate the degree to which they agreed or disagreed with these six statements.

They used a 7-point scale, which we haven’t seen but can imagine it looked something like this:

1 = Strongly disagree
2 = Disagree
3 = Somewhat disagree
4 = Neutral
5 = Somewhat agree
6 = Agree
7 = Strongly agree

See how you do:

  • My closet has unopened shopping bags in it.

  • Others might consider me a "shopaholic."

  • Much of my life centers around buying things.

  • I buy things I don’t need.

  • I buy things I did not plan to buy.

  • I consider myself an impulse purchaser.

Participants who scored 25 or more were considered compulsive buyers by the researchers. If your score places you in this group, you’re at the first step to overcoming it – you’re aware it is a problem. The next step is to get professional help.

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Get the tips and tools you need to be a BIGG success.
Subscribe to the Bigg Success Weekly – it’s FREE!

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How ironic

This economy is really crimping the style of “casual” shoppers – people who really like to shop and spend money, but who aren’t really compulsive buyers.

And isn’t it ironic that many of us are being forced to cut back when everything seems to be on sale? From cars to electronics to travel, now is a great time to shop if you have the money.

But of course, that’s the reason these deals exist. People are saving their money at a higher rate now instead of spending it. We’ve learned some valuable lessons in the last few months.

Conspicuous consumption is out; frugality is in. So are we going to hear about “save-a-holics” in the coming years? That remains to be seen.

Well, we better wrap it up for now … it’s time to go shopping!

Thanks for reading our post today. Until next time, here’s to your bigg success!

 

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00331-021609.mp3

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(Image in today's post by Vincitrice)