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Direct Mail is Not Dead

September 29, 2009 at 2:40 pm | In Business Ideas, Marketing, Tips | Comments | Get this via email

I spend a lot of time thinking about how retailers can drive more traffic to their store—after all, it's a numbers game. The more people who come through your door, the more you sell.

While email marketing is an imperative these days, I don't think direct mail is dead. But many companies have made the conversion to only marketing online, and there's a significant drop in the number of retailers and overall companies sending marketing pieces through the post office.

I know mail is expensive, but it shouldn't be completely abandoned. Here are four creative and targeted ways to use direct mail this holiday season:

  1. Send out a handwritten invitation to your top 100 customers, inviting them to a VIP shopping night or special event (and think about offering a free gift for stopping by).

  2. Create a postcard highlighting the five reasons why your customers should stop by the store this holiday season (you can print 2500 postcards for only $298). While you may choose to only mail 500 of them to your top customers, you can keep the balance on your store counter and ask other (non-competing) stores to place it on their counter.

  3. If you have converted your store newsletter to 100% digital distribution, think about printing 500 copies and mailing them.

  4. Create a one-page color flyer and promote your five hottest sellers, or the five most-anticipated holiday products or five great stocking stuffers (you can print 500 full-color flyers for only $50).

Do you have any other ideas that you're planning on using this season? Let me know, I'd love to hear about them.

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The Magic Number for Pricing

September 25, 2009 at 1:59 pm | In Merchandising, Tips | Comments | Get this via email

I was in a meeting today and we were talking extensively about how much to charge for a new special report. In the meeting, I reflected back on a white paper that I read a few years ago which gave fantastic information about how a specific price point can impact sales.

The author tested many different price points of different products over time, and realized that when the number "7" appeared in the price it always outperformed the others—by more than 10 percent. Her theory was that the number "7" is a lucky number for many people, even if it's subconscious. Interestingly, the price of the product did not have to end in "7," such as $9.97, it could appear anywhere in the price and it had the same effect.

The author also noted that there were two instances where using cents versus a round number ($30) can substantially hurt sales—products with a certain "prestige," and products priced over $100.

The next time you're running a sale, think about testing a price point that includes a "7," such as $9.97 or $19.97, instead of the more traditional sale number of $.99.

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Let Your Customers Know About Your Publicity

September 24, 2009 at 7:57 am | In Email Marketing, Marketing, Tips | Comments | Get this via email

Every time I see a gift shop or retail cart written up in the paper, I go check the retailer's website to see if they've acknowledged it (a blog mention, a note on their homepage or even a Twitter tweet). If they haven't, I'm always a little disappointed. While the publicity might help you find new customers, it's a missed opportunity to not let your regular customers know about it.

Promoting your publicity (either online or in your store) gives you credibility, plus it's a great reminder of why your customers love shopping with you and it'll inspire customers to return to the store for another visit—oh, and it's FREE advertising.

Here are four creative things you can do to let your customers know about your publicity:

  • Blog about it—write a blog post outlining the experience of being interviewed and what topics the reporter asked you about—and be sure to include a link the article.

  • Frame the article and put it up in your store—your customers will enjoy seeing the article and it's a great conversation piece (for the first month, be sure to set it close to the register on an easel).

  • Write about it in your store print or email newsletter—your store newsletter is a perfect place to write up your experience of being interviewed (if it's online, make sure you include a link).

  • Post on social networking sites such as Twitter and Facebook—the goal is to get as many people as possible to read the article, and those platforms are free and pervasive.

And now to toot my own horn… be sure to check out the article our local paper just published about Pinnacle Publishing Group.

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Creative Solutions for Raising Money and Building a Loyal Customer Base

September 22, 2009 at 11:50 am | In Business Ideas, Marketing | Comments | Get this via email

A few weeks ago I read a fantastic story about how several entrepreneurs creatively raised money in this tight economy—and the solution wasn't found at a traditional bank.

One organic restauranteur sold "comfort dollar" gift certificates for $500—but the face value was $600, so recipients actually received an additional $100 worth of food at the restaurant. In just six months he raised $25,000!

Another local coffee shop and bookstore, Vox Pop, was drowning in $190,000 worth of store debt and back taxes. They came up with an idea to sell store shares for $50 a piece—and then each shareholder receives a dividend once the debt is paid off. In 10 days they raised an impressive $64,000. What Vox Pop quickly realized was that once someone "bought into" the store concept, they were committed to it's success, so they frequented the store more often and spent more money.

In yet another example, a new bar was looking to raise money, so they sold $5,000 "Meanwhile Money" certificates. When the pub opened for business in 2007, people came out in droves to spend the certificates and the crowded bar attracted even more customers.

This article really showed that there are creative ways to bring in money, outside of traditional financing. In every example, the community became more involved and invested, which drove a sense of loyalty and commitment in the local area.

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Gucci Opening 18 Pop-Up Stores

September 12, 2009 at 9:35 pm | In Marketing, Trends | Comments | Get this via email

Gucci is planning to open pop-up stores in two to three weeks in seven cities (including New York), where they'll sell 18 sneaker styles. According to Gucci's CEO, this retail endeavor will achieve an important marketing objective—"An initiative such as this one will simply serve to enhance the brand's reputation as a fashion authority and innovator."

It's exciting to see Gucci rolling out such a niche product-focused store on a short-term basis. Not only will they benefit on a marketing level, but I anticipate it'll create an urgency to buy—consumers are fickle and hesitant to spend money on luxury goods, so they'll probably close a lot more sales than if the shoes were sitting on a shelf in a permanent Gucci store.

I hope they'll also use this opportunity to collect more email addresses, and to drive traffic to their permanent store locations.

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PR Equals Great Exposure for Your Store

September 8, 2009 at 1:00 pm | In Business Ideas, Marketing | Comments | Get this via email

One of our local newspapers, The Patriot Ledger, chose me as a local entrepreneur that they wanted to spotlight in their weekly "South Shore Insider" section. Since I'm usually on the other end of the phone (the interviewer inviting a retailer or vendor to participate in our magazine), it was a nice reminder how valuable editorial coverage can be.

Here are five steps you can take to try to get press coverage in your local newspaper or regional city magazine:

  1. You'll need some sort of news angle in order to gain the interest of your local newspaper. Here are a few ideas of what might be newsworthy:
      Gift shop hosts store party to raise money for the local hospital
      Gift shop raises awareness in the community about the importance of a 'shop local' campaign
      Gift shop is thriving/sees a big increase in sales despite economy
      Gift shop partners with local artisans
      Gift shop expands and leases more space in downtown area

  2. Learn the basics on how to format a professional press release. I recommend that you check out PRWebDirect.com for tips on how to format your press release.

  3. Use a news wire service to send your press release (PRNewswire.com). You can select to send your release on a local or national level.

  4. If writing isn't your strong suit, hire a professional PR agency or freelance marketing professional who can help you put your press release together, or post an ad on Craigslist.org to find a local freelancer. Make sure you have them send plenty of samples and be sure to check references first.

  5. Invest some time and make personal phone calls to your local editors to pitch your story. Ask if you can meet them for lunch or stop by their office—it helps to build a relationship with the editor. Even if they can't give you coverage right away, they'll keep you in mind for the future.

Onsite at the Hanover Mall in Hanover, MA, for the Patriot Ledger photo shoot.
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Pinnacle Publishing Group | 195 Hanover Street, Hanover, MA 02889
© 2007-2010 Patricia Norins, All Rights Reserved.
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