Copyright 2009 Dennis S. Vogel All rights reserved.
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Some like to focus on gloomy "evidence" while the rest of look at reality & figure out what to do about it. I advise you to read "NRF: The Sky Has Fallen" at
http://www.retailwire.com/Discussions/Sngl_Discussion.cfm/13482
The posts are good reality checks, especially those I mentioned in my post below.
It seems some must think money disappears completely in recessions. I'm glad to be among those HERE who know better.
There are always people who have discretionary money. Their priorities may be consciously set or subconsciously nebulous.
There are always problems to solve.
Marketing (among other things) is helping people 1- find solutions they want/need; 2- set priorities; 3- determine what they'll invest in & when; 4- find what's compatible with & relevant in their lives.
Retailers should help consumers realize what they want/need, why they want/need it & when.
I think this is what Gene Hoffman means by "the market must be led."
Have a specific goal for marketing messages. Your messages should be more than just institutional or only products & prices. Your goals should be to do than build & maintain general awareness.
You should make specific, compelling offers especially if what you offer isn't familiar.
Big discounters thrive by offering things people are familiar with. Prices, pictures & place (store location or web site URL) can be enough to get some sales when consumers know enough about products.
Too many small retailers think they can copy a discounter's method. When they fail, they blame somebody/something else.
Using direct response marketing may be easier for small retailers who can afford to focus on smaller niches. Just because big retailers tend not to use direct response marketing doesn't mean it doesn't work.
Years ago, Drew Kaplan (www.dak.com/) said he wouldn't accept common products consumers were already familiar with. His idea is to examine products together & teach consumers about products.
His methods are a good starting point for small retailers. They don't necessarily need as much copy as Drew uses; it depends on the products & the niches.
If a product is so ordinary & popular that anybody can sell it, big retailers will jump on it.
Unless small retailers are in a secluded area, they should mostly (possibly exclusively) offer what big retailers don't want. Small stores can stock some common products, but their marketing messages should be used to offer what big retailers don't offer.
These principles are necessary no matter how good or bad the economy is.
My points fit Ted Hurlbut's point about not competing on prices for commodities.
Retailers should study & apply what Clayton M. Christensen & others at Harvard have been writing about disruption. These principles apply to retailers' business models & the products & services they should offer.
James Tenser's point about loyalty is in line with what I've been writing for years. Customers are & should be loyal to themselves. Expecting people to be loyal to businesses is foolish. Businesses should help people be loyal to themselves by offering benefits & solutions (in the forms of products & services). These should be offered in ways consumers can quickly understand.
David Livingston's point about compelling experiences is vital. But it shouldn't be limited to in-store experiences. Help people understand how they can improve their experiences in various areas of their lives by using products.
Mary Baum's & Chris Ramey's posts are good, short courses on how to make a store relevant to a niche.
Thank you for using my blog. Please let me know if I should clarify anything.
Copyright 2009 Dennis S. Vogel All rights reserved.
When you compete against big businesses with big budgets you need powerful marketing strategies & tactics. You'll find them here-
https://thriving-small-businesses.blogspot.com/
http://www.voy.com/31049/
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