10 Top Tactics to Manage Your Cash Flow Better
After having been in retail for over 30 years, there are proven tactics that work well in keeping your finances and operations going smoothly. Each one is tried and true. Most come from mistakes that I have made that I don’t want you to make. There is such value in getting an outside perspective on your own business. It’s why I will never go it alone. You can’t if you truly want to succeed. A consultant sees things you can’t see in your own business. This is an unabashed plug for what we do! We identify strengths and show you how to maximize...
read moreNow is a terrible time to be in retail
Now is a terrible time to be in retail. More than 2,800 retail stores have closed this year through mid-April. That is more closings than during the entire year of 2016. At this year’s rate, more stores could close in 2017 than during the recession of 2008. And the future doesn’t look much brighter. The Bubble Has Burst “Our industry, not unlike the housing industry, saw too much square footage capacity added in the ’90s and early 2000s. Thousands of new doors opened, and rents soared. This created a bubble. And like...
read moreKeep Customers Loyal… & Make More Money
By Nicole Rehyle Cathy here, I really like Nicole’s point in #3. What do you think? Let us know on Facebook!!! So often, retailers are worried about getting new customers that they forget to care about their existing customers. This type of mentality can lead to a lack of customer retention – and possibly even worse, a bad reputation. The question of “why” this happens is still a mystery, though. If someone has shown you interest in your store, made a purchase or even multiple purchases and possibly even signed up for your email list /...
read moreA Great Excuse For a Party! It’s a Fifth Saturday.
A Great Excuse For a Party! It’s a Fifth Saturday. And the RETAILMavens 3 Email Guaranteed Traffic Strategy! At this time of year, there are pretty much 2 kinds of stores. 1. Stores with lots of new inventory coming in 2. Stores with lots of old inventory on sale You have a unique opportunity to take advantage of with a fifth Saturday coming up. It is fun to use it as a handle to advertise around. Fifth Saturdays don’t happen often – and you can do something that you don’t do often! I have a different strategy for you depending on which...
read moreI don’t want to be known as an “always on sale’s store!”
I don’t want to be known as an “always on sale” store! This is an actual story about the most recent client to ask this question…..names have been changed to protect the innocent! “I had a great bag made with my logo on it. My idea is to give it away as a gift with purchase on Earth Day to promote recycling bags. I’m also thinking of offering it for free for 5th Saturday promotions. I don’t want to do to sales and discounts. I feel very strongly about the impression that creates about my store. I don’t want to...
read moreAre You A Frog? Warts and all?
Are You a Frog? Warts and all? Let me guess. Your immediate response is… “NO! And I don’t have any warts!” Are you sure? The story goes that if you put a frog in a pot of boiling water it will jump out immediately. The frog recognizes that a pot full of boiling water isn’t conducive to a long, happy and peaceful life. However, if you put that same smart frog into a pot of cold water sitting on the stove, turn the flame on low and slowly bring it to a boil, then you get a different outcome. The frog will sit in that cold water and not...
read moreRenegade Notes
I’ve got a student of mine whom I adore. She’s a talented, highly intelligent and capable business owner whom now no one knows about. And it’s mostly her choice. I was at dinner the other night with my mother and brother. My brother was commenting on how well my business was doing and how impressed he was with how quickly things are starting to happen. He also shared concern with all the details of my life that I share: Pictures of my apartment, photos of my dog, my wife, how I talk about all the fears I have and the...
read moreDo It the Peppermill Way – 5 Ways to Connect With Your Raving Fans
The images of Las Vegas linger in my mind. Boy do they know how to do marketing there. Even in breakfast diners! Paul and I had spent the evening at the Venetian. We asked a bartender where to go for breakfast and her immediate response was “The Peppermill.” Then our cabbie on the ride home gave us the same advice. The next morning found us on our way to this diner. The colors of the décor were unusual – but interesting to be sure. You have to love the flamingo stained glass light fixture over each booth! Things were going to a little...
read moreFeeling Unmotivated or Just Not in the Mood??
Ever felt unmotivated and simply not in the mood to do anything? Yeah, it happens to me too. I had this amazing eight weeks of rocking and rolling after the holidays with all sorts of fabulous ideas and new marvelous clients – it was great! I am always motivated and ready to take action on goals, but sometimes I hit a wall. I feel disconnected with my inner muse! It happens. Our productivity sinks as we drag our feet around on taking care of things we should be getting done. This is a slippery slope. While it is GOOD to take a mental...
read moreOmnichannel Marketing – The Best Service You Can Offer Your Customers
We take a big deep breath… and another… and maybe a 100 more – then commit to opening our very own store. All the work is done to design it, do the build out, get fixtures, create logos and a brand, travel to trade shows, curate product, train staff, advertise and marketing….and then the doors are open. HOORAY. It is a big day. Your live has revolved around everything in those four walls. You have been on your own retail planet. Customers discover you. Relationships are formed. You keep working to get better and bring in better merchandise....
read more