Wednesday, October 6, 2010

Time Your Statements of Benefits

Knowing when to do what is essential to maximizing retailing profitability. Offering cold weather merchandise when your target consumers start thinking about cold weather preferences. Ordering the heavy sweaters and recruiting the tire chain jockeys enough in advance of when they’ll be needed.
     Tony Curtis, who died last week at age 85 after having appeared in more than 140 movies, is quoted as having said, “…(M)y longevity is due to my good timing.” I don’t know who first advised, “Timing is everything,” but Albert Einstein associated time with everything when saying, “The only reason for time is so that everything doesn't happen at once.”
     Prof. Einstein’s insight applies to the best ways for you to present product and service benefits to your retail shoppers:
  • Researchers at University of Connecticut and University of Virginia found that women shoppers vary between thinking, “It’s time for me” and “It’s time for others.” Analyze how your shoppers cycle between these two, then adjust your merchandise mix to fit. Retail store consultants at Envirosell performed an even more sophisticated analysis of timing, resulting in them advising a shopping mall bookstore to use cylindrical fixtures to rotate out different sorts of books for different times of the day. These approaches help you not only to sell more merchandise, but also to even out the flow of customers over the hours your store is open.
  • In advertising, describe the range of alternatives you have available to each customer. If your in-store or warehouse range is, in reality, limited, you could expand it by offering special-order services. But once the shopper arrives at your store or ecommerce site, have the products presented in easily understood categories. Researchers at University of Texas-Austin describe how having a broad assortment of products available draws shoppers, but once the shoppers arrive, they seek ease of product evaluation.
  • Before the sale, emphasize the number of functions the product can serve and have technical specifications easily available. Once the sale has been completed, state benefits in terms of making it easy to use the functions and reassuring the customer they’ve made the right choice. Researchers at University of Maryland-College Park found that consumers tend to choose the most feature-filled models, but then after purchase, tend to get frustrated with the complexity of what they chose.
Click below for more:
Merchandise to Fit Purchasing Cycles
Acknowledge the Power of Cycles
Use Signage to Categorize Items
Pitch the Synergy of Multifunction Products
Offer Fundamental Indulgences
Sell Ease of Use to Last-Minute Shoppers

No comments:

Post a Comment