Complete the Collection for Shoppers

Retailers have always succeeded on the basis of filling in the gaps for shoppers. Author Robert Spector talks about how, in medieval London, the shopkeeper would stand in front calling out, “What lack ye?” Decades ago, Kaiser Cement mixer trucks patrolled the San Francisco Bay Area with their slogan on the rotating drum reading “Find a Need, Then Fill It.”
     The release this month by market researchers The NPD Group, Inc. of their 2011 “Brand Landscape Report” reminds us that the desire for completeness still motivates shoppers. Respondents in the NPD project were asked to rank the importance of a set of factors when making shopping decisions. More than 70,000 consumers were surveyed.
     One way in which the need for completeness showed itself was the interest in building on brands. For instance, when it came to consumer electronics purchases, the top consideration was favoring a brand that was already owned. For apparel, the top consideration was that the item carried a brand name with which the shopper had previously enjoyed success.
     Is what we’re seeing no more than an expression of brand loyalty? I suspect not. For both consumer electronics and apparel, the reason “Is a brand I can trust” was in no higher than ninth place for all respondents. But if we switch to looking at toys, the reason “I collect this brand” was in first place for male consumers and in third place for women. It is the urge to collect more than brand loyalty in operation here.
     If you own an antique shop or sell mounted sets of rare butterflies, chances are you've personally benefited from the relatively good profitability in high-quality collectibles. And for any merchandise lines that are not necessities for the customer, consider giving them the appeal of collectibles:

• Feature items in groups, each one a distinctive member of the family. If parallel products are available for different age groups, have those items in the same ad and on the same sign. Stock them on the same end cap.
• Introduce new items in the set regularly, at which point you rotate out older versions. This encourages shoppers to buy now.
• Take special orders and publicize resale markets. When your customer is having trouble getting that special item to fill in the missing spot in the collection, help them buy it from you or from a collectors' group. Keep your customers as dedicated collectors.

Click below for more:
Recognize a Need, Then Fill It
Boost Profits by Making Items Collectibles