Small Business is Big

Mon, 17 Jun 2013 10:00:18 -0500

Independent retailers nationwide are basking in the glow of the attention focused our way by Small Business Week. A full roster of activities in major cities around the country is being sponsored by the SBA, and many local organizations are saluting the top small businesses in their area. Google is even providing a place for us to “hang out” virtually all week with panels of experts in different topics.

We all want our customers to know the value of small businesses like ours. But this week is a reminder that we have choices to make that can impact other small businesses. I’m always struck by the number of service providers who attend our Buy Local meetings here in Madison, WI. These are all individuals whose business success depends on our support.

Take a look at your budget to see where you can spend dollars locally. Web development, insurance, credit card processing, and advertising are all services that you may be able to acquire from someone in your area. Even if the prices are slightly higher (and they may not be) there are many benefits to forging personal relationships for better service.

How about the products you sell, and the products you need to operate your business? We try to work with local craftspeople to develop wholesale items that work in our shop, and we also know that patronizing non-franchise hardware stores, office supply companies and other local retailers can make a difference. Not every dollar we spend is with a small business, of course, however we try to keep this issue in mind when deciding where to buy.

But the biggest impact we can have in supporting small businesses is by working with our local reps, many of whom are independent contractors. Most of our reps’ income is dependent upon our placing our orders though them. And by honoring the value of their time and travel expenses to make good use of appointments, we help them make a living. In exchange they bring us their experience and product knowledge, and help us be better retailers. In honor of Small Business Week, let’s pledge to support our sales reps, as well as the sales agencies and regional marts that they are associated with. We’ll all be stronger for it.

Happy Retailing,
Carol “Orange” Schroeder

To learn more about the basics of retailing, read my book, Specialty Shop Retailing: Everything You Need to Know to Run Your Own Store, available (autographed!) through our web site, Orange Tree Imports, or from any chain or independent bookseller. To locate your local independent book store, go to Indie Bound.

To become a fan of Specialty Shop Retailing on Facebook, click here. I’d also love to have you follow my Pinterest board for retailers!

A reminder: you can now get the Specialty Shop Retailing blog delivered to your inbox every Monday. Just send your name and e-mail address to specialtyshopretail@me.com.

YouTube for You

Mon, 10 Jun 2013 10:47:38 -0500

Did you know that YouTube is the second most popular search engine in the world? The first is of course Google, which not accidentally owns YouTube. If you want your shop to have a robust presence online, you undoubtedly already have a web site with good SEO (search engine optimization) so that your store comes up at the top of a Google search. But how is your vidseo? That stands for video with SEO in it, according to The Bolin Marketing Blog.

“Video has always been a powerful marketing and sales tool, but now it ...has evolved from rich media to a rewarding SEO component. Some surveys have shown that companies who incorporate videos or the use of animated talking characters on their websites are 53 times more likely to emerge at the top of a search engine’s results,” says Scott Bolin.

Many people use YouTube as a resource when they need how-to advice, and this can be a great way to establish your store’s expertise in your field. If you know a lot about a topic, share your skills on YouTube in a video that also advertises your store. Or use your video to show the key features of a product that you sell, especially if it moves or makes a sound. Don’t forget a video tour of all or part of your store, and clips from special events

Inexpensive video cameras and user-friendly editing programs make it easy for you to create your own videos. You can even use your iPhone, and edit your footage right away using the iMovie app. It may, however, be worth engaging a professional videographer to create a polished project. We are in the process of doing one or two “Welcome to Monroe Street” videos for our shopping district that will include an overview of our area as well as more in-depth coverage of the shops and restaurants that have volunteered to share the cost.

Once we have these finished, we plan to post them on the Monroe Street Madison web site and Facebook page, and also to create our own YouTube channel. In order to do this, you need to have to first be registered on the YouTube website. If you already have a Google account for your business, you can sign in to YouTube with that account information. Otherwise you will need to create a new account dedicated to business use. (Don’t use your personal account, because your viewing history and other information will be shown.) Simply upload your first video to activate your business channel. Incidentally, if you want help with this process, YouTube offers online help -- but not in video form!

In order to best use your videos as part of your “vidseo”, you’ll want to title the videos well and use the right keywords in their description. YouTube postings rank high in Google searches (no surprise there), and should be a great way to help customers find you and learn more about your shop.

Happy Retailing,
Carol “Orange” Schroeder

PS The illustration for today’s blog is from the YouTube channel of the The Jane Austen Centre in Bath, England (janeaustengiftshop.co.uk). Note the YouTube button at the bottom of their home page.

To learn more about the basics of retailing, read my book, Specialty Shop Retailing: Everything You Need to Know to Run Your Own Store, available (autographed!) through our web site, Orange Tree Imports, or from any chain or independent bookseller. To locate your local independent book store, go to Indie Bound.

To become a fan of Specialty Shop Retailing on Facebook, click here. I’d also love to have you follow my Pinterest board for retailers!

A reminder: you can now get the Specialty Shop Retailing blog delivered to your inbox every Monday. Just send your name and e-mail address to specialtyshopretail@me.com.

All Over the MAP

Mon, 3 Jun 2013 08:23:38 -0500

Setting prices is sometimes more of an art than a science, but MAP pricing is a tool that manufacturers use to try to standardize the retail prices for their products in all outlets. MAP stands for minimum advertised price, which is different than MSRP -- the manufacturer’s suggested retail (or list) price. Suggested retail prices are often artificially inflated so that stores can appear to offer a discount by pricing the product below the MSRP.

MAP prices, on the other hand, are the lowest amount for which a manufacturer will allow an item to be advertised. Companies with MAP policies are trying to maintain the value of their brand, and to prevent their legitimate dealers from being undercut by resellers, deep discount operations or other unauthorized channels. Apple is a prime example of a company with a strictly enforced MAP policy.

“In today’s business environment nothing is more relevant or damaging to a company’s brand and products than the proliferation of online retailing and the compounding issue of downward pressure on advertised prices. Brands are losing millions of dollars in equity and value everyday as advertised prices are pushed lower and existing sales channels are divesting from product lines that don’t protect their interests,” says the Brand Protection Agency.

Companies sometimes try to get around the MAP policy by stating “prices too low to advertise” or by not showing the actual price in an online purchase until the item is added to the customer’s shopping cart. They know that if they are caught, they may face a fine from the vendor or be cut off from further orders. However “most manufacturers don’t balk when retailers offer free shipping, gift with purchase, gift cards with purchase or a % off an additional, non-MAP protected item when promoting a MAP item,” according to the E-commerce blog GetElastic.

Not all segments of our industry use MAP pricing to protect retailers from unwarranted low-price competition -- although as independents, we may want to recommend it to our vendors. And keep in mind that companies that do have a MAP policy depend on both agencies such as BPA, computer technology, mystery shoppers and also alert retailers to report violations. If you buy from a vendor that has you agree to a MAP policy, be grateful that they are helping to protect you from being undercut on price -- and report any violations that you see so that the policy can be enforced.

Happy Retailing,
Carol “Orange” Schroeder

To learn more about the basics of retailing, read my book, Specialty Shop Retailing: Everything You Need to Know to Run Your Own Store, available (autographed!) through our web site, Orange Tree Imports, or from any chain or independent bookseller. To locate your local independent book store, go to Indie Bound.

To become a fan of Specialty Shop Retailing on Facebook, click here. I’d also love to have you follow my Pinterest board for retailers!

A reminder: you can now get the Specialty Shop Retailing blog delivered to your inbox every Monday. Just send your name and e-mail address to specialtyshopretail@me.com.

Morning Rituals

Mon, 27 May 2013 09:08:24 -0500

“Start your day a little bit better” was a sales slogan for cereal back in the day (here’s a video, in case you’re curious). But unless you are running a big box store that is open 24/7, your store could undoubtedly benefit by getting each day off to a little bit better start -- and I’m not talking about serving the whole staff big bowls of Post Toasties Corn Flakes.

One of my favorite articles about this topic was in New Age Retailer magazine, which is now called Retailing Insight. The author suggested smudging the store before opening. This involves using the smoke from lighting a bundle of herbs such as sage, sweetgrass and cedar to cleanse and purify the shop.

While you may not be a practitioner of Native American-inspired rituals, the cleaning of the store before you open is an important way to set the tone for a good day. You might want to create a checklist for these procedures and assign an employee to be in charge each morning. Make sure that:
• the floors have been vacuumed
• the counters are cleaned
• the waste baskets emptied
• the front door glass polished
• the bathroom cleaned
• the background music is correct
• all necessary are supplies restocked

The second ritual suggested in the New Age Retailer was writing the day’s sales goals on a slip of paper and acknowledging it as the day’s intention. Many shops do this by gathering their employees together briefly before the store opens to get them enthused about what the day will bring. This is also a great time to go over any new arrivals and upcoming events.

We also take time before opening to “count in” the change in the till. Starting out with the right amount of money helps track down any errors at the end of the day, when “counting out” is part of our evening ritual of closing up shop. The rituals associated with both the start and the end of the retail day are as important to your success as what comes in between.

Happy Retailing,
Carol “Orange” Schroeder

To learn more about the basics of retailing, read my book, Specialty Shop Retailing: Everything You Need to Know to Run Your Own Store, available (autographed!) through our web site, Orange Tree Imports, or from any chain or independent bookseller. To locate your local independent book store, go to Indie Bound.

To become a fan of Specialty Shop Retailing on Facebook, click here. I’d also love to have you follow my Pinterest board for retailers!

A reminder: you can now get the Specialty Shop Retailing blog delivered to your inbox every Monday. Just send your name and e-mail address to specialtyshopretail@me.com.