Top Ten Ideas from a Group of Farm Retailers
I have just finished speaking at the FARMA Conference in Edinburgh, Scotland. This conference was a mix of a tour, trade show and conference and was an opportunity to study retailing in this sector. Prior to the conference, I walked Princess Street, possibly the main retail street in Scotland. I was hoping to get inspired; but alas, each retailer was promoting its sale and each shop looked as uninspiring as the next. Then, I joined the farm retail tour and came across a passionate group of retailers who wanted to make a difference.
FARMA was an excellent conference and one where all retailers could have picked up new ideas. My top ten ideas from the conference are as follows.
1. Capital Does Not Mean More Sales
The tour looked at a selection of retailers; some had injected large amounts of capital, while others had not. Yet, the return per square metre or foot for nearly all the retailers was around the same. Yes, you have to get the basic investment right to create the sale, but in today’s tougher retail environment, over-investing in expensive and does not automatically mean that sales per given area will increase. The message is invest enough money to make the model work.
2. Get the Basics Right
All the retailers who got the basic s right were performing around the same level. Paco Underhill, the retail expert on how we buy, mentioned recently that getting the customer flow wrong could cost a retailer two dollars per sale. We saw one example of where a flow was wrong and it clearly proved that Paco was right. Get the flow wrong and it costs you dearly.
3. Tell the Story
I accept it is easier for a farmer to tell a story than most retailers, but those that put the story together can increase their sales. Story telling is a key point of difference in retailing. Identify your dory and communicate it to the customer.
4. The Team Can Grow the Sales
Make sales training fun, measure the results and grow sales. Sally Benson, one of the delegates, increased sales of selected products by 354 percent. How? The team selected a product and developed an in-house marketing campaign to grow the sales. There was a prize for the team who created the most sales. All the team excelled and enjoyed the competition and the fun of developing the extra sales. Product knowledge taring can be boring. Make it fun and grow sales.
5. Promote Your Values at the Entrance to Your Business
Are you local, are you a family business or are you a national chain selling local products? Many independent businesses fail to get this message across; they assume that all the consumers know their values. Yet when I visited a large national chain, they promoted a local message at their entrance. Consumers need to know your values when they enter your store.
6. Management Need to Make Sure the Team Stays Positive
One of the presenters was Darrell Woodman who presented on the art of being brilliant. He revealed that research indicated that 98 percent of people are in the less-than-happy mode most of the time, while only 2 percent are in the happy mode. As a leader, you influence the behavior of your team. Happy people make the sale. His point is that you choose to be positive; you need to understand the impact you have on the team, and you need to take responsibility. Growing sales is down to attitude.
7. Have a “Banning “Letter
Not everyone who comes into your store will be honest, according to Simon Winchester of Shoppers Anonymous. The stealing percentage mix is as follows:
• 25% of thieves steal by accident and return the product
• 60% steal by accident and do not return the product
• 15% are deliberate stealers
If you want to ban a customer, make sure you have a prepared a banning letter that you can hand to the customer. It makes life so much easier.
8. Sell By Date or Enjoy by Date
Is It a “Sell by Date” or an “Enjoy by Date.” I love the idea of an “Enjoy by Date” that Loch Leven Lauder uses. The use of simple words in a more positive way can put a smile on the face of your customer.
9. We Change our Wallpaper with the Seasons
One of the top retailers in the world is Zara, the fashion clothing company from Spain, and I often use them as an example as they have created 24 seasons in their stores. How do they do it? They change the wall paper; they change the sightlines so the store looks different every two weeks. This is a simple strategy that has worked well for this company. The principle applies to all retailers. It was fun to see a farmer believe his success was based on changing the wall paper to create the theatre. Something many retailers have forgotten.
10. Make a Decision or Act on a Decision
The above quote is from the UK TV personality Dick Strawbridge. It is simple; yet how often is it not implemented? In a changing world everyone needs to act on decisions made.
John Stanley of John Stanley Associates provides conference presentations, workshops and consultancy to the retail industry in 30 countries. He can be contacted at john@johnstanley.com.au.
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Filed under Earnings | Tags: Farm, from, Group, Ideas, retailers | Comment (0)Morning Weather 2-5-12
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One Stop Green Now Carries Plumen Energy Saving Designer Light Bulbs
Houston, TX, February 04, 2012 –(PR.com)– One Stop Green now offers Plumen Energy Saving Designer Light Bulbs.
Glass tubes can be bent is many different shapes so why are there thousands of manufacturers but only three types of light bulb designs? Plumen aims to address this problem by using a dynamic, sculptured form that contrasts to the dull regular shapes of existing low energy bulbs in an attempt to make the Plumen a centerpiece and not an afterthought.
Some people buy energy saving light bulbs out of a pure moral obligation. Whether it’s the way they look or the quality of light they give off, they end up sacrificing design just to save energy. The makers of Plumen, the popular energy saving designer light bulb, believe you no longer have to sacrifice design for energy savings. Make the bulb attractive and people will be willing to spend a bit more to enjoy a better quality of light and design they will appreciate everyday.
Plumen is the antithesis of low energy light bulbs as we know them. Rather than hide the unappealing traditional compact fluorescent light behind boring utility, Plumen 001 is a bulb you’ll want to show off. "The Plumen bulb uses 80% less energy and lasts 8 times longer than incandescent bulbs, giving you the opportunity to purchase an ecological product with style," says the design team behind the unique design of the Plumen 001. It works just like any low energy bulb but has a lot more presence. The name comes from ‘plume’ – a bird’s show feather, designed to attract attention to a bird’s prowess and beauty. The Plumen 001 screws into any standard bulb fitting, gives off a warm white light and will work either shaded or even better, completely naked, and is available now at OneStopGreen.com
One Stop Green, LLC facilitates environmentally friendly improvements to residential and commercial properties through distribution of green, energy efficient equipment. They offer every product needed for sustainable energy independence in the categories of solar, wind, water, lighting, green building, and green living solutions enabling homeowners, businesses and commercial property owners to master their usage by reducing waste, producing renewable energy and implementing energy efficient consumption methods.
Nathan Kaufman
www.OneStopGreen.com
P: 877.449.9110|O: 713.541.2739|C: 210-846-5900
This article (One Stop Green Now Carries Plumen Energy Saving Designer Light Bulbs) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
Earnings Scorecard: St. Jude
Medical devices major St. Jude Medical’s (NYSE:STJ) fourth-quarter 2011 adjusted earnings per share of 86 cents beat the Zacks Consensus Estimate by a couple of cents and exceeded the year-ago earnings of 75 cents.
Highlights from the Quarter
Profit (as reported) for the fourth quarter slipped roughly 21% year over year to 3.4 million (or 51 cents a share) as higher sales were overshadowed by lofty special charges.
Revenues rose 4% year over year to ,406.9 million, beating the Zacks … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
NiSource Lags, Guides Favorably
Diversified utility, NiSource Inc. (NYSE:NI) posted net operating earnings of 32 cents per share in the fourth quarter of 2011, falling short of the Zacks Consensus Estimate of 35 cents and the year-ago quarter’s operating earnings of 33 cents per share.
NiSource’s operating earnings of 2011 were .35 per share compared with .22 per share reported in 2010. The results were in line with the Zacks Consensus Estimate.
NiSource recorded GAAP earnings for 2011 of .08 per share compared … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
Smitty’s Glass Wax Keeps Eyeglasses Clean
Millions of Americans wear glasses, and we all have trouble keeping them clean, which can be frustrating. A lot of folks are in a hurry, so they might huff a little breath on them and wipe them off with whatever happens to be handy. But that usually doesn’t do much good. That’s why we want to tell you about a new product, Smitty’s Glass Wax, how it was discovered and where you can get it.
Kim Smith, CEO and founder of Smitty’s Glass Wax, discovered a better way to clean his glasses while cleaning his boat. “I got some wax on my glasses, and after I wiped them off they were remarkably cleaner,” he recalls. “I worked as a roofing contractor and was always sweating on my glasses. Then with the wax coating on them, the glasses cleaned right up,” said Smith.
Suspecting he had hit on something big, Smith worked on a special formula for Smitty’s Glass Wax for six months and then tested the eyeglass cleaning solution at a street fair. “We sold about 6,000 bottles at that fair,” said Smith, “and we were on our way.”
Smitty’s Glass Wax has three different ingredients that combine to give eyeglasses a dirt-free finish. “First it’s a plastic cleaner that removes the oil and contaminants from the lens, so the lenses are a lot clearer right off the bat,” explains Smith. “It’s also a polish that makes the lenses feel real slick, so dirt doesn’t stick to them,” he added. “Finally, the wax in the product makes them easy to clean later, and the microscopic film from the wax makes the glasses more smudge resistant,” he concluded.
Smith has also has a great way for getting customers to buy the product. “We let them try it,” said Smith. The company offers retailers a Try it Free demo kit cleaning station, where passersby are invited to try the product out on their own glasses. “Once they do,” said Smith, “we have an 85 percent close rate on sales.” The demo kit − which is 8-inches deep, 14-inches wide and about 15-inches high − is an eye catching display with the products attached to a lanyard so no one can walk off with them. The company must be doing something right, as it went to several different fairs and venues last year, selling an additional 38,000 units.
Smitty’s Glass Wax wholesales for .50 per package, which includes the wax cleaner, two micro fiber cleaning cloths, and a carry-it-with-you cleaning bag. The MSRP is .83. If retailers buy a minimum of three cases, the wholesale price drops down to .60 per unit. Free shipping and a free cleaning station are included at that price, and for store owners requesting additional signage or POP displays, Smith will make them available at cost.
“Right now we’re targeting kiosk and cart owners, as well as drug stores, truck stops, gift shops and numerous other retail outlets,” said Smith. The company is also working on extending its product line by planning to roll out a small aerosol can for cleaning computer screens, and an aerosol kitchen and bath cleaner that provides a protective film so dirt doesn’t stick. “We expect to have a big year,” said Smith, “as Smitty’s Glass Wax sells like hotcakes.”
For more information:
Smitty’s Glass Wax
1308 East Colorado Blvd., Suite B
Pasadena, CA 91106
Toll Free: 800-588-4799
Email: smittysglasswax@yahoo.com
Website: smittysglasswax.com
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Filed under Earnings | Tags: clean, Eyeglasses, Glass, Keeps, Smitty’s | Comment (0)GLG Life Tech Corp – Common Shares (Canada) (GLGL) Upgraded by Zacks Investment Research to “Neutral”
GLG Life Tech Corp – Common Shares (Canada) (NASDAQ: GLGL) was upgraded by Zacks Investment Research from an “underperform” rating to a “neutral” rating in a research note issued on Saturday.
GLG Life Tech Corp – Common Shares (Canada) opened at 1.37 on Friday. GLG Life Tech Corp – Common Shares (Canada) has a 1-year low of .58 and a 1-year high of .45. The stock has a 50-day moving average of .02 and a 200-day moving average of .08. The company’s market cap is .4 million.
This article (GLG Life Tech Corp – Common Shares (Canada) (GLGL) Upgraded by Zacks Investment Research to “Neutral”) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
Retailers & General Merchandise Industry Spend Big on Google AdWords
The Retailers & General Merchandise industry was #2 among the industries that spent the most on Google AdWords in 2011, according to research by SEM software and PPC service firm Wordstream. Finance & Insurance and Travel & Tourism were the #1 and #3 top spenders, respectively.
Larry Kim of Wordstream analyzed Google AdWords spending to see which industries and companies spent the most on Google advertising last year. Kim created an infographic listing the results of his research and also published some insights into what he believes his findings mean for the U.S. economy in his report, What Industries Contributed to Google’s .9 Billion in 2011 Revenues?
In his report, Kim offered an analysis of commonly used keywords and their corresponding cost-per-click, viewable in the infographic. Below is a listing of the industries and amounts spent by the top ten big advertising spenders.
1. Finance & Insurance – .0 Billion
2. Retailers & General Merchandise – .8 Billion
3. Travel & Tourism – .4 Billion
4. Jobs & Education – .2 Billion
5. Home & Garden − .1 Billion
6. Computer & Consumer Electronics – .0 Billion
7. Vehicles – .0 Billion
8. Internet & Telecommunications – .7 Billion
9. Business & Industrial – .6 Billion
10. Occasions & Gifts – .2 Billion
Advertising revenue from the above ten industries accounted for 60 percent of Google’s .9 billion 2011 revenue, while the remaining .4 billion came from other industries.
Retailers & General Merchandise Industry
In the retail industry, Amazon.com led the pack at .2 million spent on AdWords in 2011, with eBay (.8 million), Macy’s (.6 million), Sears (.3 million and JCPenney (.9 million) following. Commonly used keywords and cost-per-click are shown on the infographic.
Analysis of U.S. Economy Based on Google Ad Revnue
Kim made some conclusions about the economy based on Google AdWords spending. His reasoning is that we can learn a lot from Google’s 3 million advertisers and 2 billion daily queries. Among his conclusions:
1. Concerns of Occupy Wall Street are legitimate since the finance and insurance industries were the biggest spenders despite the financial meltdown. They wouldn’t be spending big if they weren’t making money by acquiring new customers with PPC ads.
2. Consumers are spending despite the weak economy and high unemployment. While Kim did not mention the disparity between the poor, middle class and rich, I suspect that is a factor, with the affluent doing the majority of the spending.
3. High unemployment has created opportunities for education and training. Unemployment continues to remain high, prompting people to get retraining or college degrees. That has created a boon for online universities and schools. However, there have been complaints on misleading ads that do not result in jobs.
4. Home & Garden ads beat Real Estate ads since the housing recovery has been slow. That means more people are spending money fixing up their homes and gardens rather than buy a new home.
5. Business and industrial spending was soft compared to other industries and based on the industry’s GDP. It appears corporations are holding back and are slow to invest. While this is typical of a recession, it does not help the slowly recovering economy.
Based on his research, Kim predicts the U.S. economy “will be OK in 2012.” Let’s hope he’s right, and that businesses starts hiring, investing and flourishing in 2012.
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Filed under Earnings | Tags: AdWords, General, Google, Industry, Merchandise, retailers, Spend | Comment (0)Bear Of The Day: Bank Of America Corp. (BAC)
Bank of America Corp.’s (NYSE:BAC) fourth-quarter earnings came in substantially lower than the Zacks Consensus Estimate. The sale of non-core assets and accounting gains made it possible for the company to remain profitable during the quarter. However, excluding nonrecurring items, the company would have incurred a loss.
Higher non-interest expense was the primary headwind in the quarterly numbers. Also, capital and liquidity remained weak. For the full year 2011, the company reported earnings of … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards
Klug Foundation
“Klug Foundation” is categorized as “life and leisure”. This video was licensed from Grab Networks. For additional video content, click the “video” tab at the top of this page.
If you are a new American Banking & Market News reader, we would like to welcome you to our website. American Banking & Market News provides daily coverage of analysts’ ratings for some of the largest publicly traded companies in the world. We cover news surrounding large-cap U.S. financial companies, including Citigroup, Bank of America, Wells Fargo and JPMorgan Chase and discuss the fledgling industry of peer to peer lending. American Banking & Market News publishes hundreds of press releases per day and is part of the American Consumer News, LLC network. We would invite you to consider following our ‘AmericanBanking’ account on Twitter and subscribing to our RSS Feed. You can always view our latest articles and video content by visiting our home page.
This article (Klug Foundation) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.