With a goal to sell as much product as possible at full price, the more you know about your customer and what motivates her to shop, the better.
There are many important factors that merchandisers must focus on. However, the most important one is applying your knowledge of what your customer likes, wants, and buys when you set up your merchandise plans.
After all, she is likely to react to initial price points, promotions, and, ultimately, markdowns taken on a product. With a goal to sell as much product as possible at full price , the more you know about your customer and what motivates her to shop, the better. Fortunately, these days there is a lot of data available. It’s worth reviewing because it can present a different picture than management expected. The merchandising experience that gives your store a special glow comes from successfully mining that data. It will help you make new and revolutionary decisions. It’s important to recognize that not all customers are created equal. My approach to building the most successful merchandise strategies starts with an understanding of who your most profitable customers are. All customers are important, but not all make money for you. Many customers only come for bargains and are not the best prospects to buy fresh, new merchandise that has not been marked down. You want to focus on capturing the attention, and the spending of, what I call a ‘highly valued customer’. She is one who repeats her visits to your store, knows your salesperson, and trusts her. Once you have acquired the customer’s trust, you have to focus on what she and her friends buy from your store and whether the products are profitable. Then, recognize that your store associates can serve as ‘influencers’ and encourage these customers to come back and shop for new items that are likely profitable. At the same time, these trusted professionals can use their influence to give product innovations a chance to gain momentum and sustain profitable sales. My observation is that a personal letter or direct promotion can reinforce all of this. A direct message to a customer is likely to get her attention, especially if it signed from one of the executives running the store, i.e., President, Chief merchant or some other exalted title.
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