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Applied Marketing 101: Beads and the Product Life Cycle Curve

Scarcely a day goes by without at least one retailer asking my opinion on if, and when, the bead frenzy will end. It’s an important question, given the extraordinary dependence that many better independent stores now have on bead lines for traffic and cash flow. As part of the diagnostic process of evaluating our customers’ marketing strategies, it’s generally helpful for me to understand the relative contribution of each merchandise category to a store’s overall revenue stream, and recently it’s not been uncommon for me to see 30 percent or more of gross revenues coming from beads. In order to understand what’s happening in this category, and perhaps gain some insight into what may likely happen in the future, let’s take a look at a fundamental marketing principle called the Product Life Cycle.

Applied Marketing 101: How this funny looking little ink spot is about to change Everything

Occasionally, technological changes occur that transform society in extraordinary ways. I’m sure you would agree that the development of the personal computer represents just such a change. In this context, there have also been a series of “mini-revolutions” in which smaller incremental technological advances (e.g., the Internet, Cable TV) created transformational changes as well. In my view, we are on the threshold of a very big change, a societal embrace of a new technology that will fundamentally alter the way that retailers communicate with consumers.

Applied Marketing 101: The Social Media Marketing Model

There is a revolution taking place right now in the way that retail businesses communicate with their customers. This revolution is so extraordinary, and so unprecedented, that most of us are still just beginning to understand its implications. In order fully to understand what’s happening, here’s a bit of background.

Modern Day Selling: Secrets to building a large & loyal customer base

Create a new focus and standard on returns/exchanges

I am writing this article on December 26th, the day after Christmas. Although our store is closed today, I know that tomorrow it will be filled with many returns and exchanges and I am not the least bit concerned.

Many sales associates dread “The Day After” and are often anxious and not looking forward to what is to come. How many sales will I lose? Will I be able to change people’s minds? How can I minimize my loses and keep the damage low? These are many of the thoughts of the standard sales associate headed into the few weeks after Christmas. It is often the least favorite time of year for many sales associates.

Modern Day Selling: Secrets to building a large & loyal customer base

Take advantage of every opportunity (large and small)

Today I am excited to start a new series on the proper way to build a large customer base that will be loyal and dedicated to you. Through this series I will share the secrets to my success that have made my selling career fun, easy and effective. Many of you who have followed my articles over the years already know the main ingredients to Modern Day Selling - like serving while selling, selling with passion and energy, creating a show-time experience and impacting the customers life in a meaningful way. However, there is much more to be discovered to see the bigger picture of true success that lasts.

Modern Day Selling: The Seven Simple Truths Truth #7: People’s perception is often based on their reality

As we close out this seven part series on “The Seven Simple Truths,” I would like to share some insight that has greatly benefited me in my retail sales career. It is the understanding that people’s perception is often their reality. How you handle it as a sales professional will define your relationship with that customer for life.

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