A New Mindset for 2009

A friend of mine recently said something along the lines of, "I'd rather have more job security than a $5 shirt at the Gap."

We all have friends in our industry who have been laid off and we continue to see job cuts. Retailers continue to erode their margins in a need to push through high inventory levels and create demand. As shoppers, we might enjoy the deep discounts and promotions but it is going to be a tough reality come January 1st. It is time to change our approach.

In a declining economy, the landscape changes and new opportunities arise. Consumer behavior has changed for the long haul. Even the wealthiest consumers are more value-conscious. How are you changing your marketing and merchandising strategies based on a new consumer mindset?

A few questions to ask yourself:
> What are our customers willing to pay now for our core items vs. what they used to pay?
> Is there real value in what we offer and if there is, are we communicating it effectively?
> Where are our customers shopping now vs. two years ago?
> What are our competitors - from low ticket to high ticket- charging for the same product?
> Why should our customers continue to shop with us?
> Do our marketing programs effectively reach those consumers who are actually shopping with us?
> What new marketing and merchandising opportunities should we be considering, assuming it will take a long time for consumer confidence and spending to recover to previous highs?

Mid Season Holiday Sales Pulse- Tuesday Webinar

Please join me next Tuesday for our Holiday Tune-Up webinar. We are speeding towards the close of the holiday season- a season fraught with tough economic news and weak retail results. Many of you often ask me how other retailers are performing. We will talk through results by category, promotional strategies, what is working, and then look ahead to 2009. Please click on the below link to register for our webinar.

http://www.brighttalk.com/webcasts/1785/attend

(copy and paste link if the url is not connecting)

We have partnered with NCR Ecommerce to co-host this webinar with us- they have terrific insight into other channels of business and we always learn something new in our conversations with them.

We look forward to connecting with you on Tuesday.

Happy Holidays!