As a new year starts, we turn the page on one of the most challenging years for businesses small or large. Its hard to tell, now, where things will be headed in 2010, and what you can expect in your own businesses based on how overall economic health and trends will impact it.
My crystal ball seems to be cloudy - I see contradictory evidence all over the place. This past year has seen the independent small retailers in the downtown of my hometown devastated, with several high profile and long-time landmarks of the downtown retail scene finally unable to hang in any longer. Yet, I see a large number of my local clients in other industries thriving, enjoying the best years they have ever had. Indeed, my own financial controllership/tax business is up over 17%, having already billed the equivalent of my last fiscal year in just 10 months of this one.
From larger businesses around town, I see other signs of economic confidence that have been surprising. The local Mercedes dealership has recently opened a huge, glimmering new showroom (this is consistent with a presentation I heard in December where it was explained that after discount car-maker KIA, the next best performers during this economic downturn were luxury brands like Mercedes, BMW and Lexus). McDonald's just opened a new, larger location near my house and mothballed the one around the corner it replaced, surprising not only in the context of the economy but with respect to trends and views of fast food these days.
So, unfortunately, I have no better insight about 2010 for you at this point - my crystal ball seems clouded with uncertainty. But, then again, if it had of been providing me with all the right answers before now, I would be writing this from my beach side villa in the Caribbean......
Disappointing Discounts
Yesterday it dawned on me. I've thought about it before, but yesterday I actually felt it - completely frustrated about a sale a local retailer was having. It's there 'we're closing' sale so everything is at amazing discounted prices. Sounds good right? Not if you are me.
I bought a bunch of stuff from that store before Christmas, some as presents, some as not. I didn't shop there because of the deal or because they were closing, but rather because I wanted to support them and I wanted what they were selling. But now I feel slighted.
People that may have never shopped there, nor supported them, are now privy to great deals on the SAME MITTS I bought from them at full pop. How is that fair? Their true shoppers / supporters pay full pop, and the bargain hunter (whom is never loyal) gets the deal? ARGH!
So, trying not to be the one that complains without offering a solution here are some ways that businesses (maybe not this one since they are closing shop) could not frustrate their loyal customers and still move their stock:
1. let regulars know about the sale dates in advance so they can decide if they will shop now or wait until then.
2. give regulars (with proof of recent purchase or something) a larger discount then just walk-ins.
3. have a regulars day.
Next time you're going to have a sale (and it seems like this is the month for them) or discount something, please, PLEASE don't disappoint your loyal regulars.
I bought a bunch of stuff from that store before Christmas, some as presents, some as not. I didn't shop there because of the deal or because they were closing, but rather because I wanted to support them and I wanted what they were selling. But now I feel slighted.
People that may have never shopped there, nor supported them, are now privy to great deals on the SAME MITTS I bought from them at full pop. How is that fair? Their true shoppers / supporters pay full pop, and the bargain hunter (whom is never loyal) gets the deal? ARGH!
So, trying not to be the one that complains without offering a solution here are some ways that businesses (maybe not this one since they are closing shop) could not frustrate their loyal customers and still move their stock:
1. let regulars know about the sale dates in advance so they can decide if they will shop now or wait until then.
2. give regulars (with proof of recent purchase or something) a larger discount then just walk-ins.
3. have a regulars day.
Next time you're going to have a sale (and it seems like this is the month for them) or discount something, please, PLEASE don't disappoint your loyal regulars.
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