As I head into this holiday season, I decided to read Shopper Intimacy (link and photo above). While most of the book is big-marketing jargon (read: statistical information for large grocery/drug stores), there are some helpful tips for small business owners.
For example, a study out of Chapter 4: Measuring Marketing at Retail in Drug Stores, includes a chart that tracks the most effective sales strategy. Consumers responded best to the Buy One Get One deals, something I’ve never tried in my shop before. The next most effective strategy was the simple message “Sale” or “Save Now.” Third on the list of sales marketing was the % or $ amount taken off each item (this is the one used most commonly in my shop). Lastly, “Compare and Save” to other brands was the least effective.
I am so excited to see this information mapped out from most effective to least effective, and I can hardly wait to incorporate a BOGO deal in my own store. Moreover, I am always trying to use the “Compare and Save,” as there are many high-end brands that mark up products similar to mine by enormous amounts (from hundreds to thousands of dollars!).
Since I am currently designing a booth for my very first art and craft shows, I also found Chapter 6: Capturing Shopping Dynamics in Store quite interesting. This section of the book diagrams where the product physically sits (above head, eye-level, waist-level, and foot-level) and which placement gets the most attention. (Any guesses? I would have thought eye-level, and that is incorrect!)
Chapter 6 also records the effectiveness of adding a promotional message with the product placement. For instance, I will sell more effectively if I display my products with this message: “Any Bracelet $25 . . . OR 2 for $40!!” than if I simply displayed them as “Any Bracelet $25!”
Finally, Chapter 8: Decision Drivers, confirmed a lesson I’ve learned many times over. Too many choices leads to less sales. Etsy sellers debate this all the time, but I don’t believe 1,000 items listed leads to more sales. I not only sell products, I sell information, and information overload kills sales. I also loved this chapter for the list of 10 “Practical Learnings” any salesperson would benefit to know, from relaxing your buyer to making more of an impact with your sales message, this information is important!
Overall, Chapter 9 is the most valuable to online retailers, as its title is “Online Retailing.” This is the one that I read from start to finish, and I recommend you do too. I give this book 3 out of 5 stars for Etsy sellers. ♥ All the best!