Merchant Method Retail Trends

5: Straight Talk with Employees is About Clarity not Conflict

2/27/2019

I remember my first manager-level role — one with employees to train, develop, and retrain should performance fall below expectations. I loved it when my team and I were like a well-oiled machine and never thought about how I would feel if we weren’t.

So I was unprepared when my own manager asked me to have a difficult conversation with an employee whom she suspected was stealing from the business. Whether or not I was prepared, it was a conversation I had to have.

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4: Making More Money Does NOT Start with Pricing

2/19/2019

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The question I get asked time and time again is — “What should I charge for my products because I need to make more money?”

I hate to be the bearer of bad news but you need to know that making more money does NOT start with pricing.

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3: Hack Your Business Growth with Boredom

2/13/2019

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Every indie retailer and maker that I’ve worked with has one thing in common — a fear of being bored in their work.

Raise your hand if this is you too!

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2: Brand Values and the Battleground of Differentiation

2/6/2019

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Whether you're ready to share this publicly or suffer in silence, you probably feel that you need to somehow up your marketing game — whether it be getting more attention on social media, driving traffic to your ecommerce site, or developing new contacts now that might turn into business later (read: business development).

Amiright?!?

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1: Shifting the Customer Service Role from Seller to Entertainer

1/30/2019

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What catches a customer’s attention — and hopefully a share of their wallet — changes constantly and the tides of merchandising, marketing, and selling quickly follow suit.

What was once a clever idea to drive customer traffic to a store is now the starting price to get a customer’s attention. Hopefully you hold it long enough for them to really look at what you’ve got to sell.

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0: For Indie Retailers and Makers

1/25/2019

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I’m thrilled to release the Retail Shift Podcast, where I share business advice for inventory-based brands and the merchants who run them.

How is Retail Shift different than my Facebook live stream resources, like Coaching with Cocktails and Retail Trend Reports? Well, this is finally my opportunity to be YOUR PORTABLE RETAIL COACH, something I’ve been wanting to be for years and years.

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Seasonal sales during the winter holidays

11/9/2018

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Seasonal Sales During the Winter Holidays from Merchant Method | Visit merchantmethod.com/retailtrends to learn more.

Seasonal selling periods are SO important for retailers. A single season can make or break your entire year.

What was once just Christmas and Black Friday has turned into a whole fiscal quarter of shopping events. It’s helpful to break it down by each phase of the holiday season so you can recognize the different contexts shoppers are coming from.

Winter holidays, fourth quarter, Christmas — whatever you want to call it, there’s no doubt that November and December are the busiest season months for retail.

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The (Un)True Nature of Time Management

8/16/2018

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The (Un)True Nature of Time Management | Visit http://bit.ly/SolutiontoSuccess to learn three proven solutions to make more time and money in your inventory-based business.

In search of increased productivity, many of us turn to time management to help us get more work done. We’ve been taught (and perhaps believe) that if we organize and plan our work “better,” we’ll unlock a level of productivity that results in greater profit — with ease.

Yet, the opposite is often the reality.

Time management has caused many of us to wake up earlier in order to squeeze in self care practices. We’ve segmented our calendars with back-to-back commitments or projects. We’ve even added distractions that result from the acquisition and administration of new tools or apps.

Here’s the true nature of time: We don’t manage time. Time manages us.

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Applying Inventory Management to a Small Business

7/25/2018

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Applying Inventory Management to a Small Business | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

For small businesses, it’s not enough to know how to merchandise, manage, and optimize inventory because just knowing something doesn’t help if you can’t put that knowledge to work.

For many entrepreneurs and small brands, the benefits of strategic inventory management are unlocked only by doing the work, which begs the question:

When, in your already busy schedule, should you implement merchandising and reporting practices that drive profit without sacrificing other operational practices?

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The Science of Inventory Management: How to Up-level Your Business with Simple Retail Reporting

7/19/2018

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The Science of Inventory Management: How to Up-level Your Business with Simple Retail Reporting | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

In the search to study and learn from the success of others in our industry, you’ll be hard pressed to find a merchant who willingly ignores the growth potential inherent in understanding their financial results.

Even the most intuitive retail buyers — ones that lead with gut and instinct — look to key performance indicators to evaluate the choices they’ve made around customer experience.

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The Art of Inventory Management: 14 Ways to Sell Slow-Moving Stock at Full Retail Price

6/12/2018

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The Art of Inventory Management: 14 Ways to Sell Slow-Moving Stock at Full Retail Price with Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

Retailers highlight new or key products through well-planned and shoppable merchandise presentations in order to promote full price selling.

Sale merchandise and slow-moving stock, on the other hand, are rarely romanced the way new or popular products are. As a result, the desirability and profitability of that inventory plummets.

But what if it doesn’t have to? What if you could sell slow-moving stock at full retail price by doing more of the things you’re probably already doing?

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Growth Hacking for Retailers and Makers

6/6/2018

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Growth Hacking for Retailers and Makers from Merchant Method | Visit merchantmethod.com/retailtrends for more information.

When I come across a blog post, podcast episode, or event invitation with the words "growth hack," I assume the intended audience is in the tech space. I'm certain that I'm not the only merchant who feels this way.

However, as I took the time to answer interview questions from Stitch Labs, an inventory management software provider, one thing rang out loud and clear:

I've been growth hacking retail and manufacturing brands for over 20 years. It's likely you've been growth hacking your own business too.

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the future of retail

5/31/2018

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The Future of Retail with Merchant Method | Visit merchantmethod.com/retailtrends for more resources.

I spend much of my time thinking about the future of the retail industry and how independent merchants can thrive in a competitive market place.

In fact, all of my teaching is related to this topic.

This month I was asked to predict the future of retail along with 13 other retail experts. Here's what I'm confident will continue to unfold in the months, quarters, and years to follow:

The barriers to entry will continue to lower while success standards continue to rise.

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Take Stock of Your Business Year-to-Date

5/24/2018

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Take Stock of Your Business Year-to-Date with Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

The speed of retail — as a universal truth in our industry — is more closely associated with the volatility of customer spending than it is with the speed of production. It’s no wonder that taking stock of business results on a frequent and consistent basis feels like yet another task on a long to-do list.

Conducting a business review does take time but, when it’s done well, the value gained with each review compounds over time.

So it’s a wonder this practice isn’t a quarterly ritual within every business from coast to coast.

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Priming Your Business for a 90-Day Turn Around

5/17/2018

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Priming Your Business for a 90-Day Turn Around with Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

There is no one universal ruler to measure real business progress. Using just profit, revenue, or cash flow to evaluate a multi-faceted, values-based business like yours can’t provide a complete picture of where you’ve been and where you’re going.

For proof of progress you need meaningful goals individualized by brand, project, and person.

Yet for how unique an experience goal setting and achieving has to be, there are an awful lot of resources that claim to be the exact solution you’ve been looking for. Including my own.

While it’s aspirational to believe that a one-size planner, calendar, or project tool fits all or even most business needs, we know it’s not true.

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A New Way to Sell More: Think Like a Writer

5/10/2018

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A New Way to Sell More: Think Like a Writer from Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

Before you opened your doors, your soon-to-be customers inspired and motivated you. Regardless of whether you debuted as a confident or uncertain seller, your customer’s happiness — measured in sales — was hitched like a wagon to your happiness.

For merchants it’s always been this way and will always continue to be.

As you’ve worked to grow your revenue, you’ve worked proportionally to connect with your customer-base, driven by the adage that more customers means more sales. Yet, many business owners struggle in the relentless pursuit of understanding the profitable relationship between sales and customer-base.

Entrepreneurs intellectually know the quantifiable and qualifiable benefits of narrowing the focus, niching down, and clearly differentiating the ideal customer from the impostor customer. However, with more tangible things to focus on, many owners sweep these branding basics under the rug.

Therein lies the actual barrier to selling more — the absence of brand positioning.

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Secrets to Making Profitable Decisions

5/3/2018

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Secrets to Making Profitable Decisions from Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

Have you ever wanted to make more money while working less? The concept may seem lazy, but it’s actually a common goal.

I’m continually asked by merchants as well as the retail media about how to achieve this goal. Everyone in our industry wants to know how to growth-hack and here’s the answer:

Stop worrying about revenue.

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How to Overcome the Self-Sabotage That Keeps Success at Bay

4/18/2018

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How to Overcome the Self-Sabotage That Keeps Success at Bay from Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

Self-sabotage is a sneaky thing.

When it comes to getting out of our own way, there are a number of resources that can help us with our mindsets.

Overcome impostor syndrome.

Escape the comparison trap.

Start before you’re ready.

None of these are wrong. Yet, there’s far more to self-sabotage than just confidence, courage, and charisma.

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How to Sell With Ease When You’re Shy

4/11/2018

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How to Sell With Ease When You’re Shy from Merchant Method | Visit merchantmethod.com/retailtrends for more.

We already know that selling is an important skill set.

Not only does this critical activity help us achieve a healthy cash flow it but also allows us to connect with and serve our customers.

Yet, for how critical an activity that selling is, there isn’t much sales training available for small inventory-based businesses.

As a result many of us are left to think that success on the sales floor is influenced by personality types like extroversion and introversion. In fact, the opposite is true.

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THE Four Phases of Your Revenue Journey

4/4/2018

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The Four Phases of Your Revenue Journey: Relying on the Advice of Other Business Owners. | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

As a small business owner it’s challenging to find the time to work on strategic pieces of your business.

Yet every once in a while a critical decision needs to be made quickly even though your choice won’t impact the day-to-day business for months or even years.

Without having the time to really roll up your sleeves to explore the opportunity — whether you’re considering opening another location, doubling your current square footage, or exploring a design and development collaboration — you start looking around for answers.

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Four Pillars of an Inventory-based Business

3/28/2018

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Merchant Method Four Pillars of an Inventory-Based Business | Visit merchantmethod.com/retailtrends | Retail, Small-Batch Manufacturing, Maker

Earlier this week I sat with a small cohort of merchants eager to step away from their businesses, roll up their sleeves, and dive into the true hard work of understanding the breadth and depth of factors that impact profit.

Anyone can dive into this discovery process.

The first step is to raise your level of awareness about operating an inventory-based business so that you can see through the distracting, symptomatic pains to the core of the real issues.

To better understand what contributes to your business challenges or those opportunities that remain out of reach, you need to understand the four pillars of operating an inventory-based business.

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How to design a foolproof brand experience

3/22/2018

I have a podcast episode you have to listen to!

The podcast is called Design Goggles, produced by the multi-talented architecture and design firm Board & Vellum. This one is fun and full of business advice for retailers and makers!

This week’s podcast episode is about how to design a foolproof brand experience.

The episode is The Seattle Retail Experience but don’t let the title fool you. I work with brands throughout the United States (and beyond) and here’s what I know to be true:

The challenges with designing an irresistible retail experience and positioning a brand are the same regardless of location.

If you’re interested in growing your business, you’ll find this interview valuable.

As you listen, I want you to pay attention for some very important topics:

The shop local movement, what “local” means, and growing your business beyond your neighborhood.
4 things that have changed the retail landscape for small to medium-sized businesses and how to respond to these changes.
Barriers to entering the retail industry, the role of modern pop-up shops, and the rising threshold for success.
Integrating opportunities for social media engagement in your retail space.
Brand Loyalty = Brand Narrative + Brand Behaviors + Belonging
Effective organic advertising through promotional merchandise and customer loyalty programs.
Shaping customer expectations with brand-focused employee training.
Price sensitivity and helping customers accept rising price points.

After you listen, leave a comment and tell me how you shape your unique experience.

Thanks for tuning in!

valuing the customer relationship

3/7/2018

Merchant Method Retail Trends | Valuing the Customer Experience | Visit merchantmethod.com/retailtrends

Lately I’ve been spending a lot of my creative time thinking about relationships — all kinds of relationships, in fact — to better understand the most precious, prized, and valued relationships we merchants have:

Our relationship with our customers.

The hard truth is that how we relate to customers and, more importantly, how they relate to us is directly reflected by our cash flow.

Our cash flow is the score card of the dynamic, responsive, and empathetic way we act in relation with our customers.

So I ask you this — “Are you playing the long game or playing the field?”

That’s a big question, and one way you can start self-assessment is by focusing on your special events:

How do in-store events fit with your guiding principles and core values?
Are your event goals driven by an outcome goal (like gaining revenue from the event) or a process goal (like driving marketing for the store)?
What could change in your business if you treated in-store events as a way to move your brand — its mission and its values — forward?

You know me, I like to make things attainable, actionable, and aligned with my own mission.

Naturally I was thrilled when Storefront, an online marketplace for renting pop-up retail space, asked me to share my insights on pop-up events. I was ready to share a plan for playing the long game, building brand loyalty, and nurturing valuable customer relationships.

You can read the feature here — I hope it will help you plan for the long game.

The Breadth of Consumer Spending During the Holiday Season

11/27/2017

My first act of holiday gift giving was already complete by Cyber Monday. A few weeks before, I had selected a wish list from a charitable holiday giving tree and over Thanksgiving weekend I dropped off the wrapped presents. This early practice left my heart feeling gratified, satisfied, and ready for plenty more shopping and sharing in the weeks ahead.

The holidays present a series of obligations and celebrations. We shop, ship, and celebrate throughout the season in phases. Don’t forget, we talk about ‘the holidays’ in plural for a reason!

Holiday shopping comes in phases. As shoppers we know this — but what are we doing with this information as sellers?

The Subtle Art of Modern Pop-Up Shops

10/24/2017

I can’t remember my first pop-up shop experience, but they were a fixture of my childhood. They ranged from a vendor at an open air market who sold just one product to my very own Tupperware-selling mom hosting a sales party in our living room.

No matter how you “slice it, dice it, cut it, or chop it,” — classic sales copy to this day — temporary retail shops have been around since the birth of retail. As a modern retailer, you should think about how best to take advantage of this sales model to help drive your business.

Pop-up retail is not just a fad, it’s a sales channel.

Modern pop-ups shops are a subtle art, and you can unlock incremental sales by really understanding this strategic channel.

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