Marketing tips that just make sense
On November 2, 2014, I had the privilege of speaking at the National Association of Resale Professionals (NARTS) Strategic Marketing Solutions seminar in Nashville, TN. It was an information-packed day. We learned statistics and creative ideas to assist shops with their marketing needs. Here are some of the marketing tips I learned.
1.) Blended marketing
In session 1, the speaker covered the importance of a blended mix of both online marketing and offline (or traditional) marketing. Shops need to concentrate on their online first, particularly their website and social media. Then, begin slowly adding more traditional sources such as newspaper and direct mail. Participants filled out a SWOT analysis which looks at your Strengths, Weaknesses, Opportunities and Threats. Read What you need for a healthy consignment shop to learn more about a SWOT analysis.
2.) Calculating your marketing investment
Attendees learned consumers need to see your message 8x in order to remember you. Shops received formulas for figuring their percentage of rent to sales. Plus, a formula for figuring the life-time value of a customer was provided. Curiously, consignment or resale shops should strive for 2 to 4% of your annual sales as your marketing budget.
3.) Listening to your customers
During session 3, the speaker asked questions such as, “How high is public awareness of your business?” and “Are your customers referring their friends?” Shop owners were asked to honestly observe their reputation from the outside looking in.
4.) Marketing to your target
I spoke on a subject that I love, marketing to the generations. From Boomers to Millennials, there are so many ways to reach your target market. Did you know that a recent Nielsen study states that by 2017, Boomers will control 70% of the nation’s disposable income? Or, that Gen Xers and Millennials see your website as you and if it isn’t up to par, you’re losing business?
5.) Social media marketing
In the last two sessions, the speaker covered marketing tips for social media. It focused on Facebook and how to optimize your page for the best results. Shops should change their cover photo on a regular basis to keep things fresh. As always, the recommended number of social sites you should be on is 3.
NARTS is a wonderful organization that provides valuable connections and information to the resale community. Take a closer look at what joining offers you.