Pricing strategy for independent retailers — charm pricing, price psychology, markdown timing, price anchoring, keystone markup, and protecting your margins without racing to the bottom.
“Price is what you pay; value is what you get.” – Warren Buffett, who credits Ben Graham Every price tag in your store sends a message. You might be thinking, “Wait a minute. You mean prices say more than what I am simply charging for an item?” And the answer is, “Yes.” When I had…
“What we present first changes the way people experience what we present to them next.” — Robert Cialdini To say this has been a year of price changes would be an understatement. It’s been a roller coaster ride with tariffs changing the cost of doing business across the world. How do you navigate communicating those…
“The terms ‘in the black’ and ‘in the red’ are commonly used in accounting to indicate a company’s financial status.‘In the black’ signifies profitability, as profits were traditionally recorded in black ink, while ‘in the red’ denotes losses, recorded in red ink.” — ChatGPT Friday after Thanksgiving Black Friday got its name decades ago as…
“…the generous act of helping someone solve a problem.” — Seth Godin’s definition of marketing Two kinds of marketing -by Seth Godin from his published calendar Friday, March 22, 2024 “There’s the kind that no one can possibly like. The pop-ups, pop-unders, high-pressure, track-your-private-data, scammy, interruptive, overpriced, overhyped, under-designed, selfish nonsense that some people engage…
“Success is dependent upon the glands – sweat glands.” — Zig Ziglar Last summer I started regularly working out with weights. I would go with my husband to the gym and think to myself, “Ok, this is not that hard.” My simple goal is to have decently strong muscles and bones in 20+ years. A…
“We made too much.” — Lululemon One of your retail colleagues in Tennessee is distressed about a large amount of jewelry she has in stock that has completely stopped selling. She emailed with me this week to see if I had any ideas about what to do. She has had it on sale for a…