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The Value Equation

As customers, we are often quick to ask the question, “How much does it cost?” That’s what we want to know. Get to the bottom line. Why? Why do we go so quick to the price? The answer – The Value Equation.

The Value Equation is this … Does the Perceived Worth of an item equal its Actual Price?

We beg for the price because we are always at least subconsciously calculating Perceived Worth on everything we see. We’ve been doing it our whole adult lives. We do it shopping for groceries. We do it shopping for tools. We do it shopping for clothes. As we walk the store we attach a Perceived Worth to everything we see. (If we don’t want it, the PW is zero. If we might want it, we attached a price to it and check to see if we are right.) 

When the Perceived Worth equals the Actual Price, we put the item in our cart.

The surprise is often in finding our Perceived Worth is far higher than the Actual Price. The first question we usually ask when that happens is, “What’s wrong with it?” or, “Is this marked down?” Sometimes we think to ourselves, “Wow, it must not be as good as I thought it would be.” Before we buy the product, we have to answer those questions satisfactorily.

That’s why it is easy to under-price yourself to bankruptcy (or at least leave serious dollars on the table.)

The other problem is when your Perceived Worth is much lower than the Actual Price. You either totally dismiss the product as being “out of my range” or you wonder what you missed in your evaluation of the product.

Take, for example, the SPOTLIGHT ON MARKETING & ADVERTISING class I am offering. I have to find that sweet spot of a price that fits what you believe a class like this should be worth.

I start by taking cues from what other similar programs charge. For instance, Bob Negen’s Whizbang Training two-day Retail Success Summit this summer is currently $997.  My buddy Tim Miles just announced a one-day workshop with Roy H. Williams, himself, for $1250. (By the way, I highly recommend both programs, and, no, I don’t get any kickbacks from these links.)

My workshop is $250* for a half-day —similar to Bob’s price for two days. Some of you will look at the price and see that it is about what you’d expect to pay for other, similar types of training. Some of you will look at the price and ask, “Where’s the value? What do I get in return?”

So I also look at the benefits you will get from the program. For instance, in this four-hour program you get:

  • Eight ways to market your business with little or no money at all
  • How to get free publicity from the media
  • How to craft a message that gets noticed, remembered, and acted upon – three things that are incredibly hard to accomplish in today’s fractured, over-saturated media world
  • How best to use the media of your choice (and tips on how to choose the best media for your business)
  • Four ways to generate more Word-of-Mouth advertising than you ever thought possible
  • One year of advertising support including help with your message, your campaign, your media buys, or wherever you have questions or need advice.
  • Half-rate discounted tuition for any future programs I offer through Jackson Retail Success Academy™.

Some of you will still balk at the price. That’s okay. I know I won’t convince everyone.

Some of you will think that seems like a pretty fair trade for $250 and four hours of your time.  You’ll sign up now for the class on Tuesday, June 20th.

Others will wonder why the price is so low for all that you get. Most of you in that frame of mind have either been to one of my programs before or live in a city where prices for stuff like this are just a bit higher than they are in Jackson. Remember, Helping Others is one of my Core Values.

-Phil Wrzesinski
www.PhilsForum.com

*PS If your business or you personally have taken one of my workshops through the Jackson Retail Success Academy™, you qualify for the Half-Price Alumni rate of $125.

PPS Why the half-price tuition for JRSA™ alumni? I believe strongly in continuing education. Now that I make my living speaking and writing, I am reading more blogs and books on speaking and writing, and I am attending workshops to learn all I can in those fields. I want to encourage anyone who takes one of my workshops to come back for refreshers or other programs, or maybe send a staff member to learn more. Plus, you’re always looking for a better deal. You know these classes are worth it at almost any price. Half-price just makes you feel good.

Spotlight on Marketing & Advertising Class Tuesday, June 20, 2017

Here is your chance to learn the equivalent of a degree in advertising in just one night. As one MBA professor told me after sampling the material, “No one is teaching this stuff even at our level, and it needs to be learned!”

If you are a small business owner, you should take this class.
If you are an entrepreneur, you should take this class.
If you are a student studying business at any level, you should take this class.

SPOTLIGHT ON MARKETING & ADVERTISING 

Next Class: Tuesday, June 20, 2017 – 6pm to 10pm

Tuition: $250 (Half-price for any businesses that are JRSA™ Alumni)

Famed retailer John Wanamaker said it best, “Half of the money I spend on advertising is wasted. The problem is, I don’t know which half.” Hundreds of billions of dollars are spent on advertising every year. Most of it poorly.

This Spotlight covers everything from how different types of advertising work to the best ways to use social media to marketing on a shoestring budget to learning the secrets to getting the press to talk about you. You will learn best practices for marketing your business whether your ad budget is $500 or $50,000. You will learn how to create memorable messages that move customers toward your business and you toward your goals. You will learn how to get far more out of your advertising dollars than any of your competitors.

When you take this class you will get…

  • Better, Smarter, More Effective Advertising – You’ll learn secrets that only a handful of businesses know that get greater results per dollar than any of your competitors.
  • One full year of Advertising Support including help finding your message, creating a campaign and buying ad packages
  • A Network of current and previous JRSA™ graduates for support and encouragement
  • Half-Price Tuition for any future JRSA™ programs

Click here to sign up for the class.

-Phil Wrzesinski
www.PhilsForum.com

PS Yes, this will include the material from my new book MOST ADS SUCK. That will only make up about 25% of the material covered. If you have a business to market, this will be the best money you’ve spent on “advertising” ever.

Not Just for Retailers

I was having a conversation this morning when the light bulb went on. I was asked by someone considering enrolling in the SPOTLIGHT ON MANAGERIAL SUCCESS workshop this Wednesday (it is not too late to sign up) whether he would learn anything useful since he “wasn’t a retail store manager.”

The answer is a resounding YES!

In fact, most of what I teach has implications far beyond just the retail landscape. I have followers from all over the world in all types of industries.

If you are in any position where you have to hire people, you need to read my book Hiring and the Potter’s Wheel: Turning Your Staff Into a Work of Art.

If you are in any position where you write copy to persuade people to buy or use your products or services, you can learn from my articles on marketing (and my new book coming out later this spring). 

If you are in any position to teach and lead your staff you would benefit not only from the Spotlight class, but also from the Free Resources on Team Building and Staff Meetings Everyone Wants to Attend.

I know where the confusion began.

The SPOTLIGHT ON MANAGERIAL SUCCESS workshop is being offered through the Jackson Retail Success Academy™. While JRSA™ is mostly geared for retailers, we have had many graduates from other industries. Other than the inventory management segment, most of what I teach there applies to all types of businesses. I run all local classes through JRSA™ because of my partnership with Spring Arbor University and their Hosmer Center for Entrepreneurship & Innovation. They provide a fantastic venue for hosting events like these and have been a wonderful partner.

You don’t have to be a retailer to take any of the classes or workshops I offer. You only have to be open-minded and ready to learn.

-Phil Wrzesinski
www.PhilsForum.com

PS I am already working on a date for the next SPOTLIGHT workshop. This will be an advanced degree in Advertising and Marketing in four fast-paced hours for anyone who has a business to promote. Stay tuned for details.

How to Teach a Class in Your Store

You know why you need to teach classes in your store. Here are the six steps you take to create a class that draws traffic, builds excitement, gains you followers, sets you up as the expert, and makes people want to buy from you.

  1. Determine which product(s) you sell that takes the longest to explain or takes the most trips before the customer pulls the trigger. These are the items to build your class around because these are the items that require an expert. The more questions a customer asks about a product, the more likely you’ll find people wanting to attend a class to learn more.
  2. Write down all the questions a customer typically asks about the product. Then add in two more questions you think they should be asking. This will become the outline of your presentation. (You can brainstorm this list with your sales staff.)
  3. List all the benefits of the products (remember, a feature is what the product does, a benefit is why that helps the user).
  4. List all the downsides of the product. Everything has a downside. If you don’t tell your customer up front, she will think you’re hiding something. Being honest about the downsides wins you trust.
  5. Get the customer to visualize using the product in her home or in her life. Ask questions like, “How would you use this?” Where would you use this?” “Do you see yourself using this?” “How would this affect your life right now?” This moves the customer from being in analytical mode to being in ownership mode. We only do in real life what we have already visualized in our minds. Get your customer to visualize owning the product and you will be more likely to win the sale.
  6. List all the reasons why someone should buy this product from you. If you offer services like layaway or financing or delivery or assembly, this is when you share that information. If you truly have answered all the most important questions including the ones they forgot to ask, and you have helped them visualize owning and using the product, then you have their permission to sell them. Just remember that you aren’t selling a product, you are selling a solution.

That’s the class. It is no different than selling to one person while a bunch of other people sit in and listen. You can decorate with comfortable seating, snacks & prizes (ask your vendors for giveaways), cool signs, etc. Just make sure you follow the steps above so that you offer a true benefit to your customers. They’ll thank you for the effort with their pocketbooks.

-Phil Wrzesinski
www.PhilsForum.com

PS Don’t worry about attendance. You might get 30 people, you might get 3. Make them feel special. Go above and beyond what they expect. Not only will you get the sale, you’ll get the referral, which is often a more powerful sales tool than the class, itself.

PPS Just a reminder that it doesn’t have to be that expensive to advertise. Social media, email, your website, some in-store signage, and a few online community calendars will draw a crowd. Make it worth their while and they’ll help you draw the next crowd.

Why You Should Teach What You Know

Here’s a myth worth busting… “Thanks to the Internet, the customers know more about the products than the sales people.” If you believe that, you’ve given up. Might as well close up now and avoid further losses.

First, not all customers do the research. There is a big group of people who don’t want all that knowledge. They are looking for someone who already has that knowledge that they can trust.

Second, there is a big difference between knowledge and wisdom. As the quote we’ve all seen says, “Knowledge is knowing a tomato is a fruit. wisdom is knowing not to include it in a fruit salad.” You have wisdom. You know what your product does and why that is important.

You need to teach.

Phil Wrzesinski Teaching Shopping for Baby 101 Class

I know your first objection. If I teach it, they’ll just take what they learn and go buy it somewhere else cheaper. Guess what? That person was going to go buy it somewhere else cheaper anyway. Period. Without the class, you would never have seen them in the store in the first place and had the chance to turn them into a customer. I would rather they got the knowledge from me so that they got the right product. Even if they didn’t buy it from me, they will know I steered them right. That may be just enough to get their business next time.

I know your other objection. It takes too much time and energy (and money) to put together a presentation, draw a crowd, and share your proprietary information with others. Oh, but that time and energy is well worth it when you look at the benefits.

When you teach a class on your products, you attract customers to your store who are actively in the market for the products you sell. No one else is coming to your class. Think of it as the most direct of direct marketing. The class brings you exactly the customers already in the market for what you are selling.

When you teach a class you send a message out to everyone that you are the expert on the subject. For some people, just finding an expert is good enough for them. They trust you because you are willing to put your name and reputation on the line with this class. The press is also paying attention and looking for the expert they can interview when the time arises.

When you teach a class you get to control the wisdom and make it relevant and important. You make sure the audience understands why one product might be desirable over another. You get to answer the questions they often forget to ask. You get to answer the questions they didn’t know to ask, which only helps to cement the thought of you as the expert in their minds.

When you teach a class you gain followers and fans. People will look up to you as the leader in this category.

When you teach a class you create excitement in your store. Your parking lot will be more full. Your store will be more full. Your walk-in customers will wonder at the all the buzz.

When you teach a class in your store you will get asked to teach that class to groups outside of your store. That’s the icing on this cake. That’s the outreach that helps you find new markets of customers.

Not the teacher type? The next post will show you HOW to teach that class. It isn’t as hard as you think.

-Phil Wrzesinski
www.PhilsForum.com

PS It doesn’t have to be that expensive, either. You don’t need a big space. Move a few fixtures and do it in your store. You don’t need a lot of advertising. Social media, email, your website, some in-store signage, and a few online community calendars will draw a crowd. Make it worth their while and they’ll help you draw the next crowd.

PPS Schedule your best staff to work the floor while you teach and make it mandatory that any staff not working the floor during the class is attending the class. You can kill two birds with one stone by teaching your customers and your staff at the same time. Win-win!!

The Power of the Network

I went to a networking event a couple nights ago. I knew walking in that the likelihood of picking up a high-paying speaking gig from this event was incredibly low. In fact, the idea that I would be able to pick up any speaking gigs from this event never really entered my mind. I went for one reason, to strengthen my network.

A lot of people have told me over the years that they hate networking events. They never meet anyone who wants to buy from them. Those people, like most people at these events are missing the point.

I bet if you asked a room full of people at a networking event how many were hoping to sell someone, every hand would go up. Then if you asked how many were there to buy something, not a hand would be raised. In fact, I know this is true. A buddy of mine asked those very questions while giving a keynote at a networking event. What he said next was advice I have never forgotten…

“The first one of you ‘sellers’ who changes his or her mindset into being a ‘buyer’ will be the most successful person at this event.”

He wasn’t telling you to actually buy someone’s services, but instead to listen to what they have to offer. Most of us are polite enough to hear someone else’s sales pitch, but we aren’t really listening, just waiting for the moment to jump in with our own pitch. If you go in with the mindset of a buyer, however, you are actively listening and actively thinking through your own databank of people you know who might need this service.

You take that approach and three things will happen…

  1. You will strengthen and enhance your own listening skills which will help you no matter what you’re selling.
  2. You will connect a person you know with a service they need. That’s always a good thing.
  3. You will earn some reciprocity. As soon as you refer someone to a business contact, that business contact will be looking for ways to repay you.

That’s how Networking is supposed to work. Don’t turn your nose up at the next Chamber outing. Try taking a different approach. Try being a buyer in a sea of sellers. It is not only more effective, it is a heck of a lot more fun.

-Phil Wrzesinski
www.PhilsForum.com

PS I only met two new people at the event, but more importantly I reconnected with a lot of people and got up-to-date on what was happening in their businesses. I’ve already made a couple referrals heading their way.

How Do I Make My Emails More Interesting?

I said earlier that you should send out an email newsletter only when you have something new and interesting to say. Coming up with something new is easy. As a retailer you have more new products and new events and stories than you could ever find time to write them up – especially since it takes so much of your energy to write them up in an interesting way.

Here are some easy easy-to-follow templates to make your emails more interesting. (Think of it as Mad Libs for retailers.)

NEW PRODUCTS

Simply finish these three statements.

  1. I bought this product for the store because…
  2. You should buy this product because…
  3. When you use this product you will get…

You can give them all the facts, but what people really want to know is how will this product impact their lives. The first question reminds them you are the expert. The next two questions help them understand why they need this product and what life will be like when they own it. Get them to visualize owning it. People only do in real life what they have already seen in their own mind. Use phrases like, “When you use this…”

NEW EVENTS

Yes people need to know when and where and if there is a charge. That is a single line below the title of the event.

Disney Princess Dance
Saturday, February 17 at 6pm – FREE

After that you follow a similar template as above to get your potential crowd to visualize attending. Use phrases like these…

  1. [Expected Audience] will love coming to…
  2. You will… [talk about what they will do]
  3. You’ll walk away with… [benefits of attending]

STORIES

Telling stories about your staff or your vendors or how you got where you are today help you build relationships and set yourself up as the expert they can trust. Stories make you real. Stories give your fans something to share with their friends.

Here are some easy ways to start your stories…

  • “You know [staff name], but did you know…?” (Then tell them something interesting, cool, weird, unknown.)
  • “You bought many things from [vendor] but did you know they…?” (Then tell them something interesting, cool, weird, unknown.)
  • “You know us as [current reputation] but there was a time when…” (Then tell them something interesting about your history that led you to here.)

Stories don’t have to be long. They just have to capture someone’s interest. In fact, the shorter the story, the more memorable and easier to share.

You don’t have to be a great writer to write interesting emails. Just use these simple templates to keep the focus on what is in it for your customers. Make it about them, not about you, and your engagement will go way up.

-Phil Wrzesinski
www.PhilsForum.com

PS Go back through this email and see how many times I used the word “you” versus “me” or “I”. The easiest way to make your emails more about your customer is liberal use of the words “you” and “your”.

How Often Should You Send Your Email Newsletter?

Google the question, “How often should you send your email newsletter?” and you’ll get a plethora of answers. According to my inbox, Lands End seems to think the answer is several times a day. For others it is daily. One report that actually surveyed US adults is suggesting weekly or monthly. In that survey the number one reason people who opted into your mailing list still mark you as spam is because you emailed too frequently.

On the other hand, send out your email too infrequently and they’ll forget about you.

The true answer to How Often is, “Whenever you have something new and interesting to say.”

Every week you should have something new to say…

A new product…
A new story…
A new display…
A new event…

Just make sure you say something new… and interesting.

Don’t tell me about your new product. Tell me why you bought it and why you think I need it and how it will benefit me. Don’t tell me about your new event. Tell me why you are doing the event, why I should come, and how it will benefit me.

Rick Seigel, a retail consultant, used to include a joke at the bottom of each email. He knew the joke made people more likely to open the email and scroll all the way to the bottom, whether they read the rest of the email or not. It was new, fun, and interesting.

You have to say something new and say something interesting. Do those two things and you’ll never be accused of sending out too many emails. (Well, okay, there is always one in every crowd. Ignore him.)

-Phil Wrzesinski
www.PhilsForum.com

PS What is black and white and red all over? An ugly blog template. (More bad blog jokes here.)

PPS Add your media contacts to your email list. Keep them in the loop of what is new with you. You never know when they need a new story that dovetails nicely with what you’re doing.

PPPS Yes, make sure you always share your newsletter on your social media platforms. I regularly got more comments and interaction on Facebook than I did from the actual email.

Friends With Benefits

Align yourself with charity. Pick one or two local organizations (or more if you’re up to it) that you feel strongly about. Do something special for them. Help them out. Be their friend and ally.

You’ll both benefit from the friendship.

Santa Paws 2015 #1

This is a picture of the Cascades Humane Society doing their annual Santa Paws event – pictures of your pet with Santa Claus. They called me a few weeks ago looking for a space to take the pictures. I have a stage. I love dogs – especially rescued dogs. I said yes.

They coordinate getting Santa here. They hire the photographer. They set up the backdrop. They sign up and schedule the photo shoots. They work the tables. They get the profits.

We get the traffic. We get the goodwill. We get the customers telling us how nice it is that we are doing this for them. We get the social media exposure. We get exposed to everyone on their mailing list. We get our name mentioned in their press releases (and non-profit press releases get picked up far more often than for-profit press releases).

Our friendship with them brings benefits to both of us.

When you partner with a charity, you expand your reach. You get exposure to a crowd of generous people who love to give to charitable causes (can you think of a better demographic for the independent retailer?). You get touchy feely goodwill because you are helping out. You don’t just look like a greedy merchant. You strengthen your community (the better the non-profits do, the better everyone does).

Make friends with a charity or two. You’ll reap the benefits.

-Phil Wrzesinski
www.PhilsForum.com

PS Your charity doesn’t have to be aligned with what you sell. We don’t sell pet toys or pet food. Pick charities based on a few different factors such as…

  • Do they have an active base of followers?
  • Do they want to “partner” with you (or simply have you do all the work)?
  • Do they align with your own personal core values?
  • Are they well-respected in the community?

Those are all good reasons for making friends.

My Big Fat Email Subject Line Mistake

Your subject line is the most important part of your email. Period.

Get it right and your email is a success. Get it wrong and nothing else matters. I learned that the hard way yesterday.

We’re doing a big promotion on Election Day. Something new. The subject line in my email read…

“Election Day ONLY – 20% Off all Gift Certificate Sales! See inside for details…”

The first two people I talked to about the promotion asked the same question. “Do we get 20% off the purchase of a gift certificate or 20% off purchases made with a gift certificate?”

I went back and read the content of the email. It clearly states that you get 20% off the purchase of a gift certificate. How did they get so confused? Then I read the subject line again. I saw the error of my ways. It wasn’t as clear and concise as it should have been. I left room for interpretation.

TWO LESSONS

First, before you send an email, understand that many people will only ever read the subject line. They get so much email that they scan subject lines and hit the delete button. Therefore your subject line has to get your point across clearly and quickly with no room for doubt. Clever and cutesie subject lines leave too much room for interpretation. There should be no doubt about the purpose of your email. There should be only one interpretation of your subject line.

The best way to make sure your subject line is tight and to the point is to ask for help. Ask someone outside of your bottle to read your subject line and tell you what it means to them. Try to ferret out all the possible meanings. Then rewrite it to eliminate any confusion or misinterpretation.

Second, if you can’t make your point in the subject line, perhaps because it is too nuanced or complicated, then make sure your subject line has enough enticement to make people want to open the email. According to MailChimp, the average open rate for email from retailers is about 22%. In other words, 8 out of 10 people likely won’t open your email. You have to give them a reason.

Make it clear. Make it concise. Make it work for the 8 out of 10 that don’t open emails. Make it legitimate and not sounding too spammy. Make your subject line get people to want to open your email.

-Phil Wrzesinski
www.PhilsForum.com

PS In case you’re wondering why I am doing a promotion like this for the store, here are the reasons…

  1. I get a huge influx of cash right when I need it most to help stock up for Christmas.
  2. Customers who redeem gift certificates often spend much more that what the gift certificate was worth.
  3. I get my customers to commit to shopping with me now before some shiny bauble from someone else catches their eye later.
  4. I get to promote Election Day as an important day.
  5. My Transactional Customers get a great deal!
  6. About 10% of all gift certificates go un-redeemed, so I’m really only giving away a small bit of margin.