Newsletter, February 3, 2006.I heard Donald Trump say recently:"In selling, you must never appear desperate. As soon as you look desperate, it's over." The best way to accomplish this is to be that powerful businessperson who needs little and deserves respect. In general, I am totally cold to any sales pitch that starts with “Lowest prices…….or below wholesale….. or 70% off the entire range”. Sure enough, every seller needs to clear discontinued lines or slow movers, but hey, do they really think we are so naive? But then, judging by the number of tasteless TV advertisements, maybe we really are.
Instead of saying “we offer the lowest prices and a better product” ask yourself what makes your product better and try to communicate that message to your customer. Is your product of better design or made of better components? If it is, make the customer believe it. If I am your customer, make me so excited about your design that I talk about it to every person who cares to listen! Deadly mistake No. 1 Last month I promised to share with you a few tricks of the trade. Let's start with something that could cost you money or even force you out of business altogether. The deadliest of all mistakes is Business Mistake Number 1: “ I don't like it, therefore I will not sell it .” Before we go any further, let me just make clear that I am not talking about doing something you don't like or running a business that you are not committed to or passionate about. This is about a very common misconception - that you should only sell product YOU personally like and adore. Here is a small illustration. Let's say you are in a room with 10 people. You ask each one of them a simple question: What is your favourite colour? Now, do you expect that all 10 of them will tell you their favourite colour is red? Absolutely not. Would it be reasonable to expect that 5 would go for red and 5 for blue? Very unlikely. So what would be a realistic response to your question? Probably something like this: 3 people would choose colour A, 2 colour B, another 2 colour C and colours D, E and F would have one vote each. Let's move to the next step. Say these 10 people are your customers and each one of them has decided to buy only one piece of jewellery in her favourite colour. Let's also assume that your stock consists only of jewellery in YOUR favourite colour. How many pieces would you sell to that group? Don't bother to calculate – here is the answer: if YOUR colour is A, you'll sell 3 pieces (success rate of 30%), 2 pieces if your stock is in colour B or C, and only one piece (or none) of any other colour. If you stock product in both your favourite colour and a few more colours that you dislike, you will sell significantly more pieces. Clearly the seller with a wider range of goods in various colours, shapes, sizes and styles is the one that caters for a wider audience and, therefore, will satisfy the needs of a larger number of potential buyers. If you decide to stock only goods that YOU like, then you are automatically limiting yourself to a very small section of the market. Some retailers are so good at selling so little, that when they eventually go out of business they would rather blame trends, ignorant buyers, the economy, fashion, suppliers or even the Tax Office. Anyone but themselves and their lack of vision. We come in different packaging; some of us are tall, others are petite, and some of slightly more solid build. Some are sophisticated and always on the cutting edge, others are completely unable or unwilling to follow fashion trends. But all of us have one need : to feel better and look beautiful by buying a product that will satisfy OUR spoken or unspoken needs. Therefore, when it comes down to a choice between selling what you like and selling what your customers want, make sure to be open-minded about your product and remain customer focused at all times.
About the EARRINGS (again!) You've asked: is it ok to pass this offer to our friends and relatives? Of course. What if they just subscribe to receive the free earrings and then unsubscribe? No problem. However, we believe that they will find our newsletter informative (and our jewellery attractive!) so remain as subscribers. Do you plan to offer any more free jewellery to current subscribers? YES ! Actually, RIGHT NOW we are giving away FIVE Fantasy Fair necklaces valued at $A35, with free postage. Find out more about this give-away further on in this newsletter ! Occasionally we receive a note like this one: Hi, Just a thank you for the lovely earrings. I was actually delightfully surprised with the quality, which gives me more confidence in the rest of the jewellery.
Regards, Thanks Josie – I am dying for some indulgence ! Why don't you tell us more about your business and I will gladly pass the information on to our subscribers. From our subscriber: Gayle's Inspirational Story I received the following email on January 17th and thought it would be nice to share it with you. We all like inspirational and motivational stories and since this one comes from a true-blue Aussie mum I am sure you'll like it too:
“…I don't have a retail background, I was a hospital trained dental nurse, I trained nurses and later worked in private practice. I registered my business name last August, got an ABN, and since then I just about live and breathe my little business. I'm getting so much pleasure from it and I'm constantly thinking of ways to improve the business. Before each market I set everything up in my lounge room to see how to achieve the best display.
Ironically, both my parents were wholesalers in confectionery, toys and gifts. But when my father was looking to sell the business, owing to his poor health, I was a young mum with 3 small children. Those children are probably close to your age now. So it doesn't matter how young or old you are, how much experience you have - or in my case, no experience - if you get onto the right product, and put time and effort into your business and, most importantly, love what you are doing, then you can make a real go of it.
Also, thank you for giving me exclusive supply of your jewellery in the Mansfield region.
You may have detected I'm rather enthusiastic about your jewellery and I spend a lot of time and effort to display each item well. I constantly receive great comments and, of course, sell well.
I attend many markets in the surrounding towns: Violet Town: (quite a big market and well advertised on regional TV), Mansfield Bush Market ( only 4 a year but huge and always attracts Melbourne money), Mansfield every 3rd Sunday of the month (separate from the Bush Market), Tolmie Market, occasionally Seymour Market, Bonnie Doon Market, Wangaratta and I may be attending Rutherglen in June. I use stands and leather busts to display my products. My aim is to achieve the WOW factor discussed in your newsletter.
As I mentioned in my last email, I have sub-leased a shop here in Mansfield where I have your jewellery on display. It will be 2 weeks tomorrow since I set up, and already people are being referred into the shop to see the jewellery, and it's selling.
As for tourists, we have them all year round. We have Mt. Buller in winter, Lake Eildon and Lake Nillahcoote in summer, and this is the High Country with Craig's Hut, where "The Man from Snowy River" was filmed.
I can't tell you how much I appreciate your encouragement and help. It means the world to me. Thank you for allowing me to publish your story. I am very glad that you enjoy what you do – and I am sure you are on the right track for success. The hard work will pay off. Good luck and please keep us informed about your business. News Right now we are working on a number of fresh designs. We are also busy manufacturing and restocking sold out items. New 'Summer' designs are already in Sydney, awaiting Customs clearance. The THFF 025 should be back in stock in 2-3 weeks time, as well as the rest of the sold out goods. The 200 MILLION dollar Customs computer system is misbehaving again – see: www.industrysearch.com.au/news/viewrecord.asp?id=19222 . However, we hope your backorders will be invoiced without delay.
Thank you for reading this newsletter. If you would like to comment, or share anything interesting with our readers, please feel free to email. Most of all, I would like to hear about YOUR business so please keep those success stories coming in! Happy retailing and happy party planning!
Tanya Hacko PS. If you know of anyone who would benefit from subscribing to our newsletter please tell them to visit our website. For a limited time only we are offering FREE glass beaded earrings to every new subscriber!
Subscribe to our mailing list and receive FREE GIFT: a pair of glass beaded EARRINGS
valued at $A 15 !
© by Tanya Hacko & Fantasy Fair ; all rights reserved
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