The 4 senses that detect untrustworthy retail stores!
Back in January 2014, I wrote about the importance of The Endowment Effect and how it directly influenced the perceived value in a product or service.
“The endowment effect is a measure of perceived value.
One of the first experiments in the “endowment effect” was run in the early 1980’s.
Two groups of people were asked to meet at a college laboratory. They were then sat down in 2 separate rooms. 1 group were given a coffee mug. So each person in Group 1 was given a coffee mug. They were told that this mug was now theirs to keep. Participants in the other room, however, were just shown the coffee mug. The experimenter in the second room just stood at the front of the room showing all people 1 single mug, and not handing it on to the participants to touch, feel, they could only look at it. This particular mug had the college’s insignia logo printed on it.
People in both rooms were given sheets of paper and were asked to report the value at which they would sell, or buy the mug for.
The group who all had a mug in their hands each, […]
Show #019 with Glen Carlson
How to stand out in the retail crowd and build a powerful brand
This is Show number 19 of the go to retail show.
So, I know this guy, who’s an expert at helping businesses stand out above the crowd. Some call it branding, he calls it being ‘INFLUENTIAL!’ and he shares how to become a key person of influence, right inside this very show….
Tune in as Glen:
unpacks the secret sauce in building personal and business brands.
explains why #Apple is struggling without Steve Jobs
hints that Elon Musk from #tesla is in for a face lick
delivers the 5 point method to becoming a key person of influence
Glen Carlson – BLOG
KeyPersonofInfluence – WEB
ADDITIONAL GOODIES FOR YOU!
FREE copies of Daniel Priestley’s International Best Seller – Become a Key Person of Influence UP FOR GRABS
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Check out the next Brand Accelerator!
My TOP 7 Retail Trends to watch in 2015!
Tune in as I produce my TOP 7 retail trends for 2015.
Are the days of gigantic ‘interest free’ finance periods a thing of the past?
It appears so….
GE Creditline & GO MasterCard have lost some significant stature in the brick and mortar retail landscape in the past 18 months and even beyond.
Increasing costs linked to the offers, reduced margins on ‘considered purchase’ lines above $500, a savings frenzy with people choosing to pile their money into savings accounts and some hefty competition from the leading banks and credit card facilities have seen a huge reduction in large 48 Month+ Interest Free offers.
#JBHiFi, #HarveyNorman, #TheGoodGuys and #BingLee have all pulled away from this purchase manipulation marketing strategy as the net profitability declined to below 5% returns on advertised lines, and below 0 on any purchase that had reverse logistics associated with it.
Adelaide’s Certegy Ezi-Pay is a new kid on the finance block, and is immediately finding it tougher than one first thought in the field of credit lining purchases. A slightly different take on interest free finance, Ezi-Pay is a ‘take home’ lay-by system similar to standard rent and buyout products on the market, but will less hurdles in the way for consumers.
My thoughts on these movements are that there’s a silent movement […]
Delight me if you dare!
Every day, there are many moments, that are opportunities in your retail business to simply, DELIGHT. From a lovely greeting as you enter, to store layout, but more often than not, to delight really means to take someone by surprise (in a good way)
That almost gasping moment where a customer says “I’m sorry, did I here that right?” is a phrase I LOVE in retail. It’s these moments that create beautiful, emotionally engaging connections between customer and retailer.
As we’ve all just sailed through the post Christmas madness either as a retailer or a shopper, these moments of opportunity came knocking hard n fast, as they always do at this time of the year. Purchases that have been made for a loved one, for one of many reasons, just wasn’t right and either needs to be exchanged, altered or even returned.
My wife and I just recently had a truly memorable experience where we entered the hustle and bustle last Monday to return a pair of shoes purchased for our daughter which were the wrong size. We weren’t going to try and exchange them, as this store, Myer, didn’t have something that was suitable for her. So, my […]