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Beware of 6 Retail Holiday Doom and Gloom Stories

This is an excerpt from my new whitepaper which you can download here.

It’s almost funny the way negative retail holiday stories so predictably appear. This year they are three weeks earlier than last year with Mike Kraus headline, “Lower Retail Sales Predicted This Holiday Season” on AllBusiness. In spite of the fact they quote both the NRF and ISCS as saying it will
Continue reading Beware of 6 Retail Holiday Doom and Gloom Stories »

Negative Media Hype Affects the Success of Retail Holiday Sales

This is from the introduction to my new white paper on holiday 2011.

Familiarize yourself with the Scrooge of the season: the media, and their “Doom and gloom” reports.

No matter the year or the form of media, retail holiday sales are consistently covered in a negative manner, with any positives buried under a pile of negative news, which can ruin your sales. Continue reading Negative Media Hype Affects the Success of Retail Holiday Sales »

Grow Your Retail Business During the 2011 Holiday Season

This is the introduction to my new white paper on holiday 2011.

 Retailers Need to Take Action!

This special report is for everyone, from CEO to sales associate, who could fall victim to media hype about how sales are slow during the upcoming holiday season. This whitepaper Continue reading Grow Your Retail Business During the 2011 Holiday Season »

Mortgage Data Firm Oversold Doom and Gloom: Affected Retail Sales

Stupid mistake[From November 2009]

Doom and Gloomers Caught! CoreLogic admitted today in a Los Angles Times article, Oops: Mortgage data firm overestimated ‘underwater’ loans that “23% of all residential properties with mortgages were underwater in the third quarter.” That’s far below the 33.8% that would have appeared to be upside down on their loans previously.”

That means they were off by 30%!!!

The article went on to say, “The corrections may cause some head-scratching and hand-wringing in newsrooms, at fair-lending groups and in legislative hearing rooms, where the CoreLogic data has been widely cited as an indicator of the severity of the mortgage meltdown. Testimony to Congress, for example, may have been overstated.”

Do you know what this does to consumer confidence? What it has done to businesses looking to try to get a handle on demand and inventory?

I’m not saying to take a Pollyanna approach to this, of course there are deep troubles but the breathless anticipation of bad news is ruining the entire attitude of the country; whether you are on the left, right or center.

Take all retail holiday sales news with a grain of salt over the next five weeks.  Just like the mortgage data that were overly focused on the negative, it isn’t going to be pretty but it pretty well isn’t going to be accurate either.

Fight for your customers by focusing on them, not the news hounds looking to make holiday retail sales into the next American Idol skirmish.

Publicity the Right Way and Wrong Way for Retailers

Publicity, you can never have enough that’s why I had Joan Stewart, the Publicity Hound on a imagesteleseminar recently.  One of her points was that you always have to be looking for opportunity.  She told the story of a Wisconsin Five and Dime store owner who, while reading the Milwaukee Sentinel saw a quote, “The dime store is dead.”  The right thinking owner took a black magic marker to a sheet of paper and sent a fax to the reporter, “We’re Not Dead.” The reporter drove up to the store with a photographer to interview the owner and got a front page article. That is great publicity.

What’s bad publicity? Thinking a sorrowful story will bring in customers. It won’t.  However, the media will eat it up.  A & E’s We Mean Business did a makeover with a woman who had maxed out her home equity to support the business and ultimately lost it.  That makes great TV but what does it say to your customers?  We aren’t going to be around long.

Another story I watched on MSNBC showed a business owner saying she didn’t have the capital to fill orders for her products.  She had pages and pages of orders she was holding. She should have gotten 50% down so she could create the products but she stubbornly showed her predicament.  What message was she sending to her customers – the ones who were waiting for orders? Not getting anything soon. And what message was she sending to perspective customers? We’re a risk.

The media is getting tired of telling more gloom & doom stories.  They are hungry for your positive story now.  They know their readers or viewers  want to hear about winners, how you can succeed, what innovation you’ve done, how you’ve used something like Twitter to build your customers’ loyalty.  They only cover what people make them aware of.  You can change that.

Do the work for a reporter, what is the angle you can offer? What is something everyone struggles with regarding your product?  Instead of thinking about an event or a publicity stunt you’re having, what is the story only you can tell to that reporter?  For example, how will the Economic Stimulus plan effect you?  Are you upgrading your POS system to capitalize on the accelerated depreciation? Then tell them why – what will it do for your customers.  That’s the right type of publicity.

Or how about today’s WSJ story by Geoffrey Fowler, Socks Don’t Match? How About A Subscription? where an entrepreneur came up with an online solution Blacksocks.com to men’s socks being eaten in the dryer?  Genius publicity!

You never know where being proactive to draw attention to your business will lead – but you do have to decide whether you want to appear wounded or victorious.  It’s the difference between people watching You’ve Got Mail where Meg Ryan loses the store or rooting on Mel Gibson in Braveheart. If I were you, I’d pick the later.

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