Mira Retail Blog

TwitTips - Volume 2

2009-07-29T12:18:00.000-07:00

What are Hashtags (#)?

After reading and researching more about the use of Hashtags and their relevance to the Twitter experience, I have to say I have mixed feelings about them. The Hashtag (#) was developed during the 2007 San Diego forest fires as a way for Tweeter's to search and locate real-time updates related to this specific event.

A Hashtag (#) is placed before a subject to allow for a more successful search on Twitter. The intent of a Hashtag is to allow people to find a particular topic. One recognized Hashtag in the Twittersphere is #followfriday. If you are looking for new followers, search for #followfriday and the Tweets related to this topic will show up. The latest popular Hashtag is #musicmonday where people Tweet about the music they are listening to on Mondays.

Benefits of Hashtags for Business & Community

If you are building a local community around a specific topic that is important to you, the use of a Hashtag will be of benefit. If you are a local business that provides life insurance, for example, you could place a Hashtag in front of the subject of Life Insurance when you Tweet about it. If someone is looking for life insurance using Twitter, your Tweets may come up and they may find your service.

Finding Popular Hashtags

Twitter has recently updated their landing page to include Popular Topics. There you will see topics with and without hashtags. Another resource for finding the most popular Hashtags in real-time is hashtags.org. For more information about hashtags and to track the most popular subjects in real-time, go to http://www.hashtags.org.

To Hashtag or Not?

The debate will continue as to whether or not Hashtags will survive. My guess is that as Twitter continues to develop real-time search, Hashtags will not be necessary to find what you are looking for. If you use Hashtags, don’t overdo it. One or two per Tweet is probably the maximum, but make sure the Hashtag follows a relevant subject, and not just random words.

Upcoming

Next week we will review geographic search and how to utilize this feature on Twitter in order to find new prospects and to get connected with people within your geographic region. Until then, Happy Tweeting! Please follow us at http://www.twitter.com/miraretail

TwitTips - Volume 1

2009-07-14T09:43:00.000-07:00

About TwitTips — Twitter has received a lot of attention over the last few months so we are dedicating TwitTips to cover the latest developments with this social media service and to help a business capitalize on marketing opportunities using Twitter. The focus of TwitTips will be to uncover new Twitter services, Twitter terminology, or other cool stuff related to Twitter.

Twitter as a Marketing Tool — In 140 characters or less, tell us about your company. Can you do it? Twitter forces you to keep your message clear and concise. Have you ever had to summarize a position where you were required to stay on subject and be concise? Twitter is very much the same.

TinyURL — For many already involved with Twitter, this is nothing new. But for people that are new to Twitter, a tiny URL is exactly what it says. There are add-ons or plug-ins available through popular web browsers that allow you to take a large URL, make it “tiny”, or condensed, so you can fit the link in your Tweets. Twitter will automatically condense a URL longer than 14 characters, but by using a tiny URL service, you can track the number of times each URL was opened. As an example, we use Hootsuite to condense and track our URLs.

Upcoming — Thank you for spending a moment to read our first in the series of posts. As we continue to write about new tricks for simplifying your Tweeting life, we hope you are able to grab a few gems of information. Next week we will cover hash tags and geographic search. Until next week, happy Tweeting!

Dominos Bread Bowl Pasta

2009-05-07T21:49:00.000-07:00

I have to admit I haven't tasted one, but a pizza place selling pasta doesn't sound appealing to me. Pasta and bread, how original.... "I'll take a loaf of bread with some pasta sprinkled in the center".

There is a lot to be said for businesses sticking with their core competencies. Not that there is anything wrong with trying a new food item, but can you think of a quick service pizza restaurant that has been successful with serving anything but pizza? The oven roasted subs seem to do well, but other than that, I can't think of one.

If anyone has tried Bread Bowl Pasta, please let me know your reaction.

Is Direct Mail Dead?

2009-04-21T11:07:00.000-07:00

I don't think so, but it depends on who you ask. I received a direct mail piece from a "Famous" shoe retailer and it looks like they are still embracing direct mail. The fascinating thing about the piece they sent was they included the offer ($10 off a purchase of $50 or more) along with a map and directions from our front door to theirs.

This new piece of direct mail must use the new Variable Data Printing (VDP) technology available through digital printing companies. They can personalize each piece of direct mail by including the map, but also include a specific greeting using the recipient's name. Imagine your next direct mail campaign that actually gave directions to your store and included a "Dear _____," message.

Variable Data Printing is here to stay. If you are a retailer interested in pursuing direct mail via VDP, please contact us at www.miraretail.com and we will point you in the right direction.

Cutting Costs

2009-04-15T12:23:00.001-07:00

If you could trim your costs by a percent, what would that do to your bottom line? Assuming all things remain equal, I've run a quick proforma. Let's assume a retailer achieves $200,000 in annual sales and has $180,000 in total expenses leaving a net profit of $20,000, or 10% net profit margin.

Taking our $180,000 in expenses and trimming them by 1%, or $1,800, total expenses are now $178,200. Total net profit is now $21,800 assuming $200,000 in sales. By saving $150 per month, profitability has increased by a percentage point. What ways can you save money?

Here are five suggestions:

1. Check with your merchant services account. Are they giving you the best deal possible?
2. Talk with your suppliers. Can they offer a better discount, or more favorable terms for paying invoices faster?
3. Are you paying recurring fees for services at your business (i.e. copier service fees)? If so, pinpoint which ones and determine if you can do without the service.
4. Rent. Are you in a position to re-negotiate your lease?
5. Get competitive quotes for everything you buy.

If you don't have the time or energy to do these things on your own, contact Mira, Inc. at 303-242-8930, or visit our contact us through our website http://www.miraretail.com

Black Wednesday at the Liquor Store

2008-12-31T19:48:00.000-08:00

New Years Eve at the liquor store and it was Busy! Busier than any retail stores I visited before Christmas. If my sources are correct, alcohol and lottery ticket sales have actually increased during 2008 while sales in durable goods decreases. What does this mean? You can draw your own conclusions, but I waited in line for ten minutes at this "big box" liquor store this afternoon. There had to have been at least 150 people there buying their favorite drink(s) of choice for a New Years blow out. Granted this liquor store is much larger than your local neighborhood liquor store, but they had 8 checkout lanes open, and they were all lined up at least 6 - 8 people deep.

I think a lot of people just want to forget about 2008 and move on to 2009. I hope everyone has a safe and festive new year. Time to turn off the computer and twist open a cold beer!

Happy New Year!

Social Security a Ponzi Scheme?

2008-12-15T10:50:00.000-08:00

Isn't the funding of Social Security a giant government run Ponzi Scheme? How many of you expect to receive Social Security benefits when you retire? I don't think many of us planning to retire in 25 years have any belief the system will be around to take care of us. So why do we continue to be duped into paying into this scheme?

We bring this up in light of the unraveling of a $50 Billion Ponzi Scheme initiated by George Madoff, a trusted investment authority and former chair of NASDAQ. His scheme was investigated three times by the Securities and Exchange Commission (SEC), once in 1992, 2005, and again in 2007. Only once in 2005 did he receive a notice of violation of trading rules for which he paid a fine. Once again, our own government has proven ineffective to prevent fraudulent investing activity such as we seeking with the failed oversight of Fannie Mae and Freddie Mac.

As this story unfolds, it is time to take a serious look at how our Social Security system is funded. Look closely and you will see similarities to the Madoff scheme.

What is a Ponzi Scheme? Taken from Wikipedia:

"It usually offers abnormally high short-term returns in order to entice new investors. The perpetuation of the high returns that a Ponzi scheme advertises (and pays) requires an ever-increasing flow of money from investors in order to keep the scheme going."

Analysis: The current Social Security system generates an ever-increasing flow of money from investors (taxpayers) and is paid out to retired citizens. As the government sees fit, it will raise the Social Security tax in order to keep the scheme going.

"The system is destined to collapse because there are little or no underlying earnings from the money received by the promoter. However, the scheme is often interrupted by legal authorities before it collapses, because a Ponzi scheme is suspected and/or because the promoter is selling unregistered securities. As more investors become involved, the likelihood of the scheme coming to the attention of authorities increases."

Analysis: There are no actual earnings on the books, since the money received by the promoter, the U.S. Government, is quickly dispersed to those individuals collecting the funds. The first generation that paid into the system received money from the second generation, the second generation receives money from the third generation. But what happens when the amount of money dispersed to the second generation (baby boomers) exceeds the amount of money generated by the third generation?

Since local authorities will not interrupt its funding, we will have to wait for the Social Security system to self-destruct when the value of payouts exceeds the value of taxpayers payments. The sooner Social Security destructs, the sooner we can stop paying into this Ponzi Scheme.

Cyber Monday 2008 - Any Predictions?

2008-11-30T18:54:00.000-08:00

So we're only a few hours away from the unoffical kickoff to the online holiday shopping season, better known as Cyber Monday. Last year, the National Retail Federation estimated 72 million shoppers visited the Internet to start their online holiday shopping. With an estimated 7% increase in Black Friday shopping from last year, will we see the same increase on Cyber Monday? With over 80% of retailers expected to offer online deals on Monday, I believe we will see a dramatic increase in retail traffic for the day. Expect around 75 million shoppers on Cyber Monday.

How will this affect the rest of the shopping season?

This will remain to be seen, but if the predictions are correct that retail numbers will be equal to last year, don't expect any record setting activity for the remainder of the shopping season. We may see a surge in shopping on Cyber Monday, then a two week lull, so retailers will be forced to discount their merchandise deeper and deeper. The last weekend before Christmas will be a record setting weekend, but will it be enough?

Savages

2008-11-28T10:43:00.001-08:00

If you've been following the news today, you've heard about chaos and death during a Black Friday sale in New York. What is wrong with people? Complete savages have made the news again. A clerk is trampled to death in Long Island, NY after opening the doors at a Wal-Mart and the doors were ripped off the hinges, according to other reports. And there are reports a pregnant woman has miscarried due to being trampled at the same store.

The New York Daily News is showing pictures of the chaotic scene. What did you expect when you have a sign on the wall that says, "Blitz Line Starts Here". Check it out here:

http://www.nydailynews.com/ny_local/2008/11/28/2008-11-28_worker_dies_at_long_island_walmart_after.html

After you are well rested from shopping this morning, please share your Black Friday stories with me.

Hulu and Lulu

2008-11-18T08:28:00.000-08:00

Hulu and Lulu are two of the most interesting websites I have seen in a while. They are both entertainment related, but serve entirely different purposes.

Hulu www.hulu.com/ is an online media service that features a great assortment of movies as well as many current network television shows. I just got caught up with recent episodes of Fox's Kitchen Nightmares and tuned into Eddie Murphy's classic standup movie, "Raw". There is no cost to sign up, and if you can endure about 3 minutes worth of commercials scattered throughout the broadcasts, you will enjoy them. It's like on-demand, without the cable company demanding money.

Lulu http://www.lulu.com/ is an online e-book and printed book sales site. They offer very reasonable rates for self-publishing if you are interested in saving on publishing costs. They also let you sell your e-book online, too and we have used their service to promote our first e-book called the "2009 Marketing and Promotion Calendar". Go to http://www.2009promocalendar.com/ for more information about our masterpiece. Lulu allows you to sell your work, and they only take a percentage of any sales created. It's a great feature to give your writing more exposure and there are no upfront costs.

Black Friday - Are you Ready?

2008-11-10T08:25:00.000-08:00

A lot of hype is historically generated for Black Friday and this year will be no different. It is going to be even more competitive since the retail experts have suggested we will see a downturn in retail buying activity. With a great deal of uncertainty due to current economic conditions, retailers and shopping centers are using money to get you into their stores and shopping centers.

A recent article in the San Francisco Business Times indicated the Sunvalley Shopping Center in Concord will be giving away four $250 gift cards starting at 6 a.m. on Black Friday, November 28th. That should get shoppers into their shopping center, and hopefully visiting stores, too.

As a consumer, you will be in a position to take advantage of agressive disounting. As a retailer, however, you will be under a great deal of pricing pressure. Depending upon your industry you may either discount heavily, or focus on your service, product selection, and niche products.

If you are looking for help with promotional activity this year, it is not too late. Visit our website at www.miraretail.com and contact us for assistance.

Information Overload?

2008-11-04T08:52:00.000-08:00

I was recently in a Target Store and a new end cap display caught my eye as I was walking down a main aisle. The display was advertising a new product for women's care, but what was unique about this display was that a dynamic digital LCD unit had been installed at the top of the display with an in-store commercial being promoted on the display.

Like it or not, this is the direction of marketing and in-store promotion. Performance metrics can be applied easily to these new Point of Purchase end-cap displays since the amount of product sold can be directly attributed to the effectiveness of the message and the value of the promotion.

One primary advantage of using a digital LCD display on an end-cap unit is that a new message can be created for a different product line. Essentially, these displays are re-useable. As a marketing professional, I have been involved in the visual display industry and can help businesses approach innovative point-of-purchase advertising using LCD displays, store fixture manufacturing, and digitally printed media. Our website www.miradisplay.com has more information about the interior display solutions available as well as an on-line FastQuote service for interior signs.

2009 Marketing & Promotion Calendar

2008-11-04T08:36:00.001-08:00

It has been in the works for six months, but we are excited to announce that we have completed our first E-Book titled the "2009 Marketing & Promotion Calendar". This calendar has been designed to help businesses stay on top of their marketing efforts for the entire year. Each month's marketing activities can be entered on a linear calendar so you may visualize when and where your messages will penetrate the market. Fridays, Saturdays, and Sundays are highlighted in red to keep you on track with weekend promotions, too.

At the end of the year, you may "look-back" to determine which promotions were most effective and least effective. Included in the E-Book is helpful information regarding promotional ideas to boost your creativity for each month. Each month includes a list of monthly, weekly, and daily observances that a business may incorporate for their next promotion.

Please visit www.2009promocalendar.com for more information about the E-Book and to take a look at a sample calendar.

The Fifth P

2008-02-20T22:18:00.000-08:00

What is the fifth P in the marketing mix?

It ties together your promotion strategy with the products you have to offer and I call it personal selling. How often have you encountered poor service, or been the victim of poor sales techniques? I can think of many encounters I've had with sales people that have turned me off to whatever it was they had to offer. What about the sales person that follows you around the store? Have their activities or lack of professionalism forced you to leave? It has made me find the closest exit door, even when there was a great deal right around the corner.

Personal selling is a skill that requires practice and an understanding of the products offered, and the customers you are offering them to. Some of my best sales people have been confident, enjoyed people, and had an ability to roll with the punches and deal with objections in a confident manner.

If you don't have adequate personal selling skills, you can throw your 4 P's out the door. Unless, of course, you are dealing with a commodity like gasoline where the price has been severly monopolized. In most competitive environments, personal selling will influence a deal.

Is Customer Service Dead?

2007-11-06T11:27:00.000-08:00

How often have you entered a retail business and had zero, zilch, nada in the way of customer service? Maybe I'm visiting the wrong stores, or asking the wrong person for some assistance, but it continues to happen. This trend in retailing is disturbing in a generation where the Internet continually takes market share from retailers. You would think a retailer would want to make sure their employees are trained properly to answer questions, and lead the consumer to the product or products they are seeking. I am continually surprised when a sales associate seems "put off" when asked for help.

I remember a situation that recently occurred at a nationally known electronics store:

After searching the Internet for a Sony MP3 player and finding the best price online, I decided to visit an electronics retailer that advertised the item on their website. I didn't want to wait for the unit to ship, so I thought I would find it locally. When I entered the store, I found the location of the MP3 displays but could not find the particular style I was looking for.

Seeking assistance from a Customer Service Associate, I approached the counter and asked the associate if they had any in stock. She asked me if I looked in the MP3 aisle... (Duh). I told her it didn't appear they had any but was curious if they had any in the backroom. Seeming quite put off by my question, she said she didn't know, and told me I would have to talk to someone on the floor. She said in a very snotty tone, "would you like me to find someone for you?". I replied, "No, it seems like it's quite a burden to get some help, so I'll just leave".

I ended up ordering from an online competitor and have not been back since.

I'd like to hear your customer service horror stories.