Have you figured it out yet?

Did you know?

  1. Thirsty beachgoers are prepared to pay twice as much at a resort hotel than at a rundown grocery store for the same brew.
  2. It is less ‘painful’ for a customer to buy with a credit card than with cash.
  3. A menu may indicate prices as 12 or ‘Twelve Dollars’ or $12.00. The most effective of the three methods is the ‘12’.
  4. Sixty percent of the sensory experience of drinking espresso comes from the retail environment.
  5. Sheer exposure ( and repetition) conditions people and creates the “I like it, but I don’t know why” effect.
  6. Using a complex font (try Montype Corsiva on your computer) actually aids recall for key pieces of information in a print ad (like a phone number.)
  7. A bank who made a loan offer to customers found that adding the picture of a pretty woman to the collateral had the same effect as a 4.5% drop in interest rates.
  8. If you use pictures of women in your marketing collateral, you should increase the size of their … pupils to increase male response rates.
  9. All things being equal (e.g. comparable quality/price etc) it is proven that consumers ARE motivated by loyalty programs.
  10. If you ask someone for a small favour (‘what’s the time?’) you increase the chances of them responding favourably to your second, bigger request. (Foot-in-the-door.)
  11. If you are meeting a prospect, you will be judged more favourably when you offer them a hot beverage than a cold one.
  12. If you seat your prospects in a soft chair, you will be perceived to be more flexible.
  13. A slogan like “Save money, live better’ encourages people to spend more money than slogans like ‘the real thing’ or ‘live life’.

 

All of the above mean nothing until:

  1. The facts are internalised and ‘processed’.
  2. The processed facts become knowledge when translated into insight or understanding.
  3. When insights are applied to your personal situation, it becomes practice.
  4. Repeated practice makes you skilful.

 

Being successful in a business requires luck or skill.

We only control one of those.

What are you doing about the one thing that you control?

Be Retail$mart

Dennis

1. PROGRESSIVE THINKERS GATHER HERE

2. Most of the above taken from Brainfluence (Wiley 2012)