Retailers need customers to survive. To a lesser extent, customers need retailers, though the law of supply and demand greatly works against the physical retailer today. The cost to obtain a new customer is nearly 5x what it costs to retain one, thus retailers should work emphatically to ensure that they retain their customers (who … Continue reading You Are Losing Customers
Source: Pinterist Do you remember green ketchup? Several years back, Heinz changed their signature ketchup formula to turn it from red to green - and the response was astounding. 10 Million bottles for sales of roughly $23 million. Factories churned 24 hours a day 7 days a week attempting to keep up with the demand. … Continue reading Red and Yellow Your Way to Increased Profits.
What's a penny to your bottom line? Retailers often assume that they need to collect every cent in improving their bottom line. But the difference in a penny can make a world of difference - depending on your product. We've all seen the numbers - but have you actually thought about the psychology behind it? … Continue reading Charm Pricing