The Science of Retailing
Companies invest millions of dollars for marketing purposes, to try and get their IBP into the store.
What really takes place behind the scenes?
Who Should Read “Inside the Mind of the Shopper”? And Why?
When you get to this stage, a new path reveals itself – called opportunity. Now you are slowly entering the field of creativity, with the help of an expert like Herb Sorensen, you can start raising awareness for your brand.
Use his methods and unleash the “creative beast”! “Inside the Mind of the Shopper” is a fact-filled book. We recognize the power emerging from it, and recommends it to the creative part of the population, to “opportunity seekers” and “risk hunters” – especially retailers.
About Herb Sorensen
Herb Sorensen, Ph.D., heads TNS Sorensen as the president of the firm. The company covers all aspects related to shopping behavior and research any uncertainties. He perceives consumers’ mindset from a scientific perspective but gives a clear easy-to-understand report to the stakeholders.
“Inside the Mind of the Shopper Summary”
Marketing has only one goal – to increase brand awareness which will ultimately lead to profits. The process takes time, patience and ingenuity. A comprehensive research on the subject has proven quite useful.
Companies need to study the behavior of their target audience with utmost care, to read their minds by understanding their demands. When you get access to valuable information, you can then identify your marketing goals. In order to achieve long-term goals, firms have to sacrifice a small portion of their time, effort, and energy.
In the same fashion, knowledge = money but in reality, how much can you tell from research? Probably a little more is needed on your part. Nevertheless, it’s one thing to lure the potential buyers into your store and something entirely different to make them eager once they’re there.
Weaknesses occur as a consequence of making marketing efforts that lack modern retail strategy – meaning, companies have little interest to understand the shopping behavior. Even people not associated with marketing, have realized that shoppers tend to move from point A to point B, without guidance.
Moreover, a major setback among retailers is their habit to design their shops for the “stock-up” buyers, those who purchase a lot of goods. Individual needs get neglected, and customers feel betrayed.
Stores must have a perfectly-designed flow of products, formed in a way to help the shoppers find what they are looking for. 90% of the time, customers spend more time than needed only to find a particular product, which is an entirely wrong policy leading to terrible results.
50% of shoppers don’t purchase anything even though they spent countless hours searching for the perfect product. Marketing experts, with this mind, investigate the devastating phenomenon for businesses. Retailers as the guilty party should prompt change by acquiring sufficient amount of knowledge about shopper’s intentions, plans, thoughts, and movements.
This fantastic opportunity will allow each company to maximize their profits. Not more than a few adjustments are needed, for obtaining a substantial growth and an organizational satisfaction.
Start by asking yourself one fundamental question – Why employees in the supermarkets place milk in the back – far away from the entrance? The goal of such a strategy is to make the shoppers look through hundreds of different products before getting to the milk; enticing them is the route to bigger profits.
Nevertheless, not many shopping experts agree with this theory like behavioralist Herb Sorensen. He advocates for reducing shoppers emotional distress and not make things worse because they will go someplace else.
Companies for decades are searching for the perfect formula, but as mentioned above marketing is not a one-way street. Likewise, marketers must deal with the uniqueness of the situation, what types of “products” is the business producing and many other aspects.
Not even that will guarantee you success because marketing is much more than a one-time project.
It requires continuous investment and devotion on your part. To get inside the mind of the shopper, you need specific tools and strategy. The combination of these two can encourage business growth and development, something that every entrepreneur desperately needs.
The “spending” process has left traces of failure. Companies still cannot control shoppers’ behavior or gain insights into their buying tactics. Despite these mind-blowing facts, new theories rise daily all promoting a solution for the firms’ big problem. We take a neutral side but instigate readers to get to know several effective tactics for their businesses.
Retailers are the Target Group, in this case, flexibility on their part will ultimately grant them benefits and profits beyond their wildest imagination.
Key Lessons from “Inside the Mind of the Shopper”
1. The power of paying Attention!
2. Seize the sale opportunity
3. Navigation inside the Store
The power of paying Attention!
Retailers fail to understand shoppers’ behavior due to their stubbornness. Focusing too much on profits can lead to neglecting other significant factors which contribute to the ultimate goal.
A focus on customer satisfaction is the difference between prosperity and failure – pay attention to that.
Seize the sale opportunity
Every time a shopper enters your store; the process requires absolute commitment on your part. Don’t suffocate the purchaser, let them feel the walk-through process but you control its movement.
Demonstrate the three phases of truth “reach, stopping/holding and closing” – guide them gently.
Navigation inside the Store
Most retailers take the designing part very challenging. Thousands of different suggestions are presented before them; it’s for them to choose the best one. You – as a Retailer must make it easy for them, to find the products as quickly as possible. A poorly-designed interior makes the customers feel nervous!
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“Inside the Mind of the Shopper” QuotesOnce the leaders are positioned, the remaining categories can be placed based on margins and relevance to the other categories. Click To Tweet you can more easily turn your top few sellers into super performers than bring up the laggards. Again, long tail principles apply—the long tail attracts, and the vital few sells. Maintaining a reasonable long tail is essential for both… Click To Tweet Stores have massively excessive verbal communication. Products and packaging are a significant part of the clutter. Using iconic images, colors, shapes, and appropriate emotional totems is a better way to connect to shoppers than more… Click To Tweet Research has found that when you ask a person to test something for you, they place it under the microscope. They see things that, in the course of normal usage, they would never see or even consider. Click To Tweet Money, time, and angst are the inputs that shoppers invest in shopping. Click To Tweet
Our Critical Review
Even though, marketing as a concept has a definition; it stretches beyond it due to the numerous of other possibilities. One of those aspects covers the buyers’ behavior and ideas while shopping. It’s complicated to discover how your customers want to be treated.
If you are eager to launch a new campaign, make sure that you are equipped with the proper tools.
Learn more and more, in the speed that the world demands.