Bridget’s guest this week is Dr. Patricia Huddleston, a professor of retailing at Michigan State. Bridget and Pat discuss some retail changes and challenges for sellers to create a compelling shopping experience. Some keys to success are new and fresh merchandise, knowledgeable sales people, lighting, and merchandising by color. Listen to learn about how important it is to make each touchpoint in the sales process a seamless part of the shopping journey.
Several marketing books have captivated Bridget and changed her marketing perspective. This week, Bridget discusses The Experience Economy by Joseph Pine and James Gilmore. The book sets forth some great marketing paradigms for the 21st century. Many firms can operationalize what Pine and Gilmore set forth about experience realms (education, aesthetic, entertainment, and escapist) to capitalize on the profitability of experiences. Bridget’s synopsis of the book may just help you add it to your reading list.
Episode 21 transcript
Carl Linneaus devised our system of binomial nomenclature (genus, species) for plants. He was a respected physician and botanist. Bridget recently visited his home and teaching garden in Uppsala, Sweden. She discovered what a great marketer he was. This week, Bridget describes Carl’s influence on the industry and many of the names plants have today.
Episode 20 transcript
Later in the sales season, retailers are anxious about moving remaining inventory. Even earlier in the season, some may rush to put items on sale, hoping to lure more customers and generate more revenue and profit. Do you really want to cultivate the price-sensitive shopper? This week, Bridget discusses the implications of putting items on sale and the use of sale signs.
Episode 19 transcript
Continuing the discussion on pricing, Bridget addresses how to increase prices. In a recent study with Drs. Marco Palma and Charlie Hall, the team worked with Carol Miller (former editor of Today’s Garden Center and The 10% Project) to show that real garden centers can increase prices and generate potentially more revenue despite selling fewer units. Listen and learn the products that can more easily take a price increase and which products to resist increasing the price.
Episode 18 transcript
In this week’s podcast, Bridget continues her discussion of pricing to include signpost items and the numbers used to show price. Signpost items are common products that most people use to make comparisons about retailers, such as a gallon of milk or a four-inch geranium. Retailers can be more competitive on differentiated products, which are not ever signpost items. Learn how to leverage differentiated products in this week’s podcast.
Episode 17 transcript
This week, Bridget starts a short 4-podcast series on pricing. The series begins with a discussion about value. Value is a lot like beauty; it depends on the beholder. Today, Bridget will discuss the five components of perceived value and how they feed into setting prices. Struggling with profitable pricing? Listen to this podcast to learn how to increase the perceived value of your products.
You can learn a lot from a Zip Code! In today’s busy society, it is becoming increasingly difficult to get people to complete surveys so that businesses can better understand them. Asking for a Zip Code at check-out provide the business with some great information that can be obtained for free at American Fact Finder (link). In this week’s episode, Bridget will discuss the importance and value of collecting Zip Code information and what you can do with it to boost your marketing strategy.
Sweden has a mission to soon go cashless and so have some U.S. businesses. How about yours? Do you dare go cashless? In this week’s podcast, Bridget talks about the bold move one Michigan retailer is taking by going cashless. What are the pros and cons for both buyer and seller? Listen this week and find out.
With this new segment to the Marketing Munchies podcast series, Bridget will introduce some “marketing basics.” This first marketing basics podcast focuses on the definition of marketing. All too often marketing gets confused with (only) advertising. In this week’s episode, Bridget will discuss the American Marketing Association’s definition of marketing and how many firms develop from a product perspective to a sales perspective and (finally) to a consumer-focused marketing perspective.