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The 4 Ps of Popping Up: A Strategic Approach to Your Season

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Designed for entrepreneurs and small business owners to learn:

- How to create their own pop-up opportunities
- How to research and develop the right mix of area market involvement (considering investment, audience, and potential competition)
- How to conduct a do-it-yourself merchandising audit
- How to increase discoverability by incenting consumer-generated social media content
- What to do in the aftermath of an event to retain and reactivate customers

Published in: Retail
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The 4 Ps of Popping Up: A Strategic Approach to Your Season

  1. 1. The 4 Ps of Popping Up A strategic approach to your market season Mary Aviles Principal, Connect 4 Insight Director, Strategy Development Sarah Donnelly Director, Retail Services
  2. 2. The 4 Ps: Product/Packaging Presentation (inc. people) Promotion Price
  3. 3. Today’s Goals: • Use your summer season to inform your 2018 holiday planning • Learn how to evaluate existing opportunities AND create your own • Audit your merchandising • Incent word of mouth and reviews • Retain and reactivate
  4. 4. Why Pop Up? Not just a cheap B&M alternative They’re flexible from one day to three months or longer… They’re a responsible way to grow They give customers a personal connection and a sense of exclusivity With them, you can capitalize on microtrends They serve as a lab for experimentation and a means of collecting customer data Create a time- sensitive shopping experience They allow you to observe customers and staff interaction You can develop new merchandising or product ideas
  5. 5. Why Pop Up? Cultivate an experience
  6. 6. “ ‘Retailing is about relevance. Relevance is about being at the heart of what the customer wants,’”– Clothing retailer Express is using its M adison A venue store as a tech lab, CN BC, 4/13/2018 Why Pop Up? It’s a direct customer touchpoint
  7. 7. 40% of consumers report changing their minds because of the in- store experience (packaging, placement, or interactions with sales people) Why Pop Up? Humans are tactile animals
  8. 8. Why Pop Up? They can be highly effective 61% of shoppers list seasonal products as the main reason to shop at a pop-up store: ü Unique products & services – 39% ü Localized assortments – 36% ü Convenience – 33% ü Fun experience – 30%
  9. 9. Who’s The Customer? Inventory what you DO & DON’T know
  10. 10. Who’s The Customer? Give them their desired experience
  11. 11. Who’s The Customer? Start with secondary resources
  12. 12. Who’s The Customer? Free gold mines of information
  13. 13. What’s the Right Mix? First, define your objective For each event, are you trying to: ü Move product? ü Build awareness? ü Find partners? ü Collect customer data? ü Something else?
  14. 14. What’s the Right Mix? Mix DIY with established venues Align with brands that make sense alongside your brand: 1. In a DIY venue, you should have less competition 2. First you need to ASK; work your network 3. Consider your pitch to the potential partner; what do you bring to the table? (e.g., social following) 4. Try venue-specific pop ups, e.g., Movement or Jazz Fest or Mo Pop 5. Look for ways to either revisit your target or attract a new, adjacent target
  15. 15. What’s the Right Mix? Choose venues that align w/your brand
  16. 16. What’s the Right Mix? Research & develop a list of DIY options Get local: ü Scan Facebook Events (select Interested to tweak the algorithm), Eventbrite, interest- specific groups and evensi ü Frequent the Instagram Places tab ü Research options via a list of most popular hashtags (esp. for online sellers; reuse this list for promo)
  17. 17. What’s the Right Mix? Document your plan for a total season Consider your TOTAL season; hit a mix of audiences & venue types: ü Set a reasonable distance from home ü Set a seasonal budget, develop a range of venues (free, low, medium, high) ü Get a feel for the other vendors ü Understand logistics & track deadlines ü Fulfill a range of objectives (e.g., revenue generation v. exposure/good will)
  18. 18. What’s the Right Mix? Document your plan for a total season
  19. 19. What Space Works Best? Evaluate your options
  20. 20. Do You Represent? Start by doing some recon
  21. 21. Do You Represent? 1. Product/packaging – Distinctive & Professional
  22. 22. Do You Represent? 2. Presentation – Frictionless & Fun
  23. 23. 23 Do You Represent? 3. Promotion – Incent Word of Mouth Implied vs. Explicit* (*Contests, discounts, sneak peaks both involve AND reward) Featured (Expressing Gratitude) Entertaining
  24. 24. Do You Represent? 4. Pricing – Know Market Value Do you know what the market will bear? ü Do you know your cost? ü Can you price “round” (e.g., $5, $20)? ü Is your return/exchange policy generous? Is it highly visible? ü What about shipping policies (if applicable)? ü Test different price points ü Experiment with promotions like BOGO or free gift with purchase
  25. 25. Measure To Retain Is is your job or your hobby?
  26. 26. New potential partners, increased network Good sales; revenue growth (continuing lift ~3 months post) social follows, engagement Increased understanding (of target, venue, product, innovation, clarity of purpose, etc.) attention/discoverability (general inquiries, influencer attention, positive reviews) Competitive intelligence web traffic/quality • Unique visitors • Frequency of monthly visits • Unique page views newsletter subscribers, customer database Measure To Retain Document & review KPIs
  27. 27. Measure To Retain Evaluate satisfaction results quarterly
  28. 28. BEFORE Plan venue Evaluate merchandising, return/other policies Optimize website Develop coordinated newsletter DURING You (& your staff) are critical brand ambassadors Supply superior & distinctive products Deliver a memorable, enjoyable, WofM worthy booth experience Experiment w/pricing; adapt to the space/audience AFTER Evaluate success metrics Maintain your customer list; ask for reviews ASAP Measure satisfaction, make improvements Use project management to follow up/stay on top of reviews Measure To Retain Document a seasonal plan
  29. 29. Measure To Retain Last impressions matter most Peak-end rule: “Isolate a single moment in the customer experience, ideally at the end, and make it exceptional.” Source: https://w w w .m arketingw eek.com /2018/01/22/richard- shotton-peak-end-rule/
  30. 30. Applications – Due July 9 https://techtowndetroit.org/services/retail-boot-camp/ Info Session This Thursday, June 21 6:00 - 8:00 Mack Market 14711 Mack Avenue, Detroit, MI 48215 Contact us: mary@connect4insight.com or sarah@techtowndetroit.org Thank You! …And, learn more about Retail Boot Camp

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