We just got back from the 58th MSA Retail Conference & Expo in Los Angeles where we met lots of great people, saw amazing products and heard some great ideas. Here are a few highlights:
Social media is like throwing a party! You need to look at other people’s parties to get ideas and determine why someone would want to stay at your party.—Practical Social Media Workshop: From Your Store to Social and Back with Jason McDonald, JM Internet Group
Think you’re a buyer for your museum store? According to Paul Erickson, you’re actually an investment broker.—Inventory Is Your Retail Heart, Is It Healthy? with Paul Erickson, RMSA
When working with local vendors make sure to educate your staff on each artist’s story and remind customers their purchases put money back into the local economy.—ShopTalk Live: 10-Minute Topics with Sally Struever, Portland Museum of Art
Fewer choices are better; you’ll get more people to buy.—The Secret Psychology of Consumers with Kit Yarrow, Ph.D.
Did you know? 18-24-year-olds average 510 text messages per day.—Gen Y Decoded: Insights and Tactics for Marketers with Kit Yarrow, Ph.D.
Signage really helps if you have the space, but nothing is better than well-trained and educated staff.—Science & Natural History Museums Discussion Group
Social media is not free when it comes to time.—Spark Session: Top 10 Things You Need to Know About Social Media with Jason McDonald, JM Internet Group
Tips for selling books: expand your exhibition titles (your customers are culturally savvy), draw on your staff’s interests, mix up merchandise with books in displays, hold book events like readings and signings, and keep your store spruced up.—Partnering With Publishers for Profits Panel
Take a risk. But if you try co-op buying with another store in your area, the financial risk is not as great.—Expo Learning Theater: Top 10 Things You Need to Know About International Buying with Laura Murphy, The Preservation Society of Newport County
"Just when I think I am done shopping and have covered the whole Expo floor, I come back the next day and find something new. I just placed more orders!"—Museum store buyer as she was leaving the MSA Expo
What tips and advice did you discover at the 2013 Conference?
In case you missed them, here are some of the most popular articles for nonprofit retailers from the past quarter:
10 big retail trends from the 2012 holiday shopping season
TIME
What did the 2012 holidays teach us about the current state of shoppers—and, of course, the places where they shop? Here are 10 notable trends.
6 tips for creating an optimal retail store layout
Intuit Small Business Blog
Mom-and-pop shop owners may not realize the impact that a retail store's layout can have on sales. But studies show that a less-than-ideal arrangement of product displays, check-out and service counters, or aisles influences consumer behavior in subtle but powerful ways. Here are six tips for creating an optimal retail store layout.
Why gift cards may be dying trend
CNBC
Retailers should be buzzing right now with holiday gift card redemptions. But, there's early evidence retailers aren't getting much of a boost from gift cards this year.
13 tips for e-commerce success in 2013
Practical Ecommerce
Many e-commerce businesses owners will soon perform a year-end count of their product inventory. For many merchants, this process will determine cost of goods sold—and profit—for the year. Beyond your products, however, you also should critique your entire business. As you close your books and review your financial performance, analyze other goals you set for the year—for all aspects of your business.
Why the best managers ask the most questions
Entrepreneur
When your employees ask for help, how you respond can either empower them to find a solution or make them dependent on your input. One simple response consistently empowers employees: answering with a question instead of a statement.
What were the hot topics for you this past quarter?
If you're not already getting Culture & Commerce News Brief, make sure to sign up to receive the latest MSA and industry news affecting nonprofit retail managers and buyers.
As 2012 comes to a close, MSA would like to wish its members, affiliates, partners and other industry professionals a safe and happy holiday season. In case you missed them, here are some of the most popular articles for nonprofit retailers from the past quarter:
Price your products to sell this holiday
American Express OPEN Forum
Terms like "big data" and "revenue management" can seem very intimidating to small-business owners, but big data has revealed some great insights that are applicable to businesses of any size. Wendy Barber, head of strategy at Revenue Analytics, works with companies to use insights about customer behavior to better manage revenue and improve profit margins. Here are her insights small business owners can use this holiday season.
Hire the person, not the resume
Retail Customer Experience
Hiring is always a crapshoot; most managers are quite good at it. At the same time, we don't always know if we missed hiring a superstar or a diamond in the rough. Unfortunately we do know when we've made a bad hire. Here are some tips for a hiring the person, not the resume
16 top tips for making the most of your museum
The Guardian
A panel of top museum retail experts in England share some advice on how to run your museum store more efficiently and effectively.
5 ways your employees may be costing you money
Intuit Small Business Blog
Every small business needs to conserve capital and run its operations efficiently. Once you have employees, you have less direct control over your company and need to rely on a well-trained, efficient workforce. Although most employees are hard-working and align their interests with yours, some may take advantage of their positions and end up costing you money. Here are five areas in which your employees may be bleeding you dry.
How retailers can attract more male customers
Retail Customer Experience
The generally held and widely accepted belief is that women do most of the shopping in households. Is this perception accurate? If so, what implications does this have for your store? It may be that men do more shopping than most retailers realize — just not for the same things or in the same way women do.
What were the hot topics for you this year?
If you're not already getting Culture & Commerce News Brief, make sure to sign up to receive the latest MSA and industry news affecting nonprofit retail managers and buyers.
If you're reading this, then the end of the world predictions weren't true. Here are six predictions made by MSA's board of directors that are a lot more likely to happen:
Beth Ricker, New Mexico Museum of Natural History and Science
We’re a natural history museum and I foresee even stronger sales in science-related children’s merchandise. While books and plush always do well, I’m noticing a big increase in science kits and engineering projects like building robots and solar-powered vehicles. Perhaps this is the beginning of growth in the science and math field and younger children becoming aware of the need to look for alternatives in energy.
Stacey Stachow, Wadsworth Atheneum Museum of Art
I think a major trend will be the continued use of social media for advertising. Many museums are moving away from print ads, which tend to cost quite a bit of money, to using social media, which is virtually free. We have stopped printing a member’s magazine and now publish it online. We send bi-weekly emails to both members and non-members to inform them of what is happening at the museum, such as exhibitions, movies, lectures, concerts and museum shop specials. We have hired a social media specialist who updates Facebook, Pinterest and Twitter. Our marketing department has started a web campaign using social media that focuses on in-store and website promotions for the museum shop. These are all new ways of generating sales that would not have been there in the past.
Janice Wrhel, Georgia O’Keeffe Museum
Now that the election is over (whew!) we can look forward to what might be in store for us in 2013. Our business is based on tourism; the summer of 2011 was horrible but this past summer we noticed that business was getting much better—about 13 percent better—so I decided to do a little research and found some interesting tourist information.
I was reading an article by the U.S. Travel Association; they were estimating that the travel industry will be adding 100,000 new jobs by the end of 2013. The article went on to mention that domestic leisure travel should increase by 1.2 percent while international travel should increase by 4 percent.
Wait, there’s more...domestic spending in travel is expected to increase 3 percent (this did include leisure and business) but we often get business travelers making a short stop at our museum and, anyway, the numbers are up! In addition, international spending should be up more than 7 percent.
The bottom line is, if you are dependent on tourism, 2013 is looking pretty good!
Candace Allen, Museum of New Mexico Foundation Shops
Now that the big announcement has been made that Pantone’s color of the year is emerald, how does this affect us in the nonprofit retail world? For one thing, I think it says a lot about what our customers need. Most often associated with brilliant, precious gemstones, the perception of emerald is sophisticated and luxurious. This wonderful hue has been the color of beauty and new life in many cultures and religions. In addition, as the color of growth, renewal and prosperity, no other color conveys regeneration more than green. For centuries, many countries have chosen green to represent healing and unity.
Our customers and members are supporters of the arts. They love the history of where they live, and believe in donating their time as volunteers to help their museums mission. Emerald green is a perfect color for them to gravitate towards. It is a feel-good and a do-good color.
So, how could you put to good use the color emerald green? Color can spark a sale, define a space and create a mood: in your jewelry case as a background, typeface in signage or hand-painted accessories such as scarves from a local artist. Use it in packaging of your product or lighting of a special display. And, of course, who wouldn’t want to take home an emerald green pair of earrings to make them feel good all year long?
Gloria Rosenau-Stern, Minnesota Historical Society
Things that affect museum visits in a tourism-based museum are many—weather, fluctuating gas prices, and now, the impending proverbial financial cliff looming in early 2013. However, housing markets are strong and new jobs are being created. So, what does this mean for tourism-based museums in 2013? We have seen a rebound in tourism in the latter part of 2012 and I predict that this trend will continue. People have gotten used to the “new normal” and are once again traveling, even if it is within their own state. Many will be stopping at museums as a way to enhance their vacation and give it both educational and entertainment value.
Julie Steiner, The Barnes Foundation
Handmade will continue to be big, along with “Made in America.” Customers are increasingly aware of the origins of the products they purchase, and the “locavore” movement doesn’t just apply to produce. More customers are asking smarter, more savvy questions about the items they buy: Where did it come from? Of what materials is it made? All the while being conscious of sustainability, Fair Trade and buying local.
This is a wonderful opportunity for museum shops, as our educational institutions are already in the habit of telling stories. In a sense, we are one step ahead of many retail businesses, because we are already accustomed to linking products to the stories behind them, with curatorial cards and in-store signs. This shift in buying behavior gives us a chance to show off our skills.
What are your predictions for the coming year?
In case you missed them, here are some of the most popular articles for nonprofit retailers from the past quarter.
Why millennials don't want to buy stuff
Fast Company
Compared to previous generations, millennials seem to have some very different habits that have taken both established companies and small businesses by surprise. One of these is that Generation Y doesn't seem to enjoy purchasing things. The concept of shopping has shifted from owning stuff to buying into new ideas.
Which mobile payment service is best for your business?
Inc.
The race to dominate the mobile payment industry is on. Here's how six top contenders stack up.
History repeating: Mom-and-pops are coming back
ClickZ
As our society is becoming more "99 percent"-focused, we're looking again for small stores and personalized customer service. While the big chains have perfected the impersonal shopping experience, reducing everything to commodity level, we're once again yearning for more from our shopping experiences. While the days of the corner drugstore (where the guy at the counter knew you by name) have seemingly been over for a long time, it's clear that customer service and human interaction will always be central components of our buying process.
7 low-cost design ideas for small retail spaces
Entrepreneur
Making the most of a small retail shop means being strategic about how you design the space and organize your merchandise. Here are seven simple and affordable ways to maximize a small retail space.
Holiday hues: 5 color schemes to make your store stand out
One Coast
The holiday season is coming up fast and that means it is time to start thinking about your store displays. Color can have a major impact on how your customers react to your store. It is important to choose a color pallet that best reflects the appropriate customer reactions. Here are some color schemes to help spark some inspiration.
What other news stories did you find useful or noteworthy this past quarter?
A study by the Center for the Future of Museums and the American Association of Museums on “Museums & Society 2034: Trends and Potential Futures” raises some questions about the impact emerging societal trends will have on museum stores. Identifying trends in demographics, changes in the economic landscape, shifts in technology and communications and the rise of new cultural expectations will help us start to identify the direction museum stores will take over the next 20+ years. A few of the highlights:
1. RETIRING BABY BOOMERS
According to the study, in 2034, one in five Americans will be older than 65. As many of these highly skilled baby boomers head into retirement, many will be looking for volunteer opportunities. Museums, as part of the “brain exercise” movement, will help to maintain the cognitive powers of this aging population and will serve as partners for existing senior service organizations.
Things to think about:
How will this aging population affect the products you carry in your shop? What kinds of merchandise should you consider to appeal to this trend? Should you consider larger type on signage and other printed materials in your shop? Do you need to train your staff on the changing needs of a senior population? How can you reinvent the role of the volunteer to accommodate this new talent pool?
2. A CHANGING POPULATION
Minorities will account for nearly all population growth in America. By 2034, minorities will comprise almost half of the U.S. population. Today, only 9 percent of frequent visitors to museum are minorities.
Things to think about:
How should your shop begin to prepare for a demographic shift like this? Does the price point of your merchandise need to change? Should you think about carrying books in different languages? What products appeal to the different ethnic groups in your areas?
3. MUSEUM-GOERS OF TOMORROW
Studies have shown that 5-9 is the critical age range for children to become museum-goers into adulthood.
Things to think about:
How will museums attract this group? Is there a role for the shop? What is the nature of your children’s merchandise? Is this age group a target market for your shop?
4. THE GENDER SHIFT
Women currently outnumber men on college campuses by a 60:40 ratio and now represent the majority of those graduating with professional and doctoral degrees. As museums traditionally attract college-educated audiences, will these highly educated women become the primary museum visitor?
Things to think about:
What is the gender breakdown of your current shopper? Does it reflect this demographic trend? What do women vs. men purchase? Do you train your staff to be close observers of the gender of people purchasing in your store? Do you have them report on this regularly at staff meetings? Are you keeping records of your client base so you can see trends?
5. THE COMMUNICATION REVOLUTION
The technological revolution that began in the 1980s continues to shape our interactions into the future. Today’s young adults grew up in a connected world, and will set the foundation for changes in expectations as they move into adulthood. According to the Institute for Museum and Library Services, 43 percent of museum visits in 2006 were remote, predominately via museum websites, and this percentage is likely to rise. In the midst of a technological society, however, people may find themselves yearning for a place to escape from our increasingly virtual world.
Things to think about:
How will you communicate your museum’s story and your store’s merchandise connection in an environment where many may not know or care about the relationship of your merchandise to your institution? What will be the impact on the brick-and-mortar store especially if, as is the case today, purchases in museum stores are often by impulse? What role can you play in offering a retreat for those wanting to retreat from a connected society?
What other trends are you experiencing that will change the way you do business in the future?
In case you missed them, here are some of the most popular articles for nonprofit retailers from the past quarter.
What makes shoppers spend? Other shoppers
Business News Daily
How others in a store or restaurant look and act helps determine whether a customer will come back for future visits. The presence and behavior of other consumers is just as important to brand loyalty as customer service.
3 common small business pricing mistakes
Small Business Trends
You're rocking the sales funnel, bringing in new business and delivering to your clients like a super star. So why aren't your profits growing too? You may be an unwitting victim of common pricing mistakes. These drive-by villains can kill your bottom line. Read on to learn if your profit margin is a target.
Heat up your sales this summer with creative in-store promotions
One Coast
As the weather gets warmer, it can be challenging to attract customers into the store. However, by marketing a compelling in-store promotion, you will encourage your customers to stop by and spend money during a specific timeframe. Here are five store promotions that you can use to drive more traffic this month.
7 deadly sins of online marketing for small business
Small Business Trends
Online marketing has become an important part of the small business toolbox. In order to reach consumers and grow your business, there are a variety of tactics and tools you can use—from online advertising to social media marketing to reputation management and more. Managing all the ins and outs of running a small business is complex, and juggling all the different aspects of online marketing is a responsibility in and of itself.
12 trends that will cause brick-and-mortar retailers to lose sleep in 2012
The Retail Doctor
It's customary to look ahead at the retail trends that will shape 2012 and the buzz, profits and challenges to profitable retailing. Here are the good, the bad and the ugly.
What other news stories did you find useful or noteworthy this past quarter?
There are lots of trends to follow in retail—going green, buying Fair Trade—but what about color trends? Or, buying trends? I am constantly wishing I could be more informed on retail trends and have found out that "retail trends" mean different things to different people. I want to know what is happening with the big box store and what their focus will be for the upcoming season. For example, what color palette is Nordstrom using this season, and can I work that color trend into my displays and buying? When the color yellow was hot I tried to work it into some of our jewelry items and scarves. It was not successful but I think that had more to do with the color than with the merchandise.
What are some ways you stay on top of retail trends?
MSA Members: Take Advantage of MSA's Lowest Early Bird Rates Since 2006!
Log in and Register Now for the 2012 Conference & Expo and Save!
You can sure tell we are in that all important retail holiday season. It seems as though the early results for all of these events were really positive. When you consider how negative the business news in general has been, this might seem surprising.
The inside line from the financial advisers is that the economic numbers in our country, including consumer confidence, have been showing improvement lately. Still not strong, but heading in the right direction. In the last three years, consumer spending in aggregate has gone down dramatically and people have paid off a lot of debt, so people now have more capacity to spend than a couple years ago despite the high unemployment rate. The early openings of many stores helped to increase traffic. The question is, will this be sustainable over the next few months?
There have been some interesting reports in the media. The Bottom Line on msnbc.com had a great story on retailers leaning heavily on social sites to pull in customers. People are getting increasingly sophisticated in their use of social media to drive sales. Museum stores must join this trend.
There was a story about the plusses and minuses of small business shopping. The long and short of that article is if you need a pizza, go to a chain; if you want an interesting gift, shop small independent businesses.
There are some clever things going on as well. The Pensacola Museum staged a Black Friday Day Camp for kids so parents could shop (hopefully in the museum store!) free of tired and bored children.
As expected, the whole trend towards cyber shopping continues to grow enormously. USA Today reports an 18% jump. Some stories reported increases even larger than that.
What does this surge in cyber shopping mean for museum stores? I think you have to put your very best on display when it comes to customer service, clever merchandising and good product selection. People are still looking to be treated well and everyone can use help at this time of year.
Speaking of which, here is my latest story about BAD customer service. I was in a large bookstore the other day (which shall remain unnamed). A customer approached a staff person and asked where to find a particular title. The staff person replied: “I’m clocking out now, go to the customer service counter.” You should have seen the look on the customer’s face! In a split second and thinking better of it, the staff person, with a loud sigh, said, “What was that title again, I’ll ask?” True story.
Laugh a little, it’s good for your health. We all love war stories—the good and the bad. Help make this blog a success and take a few minutes to share something you are experiencing during this busy season.
MSA Members: Take Advantage of MSA's Lowest Early Bird Rates Since 2006!
Log in and Register Now for the 2012 Conference & Expo and Save!