James Blog

Paid Digital Subscriptions Grow

The latest figures I have seen shows there has been good growth in digital subscriptions in Australia, most of this coming from The Sydney Morning Herald, The Australian and The Age.

I know that I get a lot of my news in the form of a digital subscription, but this is tied to a physical weekend delivery where the 7 day digital subscription is offered free. I wonder if this is how they manage to report increases in readership and uptake of digital subscriptions? As much as an 86% from last years figures apparently ! 

What does this all mean? It tells me that consumers are getting their fix in many different ways, absorbing news and entertainment through a multitude of media. So, in order to stay relevant to our consumers we need to adapt our offerings to them to include all different means of delivering their daily or weekly fix.

How do you do this? A good question isn't it? The problem is being able to offer a variety of solutions efficiently and economically. if you are expecting me to have this solution today, I will sadly disappoint, however I strongly believe there is "more than one way to skin a cat" (as they say) and opening conversations and news ways of thinking could bring many of these solutions together.

I also note from the same article I read that the two major weekly magazines, Woman's Day and New Idea have experienced substantial increases in circulation, which is a great news story showing that print media is not dead yet. In fact, niche magazines continue to buck the trend and have steady readership increases. Interestingly this does not surprise me. Although I am happy to get my news digitally (SMH App) I much prefer a magazine for special interest and dare I say it... gossip.

Reality TV helps with magazine readership too, Better Homes & Gardens being the best example I can think of where a TV show promotes the magazine and the magazine the TV Show. Brilliant marketing !

Although I have not focused much on solutions here, I would like to close with a couple of observations. 

Support the Weekly magazine titles in your store with good placement and displays.It makes a lot of sense to support a brand/product that is doing well in the market.

Seek new innovations and products to ensure your retail store appeals to the changing consumer. This can be as simple as selling iTunes cards, gift cards and the like through your electronic terminals, right through to stocking E-Readers and tablets, or smart phones.

The next step is to encourage the publishers to provide Digital Subscription packs to sell at a retail level. What better place than the same store consumers use to buy their newspapers and magazines today? 

Silly Season Selling

    I like to call it the 3 esses of sales, but for many reasons, not just because we are approaching the silly season.

    Now that there are 3 new millionaires in Australia each with $28 million, thanks to the record breaking OZ Lotto draw this week, and a further 35 people with $800k thanks to a syndicate they were in, let's see if we can find a way for these people and others to part with the hard earned or easy come by cash in your shops.

    1)    'tis the season.   It's the start of the holiday season, and that means people are starting to think seriously about Christmas and what gifts they are looking to buy friends and family.

    2)    Stock. (that's another "s"). It's time for you to make the most of this period and provide your customers with the the things they want, need, or even think they don't want. Christmas shopping is often about finding something that is a little different, or might just suit the person you have in mind perfectly. Have you been listening to your customers? It is a very powerful tool, listening. They are the best ones to tell you what they want or are looking for, so go out of your way to engage with them. You want them back don't you?

    3)    Space. (another 's", but I cheated a little here) I am talking about the space you allocate for sale items and displays in store. It is not easy to get the best mix of display space but it is important. Move stock around too, to keep the shop looking interesting. Especially seasonal product you may have just got in for Christmas. Don't just create a display of Christmas stock and leave it there for weeks. Move some of it around. Move the entire display. Highlight some products in more than one area and think about marketing products together like the latest Better Homes & Gardens magazine with your display of ornamental gifts, or Tech Life magazine with your Mobile Phone display.

    4)    Suggest (Yep, another one) This is about suggesting, and being confident of your own skills and that of your staff. Retailing is about suggestion as much as meeting a need. After all, shopping is about gratification, and a good retailer provides that. How many times have you suggested an item to a customer, and they end up thanking you. This is because they want personal attention and the feeling you are there to help. Remember, if they are in your shop chances are they are there to spend. Help them do just that.

    5)    Stock (I know, I used this already, so now it's my second) You can't sell what you don't have, so make sure you work with your suppliers to ensure you have the right stock, plenty of it and options to get more quickly if you need. Suppliers should also help with appropriate point of sale and advertising.

    6)    Speak. talk with your peers and industry partners. Find out what works for them. Compare notes. It is human nature to help one and other, so embrace this and learn and teach all at the same time. You have a lot in common with other retailers, so share.

HAPPY RETAILING.

An Open Mind Breeds Success

    We all wonder why some people seem to be lucky and have success, while others are plagued by bad luck.

    Why do some people seem to have all the luck? Why are the successful?

    I think it is because these people have an open mind. They are willing to explore new ideas... they are willing to at  least listen and not put up a barrier every time a new idea comes their way.

I find it interesting when talking to retailers and I hear them say "I can't do that", or "we can't sell those here". These are the retailers that seem to be down on the "luck". Their shops look tired... they look tired. It's not necessarily their fault as we all too often hear about the doom and gloom around us. Retail is flat. A new large shopping centre has just opened down the road. Online shopping is growing. Interest rates are going up. All of these negatives have an impact on our state of mind.

Is there a solution? I think there is. Surround yourself with positive vibes. hang out with upbeat and happy people. Keep an open mind and look for the pros, not the cons.

A positive attitude can work wonders, for you and the people around you.

Keep an open mind... it works for the successful people I know.