Do
you respect your customers? Or do you think the majority are trouble-makers who
don't really want to buy? Don't laugh - some traders talk in these terms,
hopefully only between themselves.
One
trader expressed a theory that on bad trading days the good customers are
simply absent. All we are left with are the customers who are out to
browse, have no intention of buying, and are wasting our time. They are always
part of every market crowd but it is easier to put up with them when the good
customers are also around.
So instead of complaining about the bad customers, we should be complaining about the good customers who have decided not to come. It is a moot point but it might help navigate through those difficult trading days.
So instead of complaining about the bad customers, we should be complaining about the good customers who have decided not to come. It is a moot point but it might help navigate through those difficult trading days.
Getting
back to the respect thing - I walked past a group of customers chatting in the
aisle yesterday and one of them was telling his group that he found a product
he quite liked but the trader wouldn't talk price. I'm not sure what
"wouldn't talk price" meant. Was it simply that the trader wouldn't
meet his offer or that he refused to talk price at all.
On
my stall, we display a normal retail price and our discount price. If a
customer asks for a price reduction we refuse but rather than disrespect their
request we gone on to explain our pricing philosophy and why we choose to
display a discounted price upfront. I'm sure it bores the hell out of some people
but the majority seem to appreciate the explanation and the respect we show
their request. After all, we know that many traders expect a to-and-fro
bargaining session with every sale, and we can't blame customers for trying to
work out whether we do the same.
Either
way, a little respect usually ends up with a good customer exchange and often a sale. Even if
they don't buy this time, they are likely to become one of the good customers that
help create a good trading day next time.
And to conclude, the following graphic was recently published in the Harvard Business Review.
Note how grocery and food brands rate higher up the scale, specialty retailers rate around the middle and department stores lower down the scale. I wonder where market traders would come in?
By Greg Smith
And to conclude, the following graphic was recently published in the Harvard Business Review.
Note how grocery and food brands rate higher up the scale, specialty retailers rate around the middle and department stores lower down the scale. I wonder where market traders would come in?
By Greg Smith