Page 0097

Page 96 AUGUST 2017 | RETAILERS FORUM MAGAZINE

forumworkshop

FORUM WORKSHOP

continued in next issue ...

Essentially you must use these tools to jumpstart

the business. A week before opening, your

store shows promise; after opening day, it must

deliver sales. You want your marketing activity

to allow you to hit the ground running, so

you're seeing sales from day one. Therefore,

during this make-or-break first year, plan to

spend more for marketing activities, proportionate to

your other expenditures, than at any

other time in your business.

If you followed the advice on developing your

business plan we outlined, you already have a

good idea of what you can spend. If not, you

need to come up with, and commit to, a firstyear marketing

budget. Be liberal: As the year

unfolds, you may see the need to spend more.

Don't even think about spending less. When

the economy gets soft and sales activity slows,

advertising is one of the first areas many retailers look

to, to reduce costs. For the start-up retail

entrepreneur, that would be folly. The initial

and most important challenge for you, as

owner, is to make people aware of the store in

a way that motivates them to buy. Everything

else about your business depends on it.

Developing Your Marketing Program

Your marketing program will

evolve over time as you measure

the effectiveness of the different

options available to you.

This is one of those learning endeavors

in retailing that represents an expensive

but very necessary education for you.

There are no set solutions.

SELL AUTHENTIC DESIGNER

HANDBAGS • CLOTHING • SHOES • JEWELRY

www.bagvendors.com

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