It’s not just your store schedule and location. According to Byron Sharp, professor of marketing science and author of How Brands Grow, Physical Availability is a critical component of growth. What is it? Find out how it works and 3 ways to build it for your store.
You don’t just have a store. You have a brand: a power-source for customer attraction and preference. The more you define and grow that brand, the stronger your store can become. But what exactly is a brand, how does it serve your business and how do the best Brand Manager approach “building” one? Find out here.
A look into how natural health enlightenment invited consumers into a deeply meaningful story: how we’re meant to live and thrive in an increasingly complex world.
Because your customers shop around, you have something called leakage, and it comes in two forms. For example:
1. The Converted: customers who buy VMS from you, but also buy some VMS elsewhere
2. The Unconverted: customers who buy all their VMS elsewhere
This leaves you with your share of wallet. For instance, if your average shopper spends 70% or their VMS budget outside your store, you’re left with a 30% share of wallet. (And that could be very generous.)