Three basic types of gift and specialty products bring customers into the store. Retailers should review these products like a movie director, as every product category has actors with “cha-ching” potential.
Like a blockbuster director, retailers should envision the role each product will play and decide how it will perform to meet their needs. In a product audition, “To be or not to be” is the question that’s answered by the role it will carry out in the store. Retailers should select store merchandise in terms of the quality of their performance and the emotional/psychological impact they can have on their intended audience.
Sherry Morris of Carpentree sees the process as a three-act play. Simply put, every product sold in Christian retail has a speaking part. In every blink of the eye, the customer receives a message from product “speak.” At some level, customers feel the psychological and emotional impact of what the products say about the store.
Knowing how each gift fits into the play -- a product strategy -- helps retailers both make good buying decisions on core inventory as well as plan for seasonal and other gift needs. To maximize each item’s potential for increasing profits, set the stage with a good strategy.
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