Online and Traditional Retail – Harmoniously Working for Brand Recognition
You wouldn’t think that a successful company that made its money by putting entrepreneurs online would crave a brick-and-mortar outlet. But Tictail did just that. The company opened a store on the lower east side of Manhattan, recognizing that while the trends show more and more people shopping online, there is plenty of data that proves shoppers still also desire “buying from physical stores” where there are “knowledgeable store associate[s].” Carl Waldekranz, co-founder of Tictail, wrote in Forbes that the benefit is primarily increased brand recognition, “One way we see this shaping the brick-and-mortar trajectory is the use of storefronts specifically as browsing centers, with no held stock.”
Ice Cream, Shark Attacks & Amazon.com – Two of these Things are Deadly, One not so Much
Your humble news editor is working very hard to keep ice cream out of his diet, recognizing that too much is no good. Same with trips to exotic beaches outside coastal New York and New Jersey – the first sight of an ominous fin in the water, and scampering to the safety of the beach he goes. But, like ice cream and sharks, Amazon.com’s reputation as a retail killer has been greatly exaggerated. That’s according to a recent article on Wired.com, which notes that the relationship between traditional retail and Amazon may not be all that it’s thought to be. Part of the argument is that Amazon “enables even the smallest merchant on Main Street, and the entrepreneur in her garage, to compete in the global marketplace.”
The Grateful Dead and George Costanza Advise Retailers: Do the Opposite
What do Seinfeld’s George Costanza and legendary rock band The Grateful Dead have in common? They both lived by a unique philosophy: do the opposite of what everyone else does to be successful. RetailDive.com recently explored the former’s policy of pioneering what’s known as a ‘freemium’ business model, postulated by marketing and sales strategist David Meerman Scott, in his book “Marketing Lessons from the Grateful Dead: What Every Business Can Learn from the Most Iconic Band in History.” Scott wrote that, “allowing concert attendees to record and trade concert tapes, building a powerful word-of-mouth fan network powered by free music” was contrary to the rest of the industry. The lesson learned? Develop brand loyalty and your customers will be your best evangelists.
Partners Toot our Horn (Thank you!)
If you’re new to our site and are wondering who else uses DMM’s tools and benefits from a relationship with DMM, please take a look at the “Testimonials” section on our website. There are folks there from various industries – retail chains, landlords, commercial property and real estate specialists, Technology groups, private equity groups, financial analysts and more – that all have successfully employed DMM’s database and services in their businesses. While you’re there, take us for a test-drive (if you haven’t already).