nickshanagher

The Curve by Nicholas Lovell is a book that will help you to think about your business differently and particularly about how to think about your customers and how to make money from them. For example, at one point he discusses the difference between “free” and “cheap” by quoting a famous experiment where psychologist Dan Ariely set up a table to offer customers two kinds of chocolate, a high quality Lindt truffle or an “ordinary” Hershey Kiss. “A large sign above the table read, ‘One chocolate per customer’. Customers could only see the chocolates and their prices once they stepped up to the table. “Ariely started the experiment by setting the price of Lindt at 15 cents [the cost price was 30 cents] and Kisses at 1 cent. [The customers] acted with a great deal of rationality: they compared the price and quality of the Kiss with the price and quality of the truffle, and about 73% of them chose the truffle. “The purpose of the experiment was to see what impact free had on...

In my latest Retail Express column I write about the need for local retailers to have some sort of digital platform so that they can build a network of followers. The email that follows is from a shop called Alfred the Grape, which is in Marlow, a town about 10 or 12 miles from where I live. Except that I was already going to a birthday party - and the weather forecast was dreadful - this is a great email, selling the idea of fun things to do, not necessarily connected directly with buying stuff. Have a read and think about what you tell local customers - and what you could tell them. If you're at a loose end this Sunday, why not go to the Marlow Food Festival. Apparently it's free, fun and we're wines merchants  extraordinaire ! So to live up to this bill we'll have some fabulous bottles open for you to try (&, hopefully, buy if you like them enough). For the full blurb, see below.     Moving forward, I'm planning regular Friday evening in-stor...