Right now, in every state, parents are taking their kids and young adults out to furnish their bodies, backpacks, lunch boxes and dorm rooms for the new school year.
According to the National Retail Foundation, ?Parents?with children in grades K-12 are expected to spend?an average of $688? and ?college families will spend $907? to prepare. Shelves at?Walmart and Target are emptying faster than you can say number two pencil.?
We?ve taken some stats from NRF and combined them with small business retailing?practices?to bring you tips that align with your budget and marketing arm.
67.1% of customers say they will shop at a discount store (like Walmart).
Small business strategy: Although it?s hard to compete with Walmart, Iowa State University recently?ran a test in towns with?Walmart?s?and found niche stores actually became more profitable after Walmart rolled into town. Those who tried to compete did not survive.?Some stores used customer service as their niche, finding that providing better service than Walmart worked to their advantage.
Grade school families will spend more on clothes, college families will spend more on electronics.
Small business strategy: You can?t be everything to everyone, but awareness is half the battle. Consider incentives for customers who reach spending goals. For example, buy a?small stock of iPads where mom and dad can save 10% on an iPad when they spend $300 on clothes. Or, partner with other stores to create mutually beneficial incentives, like free gifts, and create a retail trail with maps that connect the dots from one retailer to the next.
85% say the economy will impact their spending this year.
Small business strategy: The economy is still affecting the wallets of consumers and the cash registers of small businesses everywhere. However, the majority of shoppers didn?t say they?d be spending less, in fact the majority (52%) said they?d simply shop sales more often. Create a theme for each promotional week ?(dorm, accessories, kitchen gadgets, paper & pens)?to help parents plan their shopping trips accordingly.
47.8% of parents start shopping a month before school starts.
Small business strategy: Depending on where you live, school might start later this month, or it might start after Labor Day. Although the majority starts about a month out, don?t dismiss the 22.3% of early birds who are happy to empty their school budget into your store before the discount stores (and the lines) get busy.
72.4% of parents say their kids make at least half of their purchasing decisions.
Small business strategy: Think mom and dad have the wallet? Think again. Not only do kids get to pick out their favorite things, but in 2012, pre-teens and teenagers will spend $25-$36 of their own money in school supplies too. Market to the decision-makers for style and ?wants?, and the parents for practicality and ?needs?.
3 in 10 parents have kids between the ages of 6 and 17.
Small business strategy: According to the study, there are record levels of elementary and middle school students starting school this year. Carve a back-to-school corner in your store for the season by deciding on an age niche and catering to it.
1/4 of college-aged kids will be moving into dorms soon.
Small business strategy: Again, these are record levels. If your niche allows it, get excited about funky dorm accessories that?ll help each college student both stand out and fit in at the same time. With the trend of buying local on the rise, this is substantial money-making season for retailers who cater to these college-bound customers.
Even though discount stores win for bulk supplies like pencils and paper, trends show local businesses are still in the competition for clothes, dorm decorations and timely incentives.?For more, download the NRF back-to-school cheat sheet.
Just a note: The key to customer loyalty in small business is to reward your best customers. Luckily, 93% of people already have your loyalty card in their wallet, find out how.
Amanda MacArthur collaborates with small businesses across the country to bring together best practice blogs and success stories that come with running a small business. As a Partner at BuzzFarmers, Amanda has consulted with some of America's largest media companies on their digital marketing strategy and has published dozens of marketing research reports across numerous industries. If you're a small business and have a marketing tale to share, please contact Amanda via Email.
Contact Amanda: @amaaanda | Amander.com | LifeorDepth.com | Google+
Source: http://blog.swipelyworks.com/retail-therapy/back-to-school-marketing-tips-for-retailers
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