Hmmmm - the notes in the corner caught my eye - why leave that foreign currency idle? Might as well cash them and put them to work eh? I was dashing off to an event in an up-market location and stuffed the notes into my bag to convert them while I was out and about as there'd be money changers there for sure.
The particular mall is SO well managed, lots of parking spaces, staff, access points, vending machines etc - wht a breeze! They have invested much in attracting their customers. And as the escalator reached the lower ground level, lo and behold! a foreign currency exchange booth was right before my very eyes. Wow! I could get the exchange done now, instad of having to stop later on.
The notes were placed on the tray and he took out his calculator. Punch, punch, punch - shove; a slip with a printout of what my notes were worth to him. WHAT? Why is your rate so low?" He grinned and pointed to the well-maintained surroundings and made his defence. In truth, the rate varied only marginally BUT I could have bargained for a better deal had it been a more earthy location, and got a few $ more.
The trader was clear about how to get the most for his wares: by committing to a higher rental with all its trimmings, he gained access to a target market from whom he could get higher margins. Interestingly, over dinner that evening someone talked about how one of the outlets in their chain was in the wrong type of mall and was not attracting the segment of customers they wanted, while other outlets were doing just fine! And you know what? They were in the expensive process of cutting their losses and re-locating it, to reach and capture their desired type of customers.
What do these accounts say? In business it is almost critical to define which segment of business you want to attract, and then have an integrated marketing plan to attract and retain them. How products and services are positioned and packaged have a great impact on reaching your desired customers. The result? You'll get the margins that you have planned for. If you want to attract average income - position your image just so, if you want to attract a particular niche e,g, tech-savvy customers, well that takes a different positioning too. Aiming for mass markets? Pricing counts, then! All of it is a total package, integrated to deliver what you have planned for and to buffet yourself against turbulence, and avoid unnecessary expense. Well worth the effort in terms of profits and peace of mind too :)
I'd be glad to outline a marketing plan for you and you could use it to re-position your business to be even more profitable than it already is. Am just a phone call away - call me at +603-21697704.
BRING ME THE BRAND, I'LL INCREASE ITS PROFITS!
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