Standing on Giants

Visiting Dilbert.com can help fire up your creativity too.

For those of you who are writers, artists, thespians or musicians outside of work, you know that creativity can sometimes be quite elusive to capture and incorporate. Coming up with new and fresh ideas can be an equally difficult task while running a business. These five tips take note from artists for sparking your creativity.

1. Visit file sharing sites. Pinterest, Tumblr, Facebook and other social media sites can not only be fun to look through, they can trigger ideas and show you what you might want to add to your store—products, displays, events, promotions—the ideas are limitless and free. Try searching “college” to find items that you hadn't thought of yet. You can narrow down your search according to what you are looking for, or go with the flow clicking from one topic to another.
2. Embrace mental tranquility. If you've been scratching your brain for hours trying to come up with new ideas or get beyond a “block”, it is unbelievably helpful to take a break and to come back to your thought process later. Step away and do anything you can to relax your mind: read a book, take a bath, flip through a magazine like Communication Arts or Mental Floss, meditate, exercise, or do some retail research (also known as “shopping”).
3. Check out the competition. Do a bit of retail research by visiting other businesses in the area and online. Scope them out to see what’s working for them and what isn't, see what’s missing that you could add, then adapt and apply it to your own store.
4. Look for inspiration. If you haven’t yet joined LinkedIn, you’re missing out. LinkedIn is a social networking site for businesses and a useful tool for igniting one’s imagination. You can connect with groups such as ICBA College Stores to dig for ideas, learn from others’ activities and challenges, and stay in-tune with your community. LinkedIn hosts a vast array of groups for you to explore, engage in and learn from.
5. If all else fails, use Google or Bing. Think of Google and Bing as cornucopias of the internet. With everything you need at your fingertips where can you go wrong? Search for sales items that will attract new customers or items to make your store more appealing. Think of the items that your customers would ordinarily have to go out of their way for that you could easily bring to your store, making it more accessible and a destination for your customers. Searching “images” is another sure way to trigger creative ideas for displays and those random and unique items.

Isaac Newton once wisely said “If I have seen further it is by standing on the shoulders of giants” so unleash your creativity by learning from others and using it to better your business. Looking at what others have done and using those ideas for your own business is fine, just make sure you take their great ideas and turn them into something that’s truly, uniquely your own. Your customers will love going to a store that feels like nothing they've been to before and this helps make your store stand out from the rest.
 
Looking for more creative tips? Here are a few articles and websites to visit:

• 30 Tips to Rejuvenate Your Creativity http://www.lifehack.org/articles/productivity/30-tips-to-rejuvenate-your-creativity.html
• Mental Floss http://mentalfloss.com/
• 4 Ways to Trigger Creative Ideas http://www.accidentalcreative.com/inspiration/4-ways-to-trigger-creative-ideas/
• How to Trigger Creativity http://voices.yahoo.com/how-trigger-creativity-275451.html
• How to Think Outside of the Box with 3 Creativity Exercises http://www.ehow.com/how_4819797_think-outside-box-creativity-exercises.html
• Five Deadly Myths About Creativity http://voices.yahoo.com/the-five-deadly-myths-creativity-2150470.html?cat=72

Posted by Sadja Pals, ICBA Marketing & Membership Manager

Putting the "H" in Hot
Top Selling Technology Products

The national retail channel has experienced a significant slowdown in the growth of technology product sales. The slowdown was noticeably evident in the brick-and-mortar retail channel — sales growth declined consistently through the spring and summer of 2012.

In contrast, online retail sales maintained the yearly growth rate showing a significant increase above last year. Of the following retailers— AT&T, Amazon,  Apple, Best Buy, Costco, Office Depot, Staples, Target, Verizon, Walmart —Amazon was the only one with 3 positive years of growth. The good news is you can still compete and win against all of these outlets.

No generation is more at ease with technology than today’s young people—“digital natives”, who have grown up immersed in a digital environment. 

Where notebook paper and pen may have formed the tool kit of prior generations, today’s students come to class armed with smart phones, laptops and iPads. 

The average merchandise mix of technology products in the ICBA member stores is approximately 20% of the store’s total sales. That is a significant share. The collegiate retail industry is full of challenges but also offers us plenty of opportunity. There are growth segments and niches in all areas of the collegiate marketplace.

Global PC shipments fell last year for the first time in 10 years, while shipments of smartphones and tablets continued to boom. Nationwide, Apple and Samsung are gaining market share in both smartphone (38%) and tablet computing (57%). Stores should tailor their product selection to capitalize on the growth in these segments.

Sales in the cellular accessories are very strong. Most of the volume is in protection/cases. As Apple iPhone and Samsung Galaxy introduce new models, make sure you have the latest accessories. Smartphone cases have become a true fashion item, with consumers purchasing more than one style for their phones.

Available at nuCourse Distribution, OtterBox (Defender Series and Commuter Series) and LifeProof are the leaders for all protective cases. Combined they make up over 42% of the total smartphone case sales in the US today. OtterBox is also available through D&H Distributing along with the Griffin Survivor Series Carrying Cases for iPhone.

As with smartphones, a majority of the sales dollar growth in tablet accessories is in cases. The Incase Book Jacket Select iPad 3/4 Black (MSRP $59.99) from The Douglas Stewart Company is a top seller this year. D&H Distributing reports that the OtterBox Defender Carrying Case for 10.1" tablet is also leading the category in sales.

Consumers say they are buying headphones at roughly the same frequency as they were last year – just under once every two years (every 22 months)*. John Koss, Jr., Vice President of Sales at Koss stated: “People use these products so much every day; there’s such a replacement business out there. And no one buys a single headphone for all uses anymore; they buy one for traveling, one for their workouts, one for gaming.”

Headphones are not just a $10-$30 retail product. Try selling higher end product and you will be amazed by the results.

D&H Distributing offers Sennheiser headphones, with the HD 25-SP II Stereo Headphone (MSRP $29.95), HD25-1 II Stereo Headphone (MSRP $249.95), PXC 250-II Headphone (MSRP$199.95) listed as best sellers for 2013. nuCourse best sellers include Klipsch Image ONE (MSRP $149.99) and Klipsch Image A5i Sport earbuds ($129.99). Douglas Stewart reports that Skullcandy Crusher Over-ear Headphones w/Mic Black (MRSP $99.99).

However, don’t forget to round out your assortment with opening price points. Skullcandy Ink'd Earbud w/Mic Black (MSRP $19.99) and Yurbuds Inspire Female Performance Fit Earbuds (MSRP $29.99) from Douglas Stewart and even the JVC Gumy Headphones (MSRP $9.99) from D&H Distributing are trending well in college stores.

Younger consumers (13-34 years old demographic) spend more on headphones, with a heavy focus on premium styles. Premium headphone ($100+) owners are more likely to own multiple pairs of headphones.* This group is your customer and is in your store daily.

Listening to music on a great pair of headphones is one of the more pleasurable experiences modern technology gives us. However, sometimes you want to let the music fill the room. Wireless speakers allow you to listen to your favorite tunes anywhere.

One area where it’s tough to get great sound out of a small package is in wireless audio speakers. However, the Braven 650 Bluetooth speaker (MSRP $169.99), available from both D&H Distributing and nuCourse, is a top seller and is becoming the new industry standard for Bluetooth audio. You may also want to try the Carbon Audio Zooka Bluetooth Speaker Red ($99.99) from Douglas Stewart.

Thirty-nine percent of expectant buyers plan to spend over $100 on their next wireless speaker purchase.** Make sure your assortment includes a wide selection of product in this price range.

As you can see, much of industry shift is determined by mobile device impacts, with smartphone and tablets leading the way in the development of new tech accessories. The amazing thing about this industry is that manufacturers are constantly bringing new products to market that provide new opportunities for retail growth.

Today, each consumer transaction is becoming more valuable. Find your niche among your student, faculty and staff customers. These vendor partners can be a great resource for your store. ICBA works with them to use their industry and product knowledge and company resources to develop programs and product assortments that will directly benefit your store. 

*Source: The NPD Group / Headphones: Ownership & Application Study, 2012 Update
**Source: The NPD Group / Audio Consumption Study, October 2012.

Written by Marty Duncan, ICBA Program Manager

Customer Loyalty

"Getting tired of hearing about Big Data and am ready for Big Insights."

- Justin Honaman, Director of Customer Intelligence, Coca Cola

Customer loyalty is a complex topic and POS and e-commerce systems often provide the data and not the insights. Customer data keeps growing with the sophistication of point-of-service, transactional data, and in e-commerce customer tracks within the website. But insights are not growing as fast. Then the task of converting insights back into analytic driven software is where third parties often enter.

Many stores overlook that emotional engagement is the dominant driver of purchase decisions and brand loyalty rather than price promotions, discounting, social networking, Internet marketing and similar efforts.

"…and if you look at what drives consumer emotional engagement in a category, it’s clear that the rational stuff is but table-stakes. If you don’t have a handle on the emotional side of the purchase and engagement process, you might as well spend your marketing budget on coupons and promotions.”

- Robert Passikoff, President of Brand Keys

Recently I read two pieces on customer loyalty that I want to share because I think each, in its own way, provides college stores with new understandings about possible future actions and investment toward customer intimacy.

First is this one by Kristine Jacobs, VP Customer Success at 500friends

This is a good guide to strategy and tactics, the why and how of actions identified to produce results. It is available for free, if you consider giving your contact information to a marketing company free.

Second is The Power of Emotional Connections by Joe Skorupa at RIS.  As Joe notes, "The customer has the power to control the shopping experience today, but the retailer has the power to control the data."

And I will end with this from the 17th annual 2013Brand Keys Customer Loyalty Engagement Index®:

Brands with highest levels of consumer engagement in their respective categories, based on emotional engagement strength achieved versus a consumer-generated, category-specific Ideal, calculated to be 100 percent:

· Airline: US Airways (85 percent)

· Athletic Footwear: Sketchers (86 percent)

· Automotive: Ford/Hyundai (93 percent)

· Bank: JP Morgan Chase (79 percent)

· Beer (Light): Coors Light (89 percent)

· Beer (Regular): Coors/Sam Adams (90 percent)

· Breakfast Cereal: Cheerios (91 percent)

· Car Insurance: State Farm (82 percent)

· Car Rental: Avis (92 percent)

· Casual Dining: Applebee’s (82 percent)

· Coffee; Dunkin’ Donuts (90 percent)

· Computer (Laptops): Samsung (91 percent)

· Cosmetics (Luxury): Clinique (93 percent)

· Credit Card; Discover (94 percent)

· Diapers: Pampers (95 percent)

· E-Readers: Kindle (92 percent)

· Evening News Shows: ABC (97 percent)

· Flat Screen TV: Samsung (88 percent)

· Gasoline: Shell (89 percent)

· Hotel (Luxury); Inter-Continental (82 percent)

· Hotel (Upscale): Hilton/Marriott (81 percent)

· Hotel (Midscale): Best Western (86 percent)

· Hotel (Economy): Days Inn (88 percent)

· Insurance: New York Life (81 percent)

· Major League Gaming: Call of Duty – Modern Warfare (93 percent)

· Major League Sports: National Football League (86 percent)

· MFP Office Copier: Canon/Konica Minolta (81 percent)

· Morning News Show: Good Morning, America (ABC) (94 percent)

· Mutual Funds: American Funds (79 percent)

· Natural Food Stores: Whole Foods (93 percent)

· Online Brokerage: Fidelity.com (85 percent)

· Online Retailers: Amazon (96 percent)

· Online Travel Sites: Expedia (88 percent)

· Packaged Coffee: Dunkin’ (95 percent)

· Parcel Delivery: UPS (87 percent)

· Pet Food (Canned) for Cats: Fancy Feast (93 percent)

· Pet Food (Canned) for Dogs: Cesar (94 percent)

· Pizza: Domino’s (84 percent)

· Printers: Canon (88 percent)

· Quick-Serve Restaurants: Subway (95 percent)

· Retail Store (Apparel): J. Crew (82 percent)

· Retail Store (Department): Kohl’s (80 percent)

· Retail Store (Discount): Walmart (89 percent)

· Retail Store (Home Improvement): Home Depot (90 percent)

· Retail Store (Sporting/Recreational Goods): Dick’s (83 percent)

· Search Engine: Google (85 percent)

· Smartphones: Samsung (87 percent)

· Social Networking Sites: Facebook (88 percent)

· Soft Drinks (Diet): Diet Coke (89 percent)

· Soft Drink (Regular): Coke (90 percent)

· Tablets: Amazon (92 percent)

· Toothpaste: Colgate (94 percent)

· Vodka: Grey Goose (91 percent)

· Wireless Phone Service: AT&T (87 percent)

From Stacy Waymire, ICBA Executive Director

A Year in Review 2012

What a year! So much has happened and been accomplished since Sanibel Harbor, Florida last February. And, it all started weeks after the annual meeting. Mehmet Samiratedu left Georgia Southern, and therefore departed from the Board. Arlyn Schaufler who was already serving a two-year term was appointed to fulfill the remaining years of Mehmet’s term.

Planning for 2012 began with the filing of board committees and the creation of a few new ones to help get things done this year. ICBA has three Board Committees prescribed by our by-laws: the Annual Meeting and Education Committee (David Kent, chair) develops and executes ICBA education strategy for the annual Conference, online webinars, video and other forms of content delivery; the Program Committee (Bob Crabb, chair) actively participates in the programs and services offered to members; and the Membership Committee (Debby Shively, chair) is responsible for communications to members. The Membership Committee also develops programs to help new members understand ownership advantages and obligations.

ICBA committees focused their attention on our strategic goals set during the Board’s summer retreat. Here are a few of the projects and accomplishments for 2012 (committee chairs are stated in parentheses)

• Creation of a group of non-directors discussing and strategizing on the challenges and opportunities faced by campus stores and ICBA – Future Focus Group (Rita Phillips)
• Partnering with KPMG to develop an  improved Operating Survey - Operating Survey Committee (Jeff Zeilenga)
• Co-locate Large Store Group (LSG) with ICBA in 2014 (New Orleans) and 2015 (locationTBA) – Executive Board (Chuck Kissel)
• Create and offer new Canadian membership – Membership Committee (Debby Shively)
• Focus on out-of-industry POS/system solutions – Technology Solutions Committee (Jeff Nelson)
• Creation of a Employee Policy and Procedures Manual for ICBA – Human Resources Committee (Chuck Kissel)
• Explore Business Encounter and POS Dialogue options – Annual Meeting and Education Committee (David Kent)

In November, the ICBA President and CFO visited the Ashland office to meet with the ICBA staff and review internal policies and procedures. Thanks to the dedication and effort of the IBCA staff, ICBA has successfully transitioned its accounting and payroll functions from the University of Oregon Duck Store to Moss Adams, Inc. and Payroll Solutions, Inc., respectively. A special “thank you” to all at the University of Oregon for providing support to ICBA over the years.

Well, it remains hard to believe but there are just days left until the Annual Conference in Bellevue, WA. See everyone soon in Bellevue!

From Chuck Kissel, ICBA Board President

Why Pricing is the Hottest Topic in Retail - Insight from NRF SmartBrief

As most retailers know, three factors will determine success or failure: is it the right product, is it the right time, and is it the right price? The following article was in the December 12th edition of the National Retail Federation SmartBrief:

Why pricing is the hottest topic in retail

Pricing has become a hot topic in the retail world, as merchants seek to strike the right balance between price and value, writes First Insight founder Greg Petro. He explores the pros and cons of several different pricing models, from Apple's "take it or leave it" model to Costco's volume-based approach. Forbes (12/11)

As we know, pricing on textbooks is not like it was 5-10 years ago. Stores are having to be more flexible and competitive to maintain their market share. And as for general merchandise, are you simply keystoning prices, or as the article states, looking at “full consumer value?” Take a moment to read this article to see if you may be leaving money on the table based on your current pricing strategy. This is the first of a three-part series and we will share future posts with you, too.

If you would like to receive a daily NRF SmartBrief newsletter, you can sign up at http://www.smartbrief.com/nrf/.  It’s free and often contains some great retailing news, information and ideas.

Happy Reading!

Shared by Marty Duncan, ICBA Program Manager

Digital Content Opportunities

Digital Content Opportunities

It isn't often that I find a published article that fairly and comprehensively covers a subject, but a recently published article in EDUCAUSE Review about digital content is one that is well worth reading.  Although the orientation is understandably towards technology, many stakeholder perspectives are represented.

Here are some highlights which I think are worth consideration:

1.  Course Materials Committees — although the focus is exclusively on e-content, the importance of establishing a "Course Materials Committee" is reflected throughout the article — engaging students, faculty, library, IT accessibility, and business professionals in an open dialogue.  Many campuses have done this and I recommend the group not limit the discussion to e-content, but include textbook affordability and other course material and content alternatives.

2.  Varied Options & Partners — repeated in many ways is the need to test the waters with a variety of pilot programs, various content platforms, and different business models.  College bookstores have been engaged in digital content initiatives since at least 2005 and continue to seek new alternatives including the Campus e-Bookstore digital content platform.  Campus CIOs have also been actively engaged in the process, as evidenced by the Internet2 pilot programs.  But the campus libraries also need to be engaged in one, coordinated discussion in the context of the e-resources they provide.

3.  Assessment of Success — assessing the results of pilot programs is important to determine the most successful options for students and faculty in terms of learning outcomes as well as affordability, but there are also enrollment management implications when considering the metadata that may be available with e-content.  Data collected about how the e-content is used can indicate to an instructor when a student is not using the materials or otherwise challenged.

4.  Institutional Collaboration — the opportunity to form partnerships with other institutions of higher education on e-content programs will not only help satisfy central system directives to collaborate with other schools as a way to save costs.  It also has the potential to pool resources and expertise while leveraging buying power that can help to reduce costs for the institutions and their students.

The full article can be accessed at the following link:

http://www.educause.edu/ero/article/e-content-opportunity-and-risk

Enjoy this article and consider how your bookstore is engaging with the many stakeholders to this important discussion about improving learning outcomes, textbook affordability, and ultimately — student success.

Written by Guest Blogger, Jeff Nelson, Director, Bowling Green State University

University of Missouri Bookstores Open The Mizzou Store

The University of Missouri Bookstores opened a new store in Chesterfield, Mo., on August 29th, 2012!  In the three weeks since it opened, the Mizzou Store has exceeded our expectations, both in terms of customer feedback and in store sales.   Just 104 miles east of Columbia, Mo., Chesterfield is a thriving suburb of St. Louis.  Almost twenty percent of Mizzou’s worldwide alumni live in the greater St. Louis area and they are an extremely loyal and engaged fan base.  Given the excitement surrounding Mizzou’s recent move to the Southeastern Conference, it only made sense for the University Bookstores to seize an opportunity to take the Mizzou brand to an enthusiastic community.

From the start, our goal was to create a retail environment that brought a uniquely Mizzou experience to our shoppers.   As customers enter the 4,000 sq. ft. store, they step onto a custom tile floor that recreates the green turf of Faurot Field at Memorial Stadium, replete with yard lines and the SEC logo.  A life size statue of Truman the Tiger, Mizzou’s mascot, waves a greeting to all who enter. To the left, leaning goal posts and a set of bleachers with mannequins remind fans of some of Mizzou’s most exciting victories.  To the right stands a replica of six Columns, reminders of Mizzou’s enduring legacy.  “Mizzou Mecca!” cried one customer when she saw many of the iconic images in the store, including an actual school bus painted in Tiger stripes!

There is plenty of Mizzori merchandise among the many iconic images. Whether it is outfitting a newborn or supplying tailgate flags, official SEC button-downs or a set of Mizzou embellished wine glasses, the Mizzou Store promises a wide variety of merchandise to appeal to Mizzou fans and alumni at all stages of their life.  We want to reignite school spirit and fan passion by recreating the Mizzou experience.

The Mizzou Store is a prototype for the University Bookstores.  Given the success of our shared service model on the four campuses throughout the University of Missouri System, we feel that this “fan store” model could be replicated throughout the state.   Mizzou excitement is at an all-time high and we intend to monitor the performance of the Mizzou Store in St. Louis to gauge our next steps.  In the short term, a series of grand opening events are scheduled as a lead-in to Homecoming festivities in October.

We welcome our ICBA colleagues to stop in if you are flying through St. Louis and visit the Mizzou Store! 

Written by Guest Blogger, Dr. Jeff Zeilenga, Assistant Vice Chancellor of Student Affairs, University of Missouri