Guide to GrowinG your women's business Tried-and ... - Ascend RMS

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2015 WOMEN'S BUSINESS SCORECARD ... If you're low in any section, the proven best practices in this guide will help ...
Guide to growing yo u r wo m e n ’ s b u s i n e s s Tried-and-true ways to grow your sales to women

g r owi n g yo u r wo m e n ’ s b u s i n e s s

why should you care? Because winning the women’s business is one o f t h e m o s t p r o f i ta b l e c h a n g e s y o u c a n m a k e

Trek was the first bicycle brand to recognize the power of this consumer. We’ve been making great women’s bikes longer than anyone else. We know the market. And we know the importance of building a strong women’s business.

JUST LOOK AT THE U.S. NUMBERS:

Last year, women spent $2.6 billion on cycling products

Women currently buy 40% of bicycles purchased, and the trend is rising each year

Among consumers age 17-28, 60% of bicycle owners are women

Women drive 70-80% of consumer spending

f r o m t h e E c o n o m i s t: “Forget China, India, and the Internet: economic growth is driven by women.” It’s as true for your store as it is for the global economy— so tap into this influential and growing customer base!

You’ve got this You’ve got what it takes to capture more women’s business. There’s no magic, no mystery— it just takes awareness and focused effort. Follow the advice in this guide, and you’ll cash in on the benefits of building a loyal base of women customers.

why women buy

the gender lens “Success in business comes from knowing your customer. Increasingly, that customer is a woman. Understanding the lens through which women view your business gives you one of the most powerful competitive advantages there is.” — B r i d g e t B r e n n a n , Au t h o r o f W h y S h e B u ys

Gender is the primary factor that determines how we view the world. Figure out how to make the most of that fact, and you’ll win on both sides of the gender line.

w h at i n f l u e n c e s t h e b u y i n g d e c i s i o n matching accessories

web site

shop enviro

shop bath room

friend's recommendation

the sales person

brand/ quality

color

it’s cool and fast.

how it rides

her

him

Women, more than men, buy based on service and shopping experience as well as on the product itself. Do most guys like clean bathrooms and pleasant salespeople, too? Sure—but they don't influence his buying decision the way they influence hers.

Win on both sides of the gender line!

2015 WOMEN’S BUSINESS SCORECARD

Completed by

HOW DO YOU RATE?

Date

100 = Success awaits you

Retailer name

80 - 99 = In the game 60 - 79 = Average

Total sales

0 - 59 = Continuous improvement is your savior

Rep name City/state Percentage of sales to women for bikes

%, apparel

%, shoes

%

This scorecard will give you a clear picture of how well your store does at selling to women. Score yourself honestly, and it will identify areas to focus on and improve. Answers are yes or no. If the answer is “yes,” give yourself the points associated with the best practice. NOTE: “yes” means the description fully applies to your store. No credit for “sort of” or “maybe.” IMPORTANT: Your total score is only part of the picture. We’ve learned from our most successful retailers that you need to score well in each section for best results. If you’re low in any section, the proven best practices in this guide will help get you to your goal of a more balanced score—and more sales to women.

1.

2.

3.

4.

Pts

HAVE A WOMEN’S BUSINESS PLAN Assign a DRI (Direct Responsible Individual) to build and own your women’s business plan

Yes (12pts)

No (0pts)

Have a women’s marketing plan & events calendar in place by January 1

Yes (8pts)

No (0pts)

Actively capture gender sales data

Yes (8pts)

No (0pts)

Have women on staff who generate at least 20% of sales

Yes (12pts)

No (0pts)

Actively recruit women

Yes (4pts)

No (0pts)

Make Trek U sales training mandatory (all staff in place longer than 3 months are Ninjas)

Yes (4pts)

No (0pts)

Carry a range of women’s product in every category

Yes (12pts)

No (0pts)

Present women’s products together in more than one area of the store

Yes (8pts)

No (0pts)

Feature engaging women-specific messaging and imagery in store and on your website

Yes (12pts)

No (0pts)

Showcase women’s product in your front window, or within 30’ of your door

Yes (8pts)

No (0pts)

Host women-focused events and/or group rides

Yes (8pts)

No (0pts)

Have women’s demo bikes available

Yes (4pts)

No (0pts)

HAVE GREAT WOMEN ON STAFF

STOCK THE RIGHT PRODUCT

SHOW YOU CARE

TOTAL SCORE

Simple steps to success O n c e y o u k n o w w h e r e y o u s ta n d , y o u ’ r e r e a d y to a c t . U s e t h i s s i m p l e p l a n to g r o w y o u r w o m e n ’ s b u s i n e s s :

1 h av e a wo m e n ' s b u s i n e s s p l a n

2 h av e g r e at w o m e n o n s ta f f

3 s to c k t h e r i g h t p r o d u c t

4 sh ow yo u car e

“Our sales to women grew 37% between 2013 and 2014. We credit the expansion of our women's section, our involvement in community events (like our free bike valet at the She is Beautiful Marathon) and the launching of our lady-friendly group ride, the Girly Ride. What’s worked for us is showing that we care and support all types of cycling.” — C a n d i c e Cov e l lo, E p i c e n t e r C yc l i n g i n S a n ta C r u z , CA

steps to success

“It comes back to: what gets measured gets done. It’s that simple. If you have a plan and follow the plan, you will grow your business. Our sales increased more than 25% after we sat down, set goals, and started to really focus on growing our sales to women.” —t r av i s s c h m a lt z , t r e k s to r e s o f m a d i s o n , w i s co n s i n

1 have a women’s business plan Without a business plan, the best you can hope for is accidental growth. Don’t limit yourself! Know where you stand, decide where you want to go, and build a plan to get there.

Our retailers who are most successful at selling to women have

Have a women’s marketing plan and events

figured out how to grow their women’s business to the level of their

calendar in place by January 1

men’s sales, or even beyond. And because women buy more high-

Your plan should include:

margin apparel and accessories than men, they boost profitability

• a roster of women-friendly events at your store

as well as sales. Bottom line: if you don’t have a plan to maximize

• a plan to participate in women-friendly races, coffee shop rides,

your women’s business, you’re leaving money on the table.

or other cycling events in your area • scheduled marketing pushes to support all of the above

Best practices

• a calendar of all your women’s events, posted on your website and in your store

Assign a DRI to build and own your women’s business plan

Actively capture gender sales data

Appoint a Direct Responsible Individual (DRI) to report on the

How big is your women’s business, as a percentage of your overall

women’s business and set the strategy to grow sales to women

sales? You’ll need to know before you can build a plan for growth.

in your store. Your DRI will build a plan-within-a-plan that aligns

• track gender at every transaction (Ascend retailers, you can

with your overall business strategy. Be sure your women’s plan

make it mandatory)

includes these key elements:

• identify these key Trek and Bontrager categories by gender

• annual women’s sales goals, broken out monthly

in your POS: bikes, apparel, gloves, shoes, helmets, and saddles

• a strategy to hit those goals • tactics to support that strategy, listing accountable individuals • a women’s marketing plan

Women buy more apparel and accessories, boosting profitability!

steps to success

“We encourage women to apply and we seek out talent in customer service industries like restaurants, movie theaters, and malls. We don't focus on hiring people who love bikes or even understand the bike world. We can teach bike stuff. What we seek out is a passion for people, a love for helping, and the ability to make people feel that in conversation.” — Pau l J e l l e m a , T r e k S to r e S c h e r e r v i l l e , I n d i a n a

2 have great women on staff It’s simple: shops with women on staff sell more bikes. Women sales staff will boost your appeal and credibility with women customers, who tend to be unimpressed with the typical bike shop.

We hear all the time that it’s hard to find women shop staff... but

• write “we’re hiring” on a stack of your business cards, and hand

you can make it happen. Start by watching the Trek U recruiting

one out whenever you meet a woman with great sales potential,

module to get practical tips for recruiting great staff of either

especially at events or races

gender, and then apply these best practices for recruiting women.

• spread the word among the men and women who attend your rides or events—even if they’re not candidates, they may know

Best practices

someone who is • if you’re having a hard time finding a woman to fill a full-time

Have women on staff who generate at least

position, consider hiring two or more great part-time saleswomen

20% of sales One great way to get there is to match your staff to your goals.

Make Trek U sales training mandatory

If you're shooting for 20% of your total sales to women, have a

Your entire staff, men and women, can benefit from Trek U

staff that's 20% women. Shooting for 40%? Have 40% women

modules on WSD product and growing sales to women.

on staff. The payoff: shops with women on staff sell more bikes.

Among other things, they’ll learn how to:

When you have a women on staff who rides, her enthusiasm will

• focus on product benefits rather than specific features

inspire your women customers.

• tell personal stories of how they or women on your staff have used the product

Actively recruit women

• employ the P.E.D.A.L. sales principles outlined on

The key word here is “actively.” Don’t just expect great candidates

Trek University:

to walk through your door. Go get them!

P: Positive first impression

• recruit from among your enthusiastic women customers

E: Explore customer's needs

• incentivize your rock-star staff by offering them a $100 store

D: Demonstrate the best solutions

credit for finding your next female employee

A: Address questions and concerns

• let local athletic organizations, schools, clubs, coaches,

L: Lead to sale

or race organizers know that you’re looking for women staff

Don’t just expect great candidates to walk through your door. Go get them!

steps to success

“It’s hard to convince a customer that the product she’s looking for is available but not in the store right now. That’s not a commitment that leads to success. Each of our stores has substantial inventory dollars invested in the women's market and it pays off.” —A l e x Ob r i ec h t, R ac e Pac e B i c yc l e s , M a ry l a n d

3 stock the right product To sell to women, you need to stock what they want to buy. The best way to figure out what women in your market want is simple observation: pay attention to what women in your area are riding and wearing.

No single product will work for all women. Trek has established the

Present women’s products together in more than one

WSD line of bicycles by designing bikes that work for women—but

area of the store

some women need or want to buy mainline bikes instead of WSD.

Groups of WSD product will have more impact than women’s

Great! Keep this in mind when placing a stocking plan.

product displayed throughout your store. • group women’s product together by category:

Best practices

women’s road, women’s MTB, women’s city • display your women’s apparel together

Carry a range of women’s product in every category

• women shop in collections, so highlight matching bikes, apparel,

Work with your Trek sales rep to identify the right stocking

and accessories in feature displays around your store

strategy, making sure you’re offering women in your market the bikes and products they want to buy. Consult the women on staff and have them weigh in on purchasing decisions. • women shop at all price levels, just like men, so be sure to offer a full range of product • arrange and label product in good-better-best progression to emphasize your wide selection • women are more likely than men to buy multiples to match different outfits or equipment—so keep options in stock! • women want to know what’s hot and what the staff recommends—so post “best sellers” or “staff picks” next to popular items

Women are more likely to buy items that match—so keep options in stock!

steps to success

“Years ago, I realized 90% of women I spoke with didn’t feel comfortable in our store. That’s when we came up with our event called Wine Women and Wheels. We focused on turning cycling into a social event by connecting women. We were not trying to set any sales records, we just wanted to impress them. They got chair massages, facials and met a lot of new friends. WW&W jump started our women’s marketing, and now 50% of our sales are to women.” —T i m b r i c k , b r i c k w h e e l s , t r av e r s e c i t y, m i c h i g a n

4 show you care Take every opportunity you can to show women they’re welcome in your store: imagery, messaging, store presentation, staff behavior, community involvement. Women will notice and reward you for it!

Women who feel welcome in your store will spend more money

Host women-focused events or group rides

with you and help grow your business. Better yet, they’ll tell their

Events serve a dual purpose: they send a strong message that you

friends and family.

care about women’s cycling, and they give you a great, fun way to meet your women customers and learn about your market.

BEST PRACTICES

• if you’ve never held an event, start with a Ladies’ Night Out • host women’s group rides, led by women

Feature engaging women-specific messaging

• advertise your women’s rides as NO DROP

and imagery in store and on your website

(that’s especially important for attracting new riders)

Women are inspired when they can picture themselves using

• ask the women who attend your events what other things would

your product.

interest them (maintenance workshop? fix-a-flat clinic?),

• take advantage of Trek Marketing Builder as a resource

and add those to your marketing calendar

for appealing, inspiring images of women • display the women-specific Trek Cornerstones

Have women’s demo bikes available

• take a cue from some of our best-performing retailers:

Trek scores higher than any other brand on test rides. That’s a

don’t just limit women’s imagery to women’s areas—

huge competitive advantage—so make the most of it!

use it throughout your store and website to promote

• offer a fleet of demo bikes for women to ride

your business overall

• host a women’s demo day at your shop • bring demo bikes to races, charity rides, and other

Showcase women’s product in your front window,

cycling events

or within 30 feet of your door If you pay attention to outdoor retail, you’ll notice that even historically male brands are featuring high-end women’s product front and center. It’s not a coincidence, it’s a strategy that brings in business. • show women you value their business by prominently featuring women’s product front and center • pair feature bikes with coordinated accessories to showcase your range of product

Feature high-end women’s product front and center and bring in business!

women’s business pl an

women’s business plan example Now that you've read through the steps to success, it's time to put Step 1 into action. Take a look at the sample plan below for ideas on how to turn the steps in this guide into measurable growth in your sales to women.

GOAL 1 G r o w o u r w o m e n ’ s s a l e s t o 4 0 % o f t o ta l s a l e s b y 2 0 1 6 Have marketing calendar in place by January 1 • Annual marketing calendar is in place by January 1 and women’s initiatives are highlighted • Enlist area ambassadors and influencers to sponsor and help with events, group rides, and clinics • Update calendar monthly—report to management on outcome Stock the right product • Carry a full range of women’s product in every category: road bikes, mountain bikes, city bikes, shoes, helmets, apparel and gloves • Order small size run of popular non-WSD bikes (Lync, CrossRip, Crockett, Superfly, Remedy, Slash, Farley) • Order accessories that match bikes Awesome experience at retail • Women-specific messaging online and in store by 2/1 • Showcase women’s product in front of store (rotate every 15-30 days) AND front window (rotate every 45-60 days) • Present women’s product together: use color blocking technique and show necessary riding items in matching collections (shoes/clothing/helmet/gloves) throughout the store • Maintain and advertise women’s demo fleet • Bathrooms cleaned daily—before doors open • Sales associate sends personal thank you note to all customers who buy a bike High-performance staff • Make Trek U sales training mandatory, all employees are Ninjas in 90 days • Employ P.E.D.A.L. sales principles • Staff speaks to WHAT IT DOES (and how it’s better for the customer) not WHAT IT IS • Every customer gets assistance (acknowledged or approached within 30 seconds of coming in the door) • Ask for the sale

s t r at e g i e s a n d tac t i c s

real world example G o a l : g r o w s a l e s t o w o m e n t o 4 0 % o f t o ta l s a l e s i n 2 0 1 4

2012

2014

2 year growth

Total sales

$680K

$971K

$291K (43%)

Total sales to women

$224K

$385K

$161K (72%)

33%

40%!

% sales to women

GOAL 2 A c c u r at e g e n d e r d ata c a p t u r e 100% of gender transactions are captured and accurate • “Require gender selection” field is activated—require sales staff to capture at every transaction • Sales associates are using customer groups feature in Ascend • Print and post weekly sales report of gender capture by staff • Identify key categories by gender in POS • Clean up current consumer records—contact Ascend for details Track sales • Run report on the 1st of every month and update management on sales to women

GOAL 3 H av e w o m e n w o r k i n g e v e r y s h i f t Have women on staff who generate at least 20% of sales • Hire 2 full time saleswomen by 3/1 • Hire 1 part time saleswoman by 3/1 Actively recruit women • Go shopping at the best retail establishments in your area (like: Anthropology, lululemon, Athleta) pay attention to service interactions, and recruit the best associate • Incentivize rock star staff to help recruit • Hand out business cards with “we’re hiring” and give to women who have great sales potential (look at women’s retail, coffee shops, restaurants) • Set up a monthly networking lunch/coffee with local contacts (school administrators, teachers, race and club directors, coaches, etc)

tools and resources

Have a marketing calendar in place by January 1 Update calendar monthly—report to management on outcome Best Ladies’ Night Out (LNO) ever April 16 2015 JANUARY S

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spring training

• May 1: get ready to hit the trails • Aug 1:

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Women’s in-store and web promotional assets available on Trek Marketing Builder Lifestyle photography, cornerstones, print and web ads, and Ladies’ Night Out items available.

A dAte with gym

A DATE WITH GYM

lADIeS NIghT

BEAUTY AND THE BEAST

HOT MESS

WOMEN’S

WOMEN’S

WOMEN’S

women’s

TK14_CS_CS5_WMS_ATT_Poster_V.indd 1

10/28/14 12:07 PM

TK14_CS_CS5_WMS_ATT_Poster_V.indd 2

Head over Heels Women’s

10/28/14 12:07 PM

TK14_CS_CS5_WMS_ATT_Poster_V.indd 3

10/28/14 12:07 PM

Turn heads Women’s

turn heads

You had me at hills Women’s

JOIN US

Thursday, April 24, 6-8pm Name of Dealer Bike Shop here Three lines of copy allowed for dealer to customize their message. They can list directions to their store or store hours. yourbike shop.com

Hot mess

You had me at hills

Head over Heels

Women’s

Women’s

Women’s

turn heads

Women’s

LittLe bLack dress Women’s

trekbikes.com/women

You had me at hills Women’s

Cornerstones

Captivating Commuter

Print ads

Web ads

LNO poster, postcard, web ad

tools and resources

Capture gender field Click OPTIONS and check “Require Gender Selection”

Query sales generated by women on staff To calculate sales generated by women sales associates, go to the Customer Query tool and set your date range. Then click the “Totals Only” button and click “Execute.” Note total sales. Under “Filters” check “Sales Person” and select all saleswomen on your staff. Click “Execute” again and note sales generated by women. Divide this number by the total sales number.

Commit to best practices Just how much can your women’s business grow? That depends on how committed your shop is to making your store appeal to women. If you apply the best practices in this guide, your hard work WILL pay off. BONUS: not only will more women come through your doors, but the best practices presented here will increase your men’s business, too.

“Addressing the women's business in your store is one of the most important things you can do. Your customers expect it.” —J o h n b u r k e , P r e s i d e n t, T r e k B i c yc l e

Guide to growing your women’s business - v1/Dec. 2014