Laurel Tielis

Dallas-based luxury retailer Neiman Marcus is lowering its prices to raise its profile with middle-class shoppers. The first of a series of stores called Last Call Studios will be opening in November.

Smaller than the 27 Last Call outlets, these shops will be stocked with moderately-priced merchandise purchased specifically for them, rather than filled with goods that didn’t sell in the upscale chain.

Here’ why this should interest you. You, too, can move beyond your traditional merchandise mix to attract new customers. And you can do it simply and easily by choosing a product of the week that would not ordinarily make it on to your shelves. You’re not repositioning your business, but you are expanding it.

Because Neiman Marcus’s prices start in the stratosphere, they have to come down in price if they want to  reach out to new shoppers. If your prices are more moderate, though, you have the option of going both up in down in price with your “buy of the week.”

That means you can attract buyers with deeper pockets as well as value  shoppers, so you are extending your business in two new directions. That, of course, will help you ring up more  sales. In addition, it will give you vitally important information as you go forward.

In your arena you may find that there’s more of a market for your goods at an upper price point, or conversely you may find that more shoppers will seek you out when you cut the cost.

Running a small ad in a local paper every week is a good way to move the product, but having an item of the week also gives you an opportunity to reach out to the media on a weekly basis, because new equals news.

If you’re involved in social media, you want to get  the word out on Facebook, Twitter, LinkedIn, or wherever you tell your story. Of course, you’re going to want to let your loyal shoppers know about this special product, and you’ll do that through your e-mail and by posting the information on your Web site or blog.

Take advantage of larger stores’ reading of the marketplace. It can give you the impetus to move beyond your boundaries and build your business.

If you want more ideas about bringing in business while running a business, I can help. I’ve been a retail reporter at Women’s Wear Daily and Home Furnishings News, a columnist at the Miami Herald and a correspondent at People.

I’ve also handled the marketing and public relations at major corporations and small businesses. Need a speaker or a consultant? Connect with me at LinkedIn, or follow me on Twitter @laureltielis.

You can also get in touch at Ask Laurel (one word) at laureltielis.com. For easy and effective ways to bring in more business, read Ka-Ching! How to Ring Up More Sales.

Copyright © 2010 Laurel Tielis

Filed under: business, entrepreneurs, independent retailers, retail, small business Tagged: | branding, department stores, economy, retail, social media