Valuable frame advice

Five tips for staying strong in a tough economy by tapping into the best in value frames

BY AMY SPIEZIO

Strong name brands serve as a reassurance of quality and will continue to attract buyers through tighter economies. Shown: ck Calvin Klein style ck5584

It's a tough economy and between an election coming up, wild weather influencing our access to fuel, international conflicts, and a shaky banking system, it looks like that world picture won't be going from grim to great in the immediate future.

For retailers, this is a time particularly fraught with concern. As the holidays approach, consumers are less likely to spend, so competition for dollars is fierce. According to Deloitte Research, a subsidiary of Deloitte Services LP, retailers can expect a modest to a flat year-over-year season with which to wrap up a bumpy 2008.

The surest route to success in getting the best out of this challenging year is to show patrons why they should be spending their money with you. Before wallets come out of pockets, potential buyers want to hear the story of your product's value to them.

"Consumers are in a cost-conscious mood and more focused on value than ever before," says Stacy Janiak, Deloitte's U.S. Retail leader in a recent holiday outlook report. "Retailers that can offer unique value propositions—in terms of price, customer service, loyalty programs, or some other means—will be best positioned to attract the consumer's attention," Janiak adds.

She also notes that consumers are looking for time-efficient, environmentally friendly shopping choices. "Many time-strapped consumers, who are now also feeling the pinch of higher gas prices, are seeking to make fewer shopping trips and may therefore be attracted by an efficient, streamlined, multichannel shopping experience."

Tough times don't have to mean a surrender of style. Value eyewear options are available in a wide range of fashions. Clockwise from top left, ClearVision collection style Petite 23; Marc Hunter style MH7254 from New York Eye/Hart Specialties; Stepper Eyewear style SI 3067

Following are five tips for keeping business afloat through tough times by focusing on value traits.

1. REDEFINE VALUE

"Our customers appear to be purchasing more of our value product, and their customers are purchasing the same things," notes Arthur Jankolovitz, president and CEO of New York Eye/Hart Specialties.

Consider how you define value: Jankolovitz notes that it's not the super-cheap frames that are moving. Rather, frames wholesaling for $20 to $40 are ruling the day—that is, patients are seeking good options in the neighborhood of $80 retail.

2. HANG ON TO BRANDS

Brands are familiar and comforting. That's true in good times and in bad times, too. Thanks to bridge lines and moderate-price brands, inventory can be an easy experience. Look for styles that blend familiar names with value, quality, style, and price.

3. MAKE A MAP

While people are going to want competitive pricing strategies, good service may make the difference between keeping and losing customers in the coming months.

Be sure that your customers are getting the best experience. In a recent white paper, "Would You Like Service With That?" by Chris Bedford and Anson Lee for the Karo Group, they suggest developing a customer experience map or storyboard. Document possible scenarios and develop scripts for successfully dealing with a variety of situations.

4. MAINTAIN PERSPECTIVE

Before going out and radically changing or abandoning your collections, remember that these troubling economic times, too, shall pass.

Instead, try tracking the storm. According to the report, "A Multidimensional Framework for Measuring Business Cycles" by the Economic Cycle Research Institute, one can trend by following the leading economic indicators: overall economic activity—foreign and domestic—service, manufacturing, and contribution. Add in a look at inflation and employment, and you'll catch the first break when it hits. EB