's Business Profile
On a scale of 1 to 10 (with 10 being the ‘best), how would you rate your current ENERGY levels in terms of your own mindset, focus, momentum and action?
When you started with us, did you have a personal brand, a company brand or both?
Has this changed since then and what is it now, a personal brand, a company brand or both?
Do you think your logo is legible and professional?
If you have a website, does the URL exactly match your company name?
What is the URL?
Do you have a professional email signature?
Do you have a professional email address, in other words, not a gmail email address as an example?
What is your work title (I am a Conversion Optimisation Specialist)?
Have you always used this title or is it new since joining us?
What is your purpose?
What is your Vision?
A sustainable business – ie it has to make money . My vision is for Nomads to be an inspiring meeting place for like minded people To attract the attention of anyone wanting to step out of the madness of the 21st Century and gain a sense of sanctuary
What is your 1st Primary Goal?
For the business to be viable and sustainable whilst also maintaining the overall vision…
What is your 1st Objective for this Goal?
Increase in sales: working towards a recovery post Covid. Action looking for return to regular sales levels by October 2021?? – specifically re website store – being selective around stock listed, concentrating on listing higher priced/bestselling items
What is your 2nd Objective for this Goal?
- Reduction in over heads: control of staff costs. Action: 50% reduction in storage costs, appraisal of stock and buying strategy, work towards carrying fewer sale or return items. By July 2021
What is your 3rd Objective for this Goal?
Improved marketing / website/social media / networking. Action: Focussed marketing- increased activity re social media. Look at stats and track improvement – end April 2021
What is your 2nd Primary Goal?
Re-establishing contact with customer base and friends of the Nomads whilst continuing to rebuild sales and fulfil the vision
What is your 1st Objective for this Goal?
be well prepared for seasonal July August sales boom time and the inevitable post Covid rush July August sales – both in store and online. Action: maintain vibrant and dynamic retail shop and reflect this in the website store
What is your 2nd Objective for this Goal?
reconnect with loyal customers and increase customer base Action: Covid permitting - host events in the physical shop /exhibitions August? – November
What is your 3rd Objective for this Goal?
promotions/offers/networking / focussed marketing - Action: increase mailing list/website subscribers, responding to info from web and social media stats. Sustaining customer interest.
What is your 3rd Primary Goal?
For the business to flourish whilst also maintaining the overall vision…
What is your 1st Objective for this Goal?
Regrouping – leadership – energy – staff being onboard and feeling actively enrolled with the vision… Action: consultation; with staff team around the vision and how to achieve/grow/develop
What is your 2nd Objective for this Goal?
logistics around implementing a fresh way of working Action: Team planning, defining roles, timetable, training, regular meetings
What is your 3rd Objective for this Goal?
to improve the processes around website shop/sales and social media. Action: Set up workable systems to support these areas making it easier and quicker to list items and be more reactive re social media. Take time to acknowledge and encourage everyone i
Write your Value Proposition below as per the formula in Principle 4
1. A unique Aladdin’s cave, overflowing with amazing handmade textiles, furnishings and artifacts – personally collected from around the globe. Nomads has everything you need to transform your home
2. Look no further – Nomads is here to help you reflect the love you feel with the gift you share. Discover an abundance of unique and unusual present ideas – personally collected from around the globe. Visit our magical emporium and be inspired !
Do you believe it is appealing? And why so?
Do you believe it is exclusive? And why so?
Do you believe it is clear and simple to understand? And why so?
Do you believe it is credible? And why so?
List all the ‘Elements of Value’ your product offers
SOCIAL IMPACT
Interest and awareness of other cultures
Fair Trade
Sustainability
LIFE CHANGING
Meaning
Peace
Love
Understanding
EMOTIONAL
Food and comfort for the Soul
Heart warming
Solace
Understanding
Harmony
Joy
Well-being
FUNCTIONAL
Authenticity
High quality product
Value for money
Credibility
Exceptional customer service
Write one case study of something you have achieved with a customer
An example of trust in our reputation and consultancy/expertise
International artist client contacted Nomads regarding her quest for a textile to occupy prominent position in her country home. Photos and measurements sent – preliminary selection made by client – I followed up with a visit to her home with the selected textiles. Final choice was made in situ. Very satisfied client who has continued to make regular substantial purchases and recommend the business to her friends and networks.
What features does your product have?
Established in 1978 Nomads is one of the longest standing independent retailers in Cambridge.
We stock a fabulous selection of authentic contemporary and ethnic/tribal jewellery – gorgeous embroidered fabrics – beautiful boxes – serene Buddha statues – singing bowls and many other Tibetan artifacts – star lanterns – Himalayan salt lamps – Afghan rugs – top quality incense – Rajasthani jackets – scarves – handwoven silks – Bengali quilts – beautiful bedding and lots more!
Nomads offers a unique shopping experience – our products are chosen carefully and of wonderful quality. You too can help to keep traditional crafts alive and the people and families who make them.
We offer great ideas and suggestions for unusual gifts -along with a cup of mint tea – comfort for the heart and soul!
What benefits does you product offer?
Unique, specialist, collectable, inspirational, uplifting, transforming
List 3 objections you get to your product and the 3 answers to these objections
Objections: 1. Price, 2. Product availability- issues repeat orders/re sourcing stock. 3. Limitations re website and online sales
Answers: 1. Ensure marketing highlights uniqueness/value of products and offer loyalty discounts. 2. Turn the scarcity/uncertainty of repeat orders into a positive (buy while you can). 3. Improve website functionality ie training and resources.
Name one of your products
Tibetan Singing Bowls .
List 3 problems you believe your prospects have, related to your solutions
1. Challenging price tags. 2. Frustration at not being able to make a repeat order. 3. Navigational difficulties on website.
List your 3 solutions to their problems above
. Give reassurance re value and authenticity of products. 2. Market the uniqueness of products and initiate a creative pricing strategy. 3. Improve website functionality.
Write a detailed spec on your ideal customer (as much info as possible as per the Prospect Principle)
40-60, female, living in Cambridge UK, educated to degree level, £40K plus per year, married, professional, middle to upper class, lifestyle: well-being, yoga, personal development, health conscious, arts loving, free spirit, culturally aware.
What is their true deep desire?
To create a beautiful harmonious home and lifestyle and to be loved.
Have you optimised your pricing according to the pricing tactics and strategies and what is your pricing for your services or products?
Currently – an annual sale in the Spring – plus occasional promotions/reductions across the year. 10% discretionary discount available – and customers spending £50 plus, again at our discretion may be given a time limited 20% discount voucher.
With reference to Lions Den ‘Pricing’ training module – we’re working towards creating the perception of a higher quality product/service for value seekers rather than bargain hunters and also offering price bundling.
Where do you currently do paid for advertising, list all the platforms or channels e.g. facebook, local newspaper etc
Facebook and the ‘Hotel Guide to Cambridge’.
How much do you typically spend on advertising per month?
£140 per month
Do you belong to any business network e.g. BNI, Chamber of Commerce?
No
What metrics are you measuring monthly?
Google analytics – Facebook/Instagram – Squarespace – MailChimp
What KPIs do you have for yourself?
no policy in place around this currently.
What is your Average Order Value (AOV)
£20 to £30
What is your Customer Lifetime Value (Average Lifetime Order Value)
not known.
What is your Cost of Acquisition (COA)
?