The museum shop Jayne Cartwright The Charity Retail Consultancy

Introductions

Increasing your museum’s profitability in 12 easy steps

What is profit? The income returned to the museum after all costs are accounted for Creating a profitable operation is the key reason for museum shops’ existence

1. Mission and goals What are your museum’s values, beliefs and mission? Do you maximise these to support and define your retail goals? Develop your compelling cause Stand out from the crowd Develop corporate partnerships Use print, TV, radio, social media

2. Research When did you last conduct market research? Who is your ideal customer? What do they want from you? What can they do for you? How do you respond to high street changes? Do you respond to customers’ changing needs? Do you collect qualitative and anecdotal information?

3. Positioning Product Price Presentation Service

4. Right people in the right places Does your staffing structure reflects your needs? Are you confident in the abilities, numbers and motivation of your staff team? Are operational plans shared across the teams?

5. Range planning Construct your range to suit your customer Focus on the bottom line Do you have sufficient products and categories available? Shop floor analyses and checklists Stock rotation Calendar of events Promoting museum events via the shop

6. Operational reviews Data analysis:  understand your average prices  number of items sold,  peak and quiet periods  Margins Mystery shoppers

7. Minimise losses At times of austerity fraud occurs more frequently Internally: Shop audits, shop checks Prosecute and publicise your actions Remind staff of the difference they make to the museum Externally: Work with the police and neighbouring trader Eliminate dark spots, invest in equipment Be vigilant but be safe

8. Location and channels Where are your customers? What are your options:  Permanent store  Pop-up stores  On-line?

9. Engage your customers – new and existing Attract Convert Retain Recommend

10. Stock management Who are your suppliers? Manage the relationship Manage the logistics: Inbound transportation Storage

11. Back office Human Resources Finance Estates IT

12. Network People – your staff and customers - are your most valuable asset - ensure they value you and they are a positive influence on their networks

Thank you for listening, and any