INSIDE THIS ISSUE - February 2007
Looking Forward
FlyFishing Retailer News
Retailer Strategy
Shop Commentary
VNU Changing Name
Trade & Industry News
Mark your Calendar
What's Your Opinion
Looking Forward
Evolving Strategies for 2007
By Steve Schmidt, Western Rivers Fly Fishing Retail Specialty Shop
By the time we’d packed our bags for FlyFishing Retailer (FFR), we’d already begun to set strategies in motion. Our approach this year, however, was skewed by a series of events that forced us to look at our business and where we fit into a diverse marketplace in a much broader perspective.
Just prior to FFR, we attended Outdoor Retailer Summer Market (OR). OR and the outdoor industry has experienced steady growth. Seminars are often standing-room only, and the show floor is predominantly abuzz with retailers and manufacturers from start to finish. If you’ve ever attended, it’s obvious that the attendees understand the importance of a healthy industry and the role the show plays in nurturing their efforts. Its size requires focus, planning, and a commitment to best utilize the show’s incredible resources.
After attending both shows, it became obvious that this burgeoning industry is contending for our fly fishing dollars. In reality, we are only a small piece of the recreational pie that is becoming increasing competitive. Plain and simple, these guys get it. They are expanding their markets; they’re organized, committed, and educated. If you think your fly fishing competitor is Cabela’s, Bass Pro, or the shop down the street, you’d better think again. It’s much broader than that—it’s bikers, golfers, kayakers, river runners, climbers, hikers the list goes on.
Realizing that we were a small segment of a much broader outdoor community, our efforts this year have us looking at markets and businesses far beyond the fly fishing sector. We now realize that to compete in this ever-changing and expanding world of outdoor retail, we must broaden our educational efforts to understand the dynamics of other competitive markets. We have always realized the importance of education, but our scope has been obviously narrow.
Networking will be another key component of this year’s business plan. If our business is going to continue to prosper, we need to expand our list of partners, from retailers to manufacturers, and, for the first time, we will extend our network to include those businesses in the outdoor industry beyond fly fishing. Big-box figured this out a long time ago. As a specialty retailer, there are lessons to be learned here.
The depth of our challenges extends far outside our industry, and the more that our team and our business understand this, the healthier and more prosperous we all will be in the future. At Western Rivers, we are going to continually differentiate ourselves by having unique programs, unique products, special benefits, great service, and a comprehensive guide program. We’ll communicate with the big-box stores and the guy down the street with referral programs, with knowledge of one another’s inventory, so that we can serve the community’s angling needs.
Retailer Strategy
New Year's Resolution: Kick Ass in February
By Drew Simmons
Let’s face it: There’s nothing like peak season on the store floor. The shelves are stocked, the bodies are there, and everything’s clicking. But in the long view, there’s far more to running a successful operation than merely catching fish when they’re already biting.
For a fly fishing retailer, maximizing the post-holiday, pre-spring off-season is critical. To succeed year after year, the February/March “dead zone” is about more than generating income with an occasional cold-water float. It’s about staying focused.
The first look is always inward—moving displays, making new displays, cleaning, stocking, and inventory—as these are the things that make life easier when it gets busy in the spring.
“[The first two months of the year] are very important for fly fishing retailers,” said Curt Schlesinger of Trout & Grouse (www.troutandgrouse.com), a fly fishing and wing-shooting shop in Northfield, IL.
Schlesinger’s crew at Trout & Grouse uses a two-prong approach, with one tactic being consumer-driven strategies (offering trip planning and fly-tying classes as “the tip of the iceberg”), and the other being making critical progress on the business to come.
“Get the new products in the door,” said Schlesinger. “Don’t wait for the warm weather.”
At The Fly Shop in Redding, CA (www.theflyshop.com), the gap between Christmas and the end of January is an essential slow period. During those few relatively quiet weeks, they try to clean the whole store, re-price anything that needs it, do inventory, order all the new items for the catalog that haven’t already been pre-seasoned, and refresh the floor layout.
But once that basic work is done, it’s time to think big.
More than 25 years ago, The Fly Shop’s owner, Mike Michalak, had the foresight to do more than just prep for the spring rush. He started a store-based catalog to help keep the doors open during the slow winter months. But instead of merely augmenting his winter business, he created a business “monster” with an income-generating life of its own.
“We’re busy right up to Christmas. We get a slight break for a few weeks, but then the catalog hits the general public at the end of January,” said Tim Fox, retail manager at The Fly Shop. “And then, all hell breaks loose.”
Essentially, the best way to spice up the winter doldrums is to start thinking about it months before. Down in the Southeast, the staff at Orlando Outfitters keeps their business clicking in a couple of different ways: One, they offer schools and classes in January—and promote them as gifts during the holiday season—and two, they take their customers on a field trip.
“For the past couple of years, we’ve booked two weeks in the Turks and Caicos during February and March,” said T.J. Bettis of Orlando Outfitters. “Anglers usually start coming in to prepare for their trip a couple months ahead of time and continue right up until the day before we fly out.”
Trade & Industry News
AFFTA Survey Summary
In late 2006, the American Fly Fishing Trade Association initiated a web-based survey that solicited feedback from a wide range of industry retailers on their views, opinions, and perceptions of the annual FlyFishing Retailer World Trade Expo (FFR). The purpose of this survey and the soon-to-be-released Exhibitor Survey is to provide both current and prospective FFR buyers, as well as current and prospective exhibitors, the opportunity to express their views of FFR and to share their ideas on how to create greater value for all show patrons.
Approximately 10% of the 1,300 retailers that were solicited completed the survey.
Summary
64% of the respondents own single-store specialty fly shops with annual sales less than $500,000. By more than a 2-to-1 margin, respondents prefer Denver, CO, as a show location over Las Vegas, Salt Lake City, or Reno combined. By a similar margin, retailers indicated that mid-to-late September were their preferred show dates.
The five primary reasons that respondents cited for attending the show every year were: 1) 75% feel that FlyFishing Retailer is an important opportunity to network and build relationships within the industry; 2) 71% feel that they always find something important to their business when attending FFR; 3) 63% believe that FlyFishing Retailer gives their business access to products they would not have without the show; 4) 60% feel that the show is a very important part of their business planning and strategy; and 5) 57% feel that the show gives their business a competitive advantage.
Respondents felt that the most important events for their businesses were the educational seminars and Fly Shop University. The least important was the Industry Cocktail Party, however, far more respondents actually attended the Industry Cocktail Party than the educational seminars or Fly Shop University. For 2007 and beyond, the American Fly Fishing Trade Association and FlyFishing Retailer will focus resources on continuing to provide retailer seminars that are engaging and focus on business-enhancing strategies and ideas such as marketing, merchandising and new customer recruitment.
In the final analysis, while not quite half of the fly fishing industry’s retailers currently attend FFR regularly, the large majority of those that do attend find that FFR offers a unique opportunity to find valuable new products and ideas that help their businesses grow and give them a competitive advantage.
To review the complete Executive Summary and Key Survey Finding, please click here.
Shop Commentary
Show Perspective from a Salt Water Shop
By Peter Devin
I recently had a conversation with the head of operations of a shop down in the Florida Keys, which was both inspiring and encouraging. Ken was telling me about how business was, how much they appreciate seeing all the manufacturers at FlyFishing Retailer, and about how their shop continues to have good results by listening to their customers and finding items and products that differentiate their store from the big-box guys.
New Products
From the Angling Designs Dry Tech MRT™ box that they found at the show, to finding a replacement line for a certain brand of apparel that is now carried in every J.C. Penney store, they found FlyFishing Retailer had plenty of options and new things for their business.
The Right Inventory
For a shop that does more than 900 trips a year, finding the right products and inventory that’s available is key to driving results for their business throughout the year. Also mentioned was the fact that more than 50% of their business is done in apparel, so the ability to see entire lines and the full array of choices at the show is really valuable.
New Customers
They are also seeing the growth of women anglers and are responding to this nuance both in their planning and their inventory mix. They see this new clientele as a welcome note for all fly shops: “The growth potential with women is huge, and we will do our best to cater to these women that want the gear, the apparel, and the look of a genuine angler.”
New Trends
Ken noted as well that he would like to see more trend information provided at the show, and that they can benefit by learning which items, lines, and categories are potentially going to be hot for the season. “From products for our dogs, to women’s apparel, to the zero-weight rods, that’s why we go to the show,” he says. “We can see it all there.”
FlyFishing Retailer will continue to work with AFFTA and the industry to provide educational tools and opportunities at the show. FlyFishing Retailer invites manufacturers and retailers to offer suggestions on desired topics for seminars and educational forums at the show. Email opinions@flyfishingretailer.com with your ideas for FlyFishing Retailer 2007.
FlyFishing Retailer News
Sales Plans and Key Retailer Drivers
What are your sales and marketing plans for 2007, and where can you make the most impact on your business? Who will you meet with, and when? Are your product cycles in touch with what your customers are asking for? How can you make the highest impact at the right time?
Due to the market’s request, FlyFishing Retailer 2007 will be held in mid-September this year. We suggest that you incorporate this industry trade show into your marketing plans and budget, and begin your strategy planning now so that you can take advantage of being part of the largest gathering of the fly fishing industry.
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The year’s single largest gathering of core fly shops, manufacturers, suppliers, representatives, dealers, and retailers, in one location. |
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The best opportunity for you and your team to meet with key members of the trade and consumer media. |
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The year’s best venue for new products and initiatives for your business. |
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The most comprehensive annual gathering of the industry’s leading decision-makers and influencers. |
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The best place to immerse yourself and your team into the fly fishing industry |
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The year’s best opportunity to participate in education and business seminars. |
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The industry’s best and most complete venue for seeing everyone, sharing stories, and comparing notes on the business of fly fishing |
To obtain specific numbers and third-party research on FlyFishing Retailer shows, please send a request to opinions@flyfishingretailer.com.
VNU Changing Name to The Nielsen Company
VNU Has a New Name
New York and Haarlem, the Netherlands, January 18, 2007—In a move that emphasizes its best-known brand name and underscores its commitment to creating an integrated, streamlined global organization, VNU announced today that it is changing its name to The Nielsen Company.
“Nielsen is one of the great names in the information-services industry,” said David L. Calhoun, chairman and chief executive officer of The Nielsen Company. “For more than 75 years, the Nielsen brand has stood for the highest standards of integrity and quality, for independence and objectivity, and for an unrelenting dedication to helping clients be more successful. The Nielsen name is a source of pride for everyone in our organization, and it is now the name under which we all will go to market.”
Calhoun said that, given the company’s increased focus on marketing and media-information services, Nielsen is a name that more clearly suggests the company’s position and role in the marketplace. “We are focused more intently than ever on the delivery of truly integrated marketing and media services that reveal clients’ growth opportunities,” Calhoun said. “We are uniquely positioned to provide clients with a complete understanding of consumer behavior, with new insights into where their markets are headed and with high-value solutions to their business issues. We will work more closely together than ever to deliver revolutionary products and services that bring real clarity to today’s complex markets.”
About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions and recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), business publications (Billboard, The Hollywood Reporter, Adweek), and trade shows. The privately held company has more than 42,000 employees and is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA.
Mark your Calendar
April 2007
Hotel Reservations will be open online in April for FlyFishing Retailer.
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May 2007
Online Registration opens for shops, dealers, and retail attendees for FlyFishing Retailer.
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September 16 – 18, 2007
FlyFishing Retailer World Trade Expo Denver, CO. |
FlyFishing Retailer Monthly
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