I started this article before the Covid19 outbreak and was then conflicted as to whether I should continue writing with the ensuing carnage. Inevitably, the pandemic would have a significant effect on our personal and professional lives, as well as our future behaviour. So, I pressed the pause button on my previously planned feature and, as predicted, the global economy has since slipped into recession. Now 8 weeks into lock down and I’ve had plenty of time to put together my thoughts on a post-Covid golf retail industry. Continue reading “What is the Future for a Post-Covid Golf Retail Industry?”
25th March 2020: Here’s a quick video with some thoughts on where the golf market might be once we get through lock down. Obviously, this is a guesstimate but it is also based on historic data and and modelled on what has happened so far in China.
2019 bit the dust and what a year it was. With all the political ups and downs, it would have been hard to come up with the script.
So how would we describe the Golf market in 2019? In footballing parlance, I think it would be “a season of two halves”.
The first half saw the market get off to a roaring start. In March, we were over 7% up YTD and things were looking good. May was okay but then it all started to unravel the following month: one of the worst Junes for a long time which saw 80% more rain than average. We hoped this was a blip but, little did we know, it was a sign of things to come. Continue reading “UK Golf Retail: Market Overview 2019”
Today I went online and searched up “reasons to be happy”. It was a real challenge to find anything positive. I came across one article from 2013 and another from May 2018. And that’s it. Hasn’t anyone felt the need to write happy stuff since then?
If you believe everything you read in the Press, we do seem to be experiencing some unhappy times in the retail sector. Hysteria, conflict and sensation sell newspapers, whilst stories of doom feed the television news channels.
Half a Year Gone!
Can you believe the season for golf majors is already over, and we’re only just half way through the year? It’s hard to think that the big events are finished for 2019. Will this allow some of the smaller events to grab the limelight? The organisers hope so. Time will tell, but I did enjoy this year’s offerings: finished off with a great win for Shane Lowry at The Open Championship.
Now, let’s turn our attention to the events in the world of UK Golf Retail this year.
Right now, golf retailers are slap bang in the middle of the season. It’s one of the busiest times of year for pro shops, and all too easy to lose track of how the market, and your business, is performing. The April retail statistics were recently released, so let’s stand back to look at the picture so far, .
2019: the story so far
By all accounts, it’s been a good start for both golf retail, and golf, in general. Both Winter and Spring were very kind, (no snow), allowing lots of play in relatively warm, and dry, conditions.
People out on the course have been spending money, while Tour Professionals have been generating a good deal of media interest. Tiger Woods winning his first Major in 11 years was, perhaps, one of the greatest comeback stories ever. Everyone seemed to be talking about it: even my football-obsessed builder!
Rory McIlroy returned to his winning-ways: taking the unofficial 5th Major at the Players Championship. While Brooks Koepka retained his PGA Championship title, in dominant style, with an imperious win. All great stories from interesting players, capturing a lot of screen time and news updates.
Many retailers offer a loyalty card to customers to keep them coming back to the shop. Loyalty schemes can help give your customers an emotional connection with your brand with every transaction: deepening loyalty, and encouraging them to spend more. However, it’s essential to choose a program that will resonate with your customer base, or your business could miss out.
Loyal customers spend more money in shops than new ones. Plain and simple. A recent study by Harvard Business School found that a customer’s 6th purchase was, on average, 40% larger than his, or her, first: with the 8th being 80% more. Loyalty pays.
Loyal customers don’t just help your business because they spend more, however. According to Bain and Co., a 5% increase in customer retention can increase a company’s profitability by 75%. And, if those numbers don’t make you sit up and listen, a Gartner Groups study showed that 80% of a company’s future revenue will come from