The highly competitive nature of retail business makes it increasingly difficult for new stores to succeed. Trying to muscle your way into the competitive world of retail isn’t going to work unless you take a different approach to your business. Far too many new store owners overlook this key aspect, resulting in a loss of revenue and profits. The bottom line is that new retail store owners must set themselves apart from their competitors to succeed; and here’s how you do it:
Tip #1) Offer Exceptional Customer Service
One of the biggest tips for running a successful retail store is to offer exceptional customer service. Common sense should tell you that shoppers are more likely to visit your store in the future if you have better customer service than your competitors. It only takes a few seconds to greet your store’s shoppers, and this will have a huge impact on your sales.
Tip #2) Adjust Your Prices
If customers aren’t buying your products, then perhaps you should lower your prices. Allowing overpriced products to fill your store’s shelves is only hurting your business in the long run. Instead, analyze your sales numbers after lowering your prices. If shoppers are buying it, then you know this method is working. If not, you may want to lower the prices down even further.
Tip #3) Brand Your Business
A third tip to help your retail store succeed is to brand your business through any and all means necessary. Branding is the process of marketing your business’s unique name with the sole purpose of making people (potential customers primarily) remember it. This shouldn’t be confused with direct advertising, which is used to produce sales.
Tip #4) Social Media Networking
If you aren’t actively engaging on social media networking sites, you’re missing out on one of the easiest and most effective ways to attract more customers while branding your business. Facebook, Twitter, Google+, and even Pinterest are all valuable marketing tools that retail store owners can use. In addition to driving new customers, social media will also create greater transparency with your business, allowing customers to find you more easily.
Tip #5) Reduce Shrink
A high shrink can mean the difference between a successful and failing retail store. Allowing your store to suffer from a high shrink rate will eat into your profits, which is why store owners need to constantly work to lower their numbers. Implementing preventive theft measures, employee training, and moving perishable goods faster will all help to reduce your shrink rate.