The best retailers know who their target customer is and why those customers are shopping with them.
Do you know who your customer is – and who they aren’t? You need to.
Attract new customers with great windows, a great website, a blog and social media. The logical step when you want to go after full-price customers is to give them a consistently high-quality experience. That means killer window displays that tempt desire with one grouping, rather than trying to hardsell everything in-store. That means paying for a website that mirrors a high-quality experience with your hours, directions and what customers will get from coming to your shop. It means a blog that continues to help your customers do more with the items you carry. And it means a compelling social media strategy that includes Facebook, Instagram, YouTube and the rest.
Pay more to your employees. There’s a reason many small businesses stay small – they think small and try to limit every cost. When you pay employees more, you can expect more. Stores that pay higher wages with more full-timers have lower turnover and higher profitability. You have to see the hidden costs behind everything. Never compromise your store’s ability to create an exceptional experience for your customer due to hiring who will work for the lowest wages. You are known for your compromises more than your successes in business.
Train Better. The siren song for many retailers is hiring competitors’ former employees because they’re already trained. I would challenge you that they are trained – probably on the job with little follow up – to work in that other store. That means they have a “right” way to do something – whether it’s your way or not. That means you inherit a system often at odds with your own. Take nothing for granted when it comes to how your employees answer the phone, greet a customer, sell your merchandise – even take out the trash. Retail sales training is a must.
Curate the best stock. More lines, more models, more choice is not what customers are looking for. Your customers are looking for the best choice. That means you want to be a curator that organizes and presents a collection of products customers can clearly see have advantages over the competitors.
For more information or to implement your own company, just contact us.