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12 Sure-Fire Steps To Improve Your Retail Sales
By Bob Nelson
The purpose of any business is to bring in customers, and it can only
be accomplished through marketing. If your cash registers don't ring,
something is wrong and you had better find out what is wrong fast. Because
in today's competitive retail world... getting results is what counts.
Successful retailers aren't any more talented or intelligent than you
are -- They simply have learned to do things in a different way and make
money in the process. Use the following 12 steps to improve your retail
sales, you'll simplify your efforts, multiply profits, and increase the
odds of success.
1. Know Yourself
Having your own business is more than just creating a job for yourself.
Your basic roles are in marketing, finance,
administration, and the responsibility of personnel. To get the best results,
it is rare for one person to play all these roles
equally well. You must know which parts you can handle yourself and which
parts you're going to need help with.
2. Plan Ahead
Many stores are run by well-intended people but who don't have all the
information they need to do their job. This includes a clear idea of market
segment, target markets, customer service, product selection, marketing
mix, promotional activities and pricing tactics. If you want to succeed
you need a well thought out business plan that helps you make the right
decisions.
3. Know The Industry
You can gain the greatest competitive edge if you have an intimate knowledge
of your business. To thrive and prosper, you must be committed to learn
and have the desire and energy to accomplish your goals. These are five
main reasons why most businesses fail:
1. Lack of Industry Knowledge
2. Lack of Vision
3. Poor Market Strategy
4. Failure to Establish Goals
5. Inadequate Capitalization
4. Understand Your Customer
Make it your business to give your customers what they want, and they
will do business and buy from you. The products and services you provide
should reflect your customers needs and wants. Think in your customers'
terms; buy, show, sell, and say things that interest them, not just what
interests you.
Remember, it is the customer that determines whether or not you succeed.
5. Keep Good Financial Records
If you don't know where your money is going, it will soon be gone. The
"game of business" is played with computers -- and the score
is evaluated in dollars and cents. Good financial records are like the
instruments on an airplane, they keep you posted of your height, direction,
and speed. Without them you're flying blind with no controls to guide
you to your
destination.
6. Manage Your Cash
It doesn't matter how unique and wonderful your store is, your business
can't survive without cash flow. Money coming in your store is the vital
component that keeps your business financially healthy. If you budget
wisely and know the interval of your monthly income and expenses, you
won't have to worry about running out of money.
7. Use Sound Management Practices
As a store owner, you are also a manager. You have to make decisions,
offer customer service, manage time and resources, and know how to merchandise
and run the business better than anyone working for you. Give your employees
the opportunity for growth, treat them fairly, pay them what they're worth,
and they will help make your business successful.
8. Develop A Distinctive Image
Your image is important and is a function of your marketing efforts and
materials. Customer's create their perceptions of
your business from your name, web site appearance, store location, products,
prices, visual merchandising, signs, displays, business cards, newsletters,
advertising material, customer service and anything else that relates
to your business.
9. Control Your Inventory
All retail stores need to manage inventory. It is your money sitting on
a shelf and represents a large portion of your business investment. The
retailer who merely watches the store's shelves can't maintain a proper
balance between the right amount of merchandise and probable customer
demand. Without adequate control, slow-moving inventory becomes dated
and very costly.
10. Buy and Price For Profit
To understand retailing, one must start with the concept that the price
of your merchandise is nothing more than a temporary estimate of what
the customer is willing to spend. In devising your overall pricing strategy,
a practical approach can be based on the function of supply and demand.
To be more competitive, join buying groups and seek out manufacturer discounts
that allow you to purchase merchandise below wholesale prices. By offering
better values, you'll be able to attract more customers, and offer more
opportunities to shop at your store.
11. Learn From The Pros
In today's explosive markets, making the right moves is absolutely essential,
there is little room for error. Without
knowing how to navigate through these fast-moving times, it can be a tricky
and even a self-destructive experience. Because of the emotional and sometimes
difficult decisions that must be made, the crucial difference is having
fresh ideas with an impartial business position.
12. Ask For Help When You Need It
Remember, getting results is what counts! Don't be too proud to ask for
help, we all need help sometimes. It is important to recognize that what
you don't know can end up costing you money, hurt the odds of success,
and greatly reduce the chance of achieving your business goals. Hiring
an expert with specialized skills can be the most profitable decision
you can make to protect both your business and financial future.