As a retailer, there are only two major objectives you have to scale up and grow your business:
- Get People Into Your Store, &
- Get them to buy something.
Let us just agree to this, we all have heard this so many times that “The consumer is the king”. But how many of us have treated our customers like that?
As business owners, we have our vested interest in making more profits and thus we are majorly aligned on how can we sell more to each of our customers. But just like any other business, setting up a retail store is no exception, between picking a location and perfecting your products, there are tons of things to do and keep track of, and it can be easy to forget small but important steps that can set you up for business success.
Research shows that global shoppers are continuing to do online shopping but that doesn’t mean that the retail business has no future. Presently 85% of customers prefer to shop from brick-and-mortar stores, and also consumers prefer to buy where they get a knowledgeable associate.
But also In the age where customers can buy whatever they want with a single click, brick-and-mortar retailers need to do extra hard work to drive customers to their stores.
There is a lot that can potentially emerge to trip up even the most experienced retail business operators but with the right approach, there’s also a huge growth that can be achieved. If you play your cards right, those visits could lead to higher brand awareness, customer loyalty, and ultimately more sales.
Here are the 10 things that essentially focuses on the ways to grow and scale your business.
- Choose Right Location:
Location can make or break your business. It is one of the most important things while setting up a business in any location whether it is a town or city. The right or wrong location decides the success and failure of the business. You can measure it through the footfall count study. Ideally, your shop is somewhere with high footfall, so you can make trade with most of them. When you are looking for commercial space, whether you want to take it on rent or lease or to buy the space or work with the landlord. You might decide to conduct your retail business out you’re of your home rather than a commercial space. While this will save you a lot of money because you won’t be putting any towards a separate building or retail space, but it is hard to bring high footfall in residential areas. No matter what you sell traffic is always important, while choosing the location
- Define Customer Experience:
Customer is the most important piece of the puzzle of retail business. Providing the best customer experience is how you can gain loyal customers and goodwill in the market. Loyal customers, are, without a doubt, the backbone on which retail businesses survive. A positive customer experience not only results in making your customers happy, but it can also lead to additional revenue. The best marketing money can buy, is a customer who will promote your business. They are a great source of brand awareness and goodwill in the market. You must be capable of defining your customers experience to other customers which determines the types of products you must have and the types of services you must offer. There are plenty of ways you can win the hearts and minds of consumers when they are in your store.
- Establish Vendor Relationship:
A successful sales are established when the retailer provides the right product at the right place at the right time. The business needs to locate the best source of a product at the right time and with the right quality. As soon as you decide which product to sell, then your first job is to find a place where you can buy these products at the best price to give you more profits as well as more satisfaction. A strong relationship with the vendor can open a route for credit terms i.e. purchase product now and pay after 15 days or more.
- Recruit the Best Talent:
Recruiting employees is very crucial for retailers as they are directly related to the organization’s success. The market is full of talented employees and you should make a strategy not to lose them. Because a salesperson will handle your client and their objections. It is compulsory to regularly check on them and provide them training regarding how to handle the customers. Many retailers attract experienced salesperson by providing high salary packages or commission with salary. They bring added value to the team with fresh ideas to increase sales and also give their expansion a perspective. By hiring the best staff the growth opportunities are wide open for the retailers.
- Build Brand Awareness:
If your store is full of inventory and doors are widely open in peak hours or more, then it is not enough. You need to understand that building brand awareness plays an important role in the success of the store and retailers need to put an extra effort to gain this. Retailers also prefer offline and online campaigns like advertising on social media pages, distributing templates, and many more because through these ways the customer gets to know the presence of the store. It should be done in the right way as it can create long term relationships with customers. It has become increasingly significant with the evolution of the internet and digital strategy.
- Create an Online Presence:
Stores which mostly do the selling in person should create a website so that people can find and reach to your store and know more about items for sale. Social media presence also creates a great impact on customers. Most of the customers are using social media platform and it is the most brilliant way to create an impression on them by updating about events, season sale, launch a new product, etc. Even though you can accurately track the customer’s interaction with your store and with this you can raise marketing efforts. Perhaps the challenge for retailers is to meet the changing expectations of customers.
- Invest In Your People:
Your retail store is running by the people i.e. your staff, customers, vendors, etc. You should invest in your people to run your stores smoothly. Investing in your employees can give you the greatest ROI. Many retailers fire their employees to do cost-cutting, but it may affect their sales directly. As customers don’t have time to wait in line or search out people to get help or ask questions. Therefore, the correct level of staff can generate more sales and you should take care that your employees are trained and developed to realize a profitable return on investment. Training is not only for staff on the floor but as well as for supervisors and managers also.
- Know Your Competition:
The retail industry has always been competitive. Identifying your competitors is important before you finalize the decision about what type of products you want to deal with. Knowing your customer will help you in different ways:
- Understand your competitive advantage
- Target your efforts on the market, which should increase your sales,
- You can get the reality of your competitors
- Analyze competition and plan your strategies to get an advantage.
But this isn’t enough to separate your brick-and-mortar business from competitors. You need to manage relationships, training, and development of employees, develop business and deliver customer experience better than anyone else. Even established businesses need to re-evaluate their competitors regularly because everyone in the industry is developing and managing their flaws efficiently.
- Craft Marketing:
In simple words marketing means an act of promoting a product directly to consumers who want to use them or already using them. The marketing should be started through your current assets or stock as they are the product that you are selling currently in a good quantity and want to sell these items more and also provide knowledge about your items. Through marketing, you drive your customer to your door and then you create your interaction with them. This interaction is meaningful with clients and maintains a long term relationship between store and customers, which ultimately boosts profits for the firm.
- Financial Plan:
Every business needs money to run smoothly and meet the day-to-day expenses. The retailer should plan their finances according to their running market and have a backup if any mishappening happens. The financial plan should provide facts and figures showing how business is expected to grow and how the growth will be funded. It should be a full flexed plan for you to take expansion and your goals. At first, when you open the store it might not stand according to your business or financial plan but at that point, you compare your present situation with a plan, and you get to know about the market conditions. This is how your eyes go wide with new business.
These are definitely not the 10 commandments, but are no less important.
Imagine being able to create a consumer brand that scales while keeping the consumers happy? It Sounds great right?