Today’s changing business environment has many retail businesses struggling for market share just to maintain sales. The global marketplace has increased competition, requiring businesses to cater to current customers and expand their offerings in order to grow. This growth hinges upon the time spent on increasing sales in all aspects of the business.
To be successful, small retailers need to build upon their success in order to thrive during challenging market trends. Below are 10 ways for growing your retail business without the need for large investments or changes with infrastructure.
1. Increase Customer Satisfaction.
To reduce customer turnover, you need to exceed your customers’ expectations. If you don’t know their expectations, then ask. There are many online based surveys that are well worth the time and money to use. The feedback you receive will be a valuable tool to understand the areas of success and need for improvement.
2. Implement Customer Feedback.
Sometimes this is more difficult, or retailers make it more difficult than it needs to be. The need to change your operations to accommodate requests will go a long way for your customers. They will appreciate your efforts.
3. Pick the Low Hanging Fruit.
A common expression for the easiest sales opportunities, the low hanging fruit typically requires very little investment and builds upon current business practices and success.
4. Make Yourself Visible.
Increase your brand awareness through direct marketing and advertising. The key here is to keep it direct. General awareness campaigns have very little return on their investments.
5. Embrace Technology.
Taking advantage of technology can help you manage your business in more productive and innovative ways. You can enhance your customer’s experience through employee efficiency and inventory awareness.
6. Embrace Social Media.
Promoting your business through social media is an easy way to increase your reach and solidify current relationships. When you gain more “likes”, you’ll know another person is saying only good things about your company. Word of mouth is the strongest marketing method to-date to increase sales.
7. Analyze Your Sales.
A detailed sales report lets you know exactly how well your business is performing. Over time, you can look at sales trends through weekly, monthly, and quarterly reports. The easiest way to make revenue projections is knowing the average dollar amount for each sale. Pricing adjustments and controlling costs can raise your revenue and increase profits. Also, it’s important to look at a report that describes customer type, whether they are new or returning customers, giving the data necessary for the first activity in the list.
8. Examine Cash flow.
The growth of your company requires healthy finances. A little investigating into your finances can fix some problems in your balance sheet. Fix these and you can make cash flow projections for the coming year. It’s really important to address the problems before expanding your business, so you won’t experience any set-backs or missteps.
9. Network with Peers.
There are many models of success to follow. These come from people in your industry. Find out how they did it, then do what they did. You may need to change some of your ways in doing business, but you’ll know that it will work, so it’s worth the time and effort.
10. Find New Products and Markets.
This is the fun and exciting part of owning a business. Researching product trends and markets is a proactive way to avoid business slowdowns. You can take advantage of new products to increase your competitive edge, while opening new markets. This can also solve your customers’ problems with your services or offerings.
Be Patient
Some of these activities can be done on a regular basis, while others have to be performed periodically. What’s important is that they become a part of your routine. Don’t change the direction of your decisions until they’ve had time to work. Remember to be patient, so you can see the results and learn from your success and failures.