7 Strategies for Retail Success
#1 Have a Clear Brand Vision
The most successful businesses know their purpose. Their purpose goes beyond what product they sell. Once a retailer knows their purpose they can create a culture and strong brand identity.
Retailers must think about what is more appealing to customers. “We sell cute, cheap shoes” may not grab a customer the way “we craft our designs for customers who break barriers and stride forward crushing their goals.”
#2 Know Who Your Who Your Customer Is
Once the retailer establishes their purpose, they must determine who their customer is. It would be a mistake for a retailer to try to appeal to everyone. This may lead to retailers overestimating demand and not selling enough units.
In addition to knowing whom the customer is the retailer must know why they shop at their store. The reason they shop there can link to your purpose. Going back to the previous shoe example, customers shop there because they are goal-oriented and the retailers brand reflects that (and the shoes are cheap).
#3 Have an “It” Factor
Retailers must think about what makes their product better than any other product on the market. This helps a business thrive in the competitive retail market.
Retailers have to create a lifestyle in order to charge a premium price. Crafting a lifestyle associated with the item is important because many people are selling the same thing. The lifestyle shows the customer and others what it means to wear or use a branded item and leaves an impression.
#4 Invest in Attention-Grabbing Promotion
The success of a retail business is greatly determined by advertising. Customers have to know about your product and where to find it before they can buy it.
Building a strong campaign requires advertising on multiple channels. The different mediums a retailer uses in an advertising campaign depends on who the customer is.
If a retailer wants to appeal to the elderly it would be better to send flyers or have a TV commercial slot. If a retailer wants to appeal to the younger generation, advertisements on Instagram and other social media platforms are great because younger people spend a lot of time on social media. In fact, the average person spends 5 hours on their mobile phone and over half the time spent on the phone is on social media sites.
#5 Make it Easy For Customers to Shop
The easier it is for customers to purchase a product, the more likely they are to buy the product, have a good experience, and return to the store. Three ways a retailer can make the shopping experience simple is by making the purchasing process simple, having attention-grabbing photos or displays of the product, and providing as much information as possible.
How a retailer facilities the purchasing process depends on whether the store is brick-and-mortar or online. In retail store locations, retailers should make sure the store is clean with products easily accessible and purchasing lines clearly marked so customers know where to go. On e-commerce sites, retailers should keep the ordering process down to 2 or 3 clicks and give customers the option to save their information to make future purchases quicker.
Similar to the purchasing process, the sort of displays and photos used depends on whether it is a retail location or e-commerce site. For retail locations, retailers must have well-dressed mannequins or display products in the windows to draw customers inside the store. For an ecommerce site, it’s important for photos to be high quality since customers aren’t seeing the product in person. Zoom and 3D rotating pictures are great features an e-commerce site can incorporate as well.
Finally, retailers should provide as much information as they can about the products, especially e-commerce sites. E-commerce sites should include a list of product lines they carry and a strong about page. A strong about page includes 4 key components:
- A tagline summarizing what the retailers purpose is
- A full summary of the retailer with more details which could include, goals, company history, and/or achievements
- A bullet list of key facts about the retailer
- Links to subpages that provide more information for customers who want to know the company in depth.
#6 Take care of your Customers
If retailers treat customers well, they will return to shop again. Little things like free shipping on returns or replacing damaged items without warranty leave an impression on customers. They know you value them and stand by your product.
#7 Think of ways to Expand
Retailers should always look for new ways to profit. For instance, a makeup retailer shouldn’t suddenly start making shoes, but if they don’t have an eyebrow pencil line, they could start selling eyebrow pencils. Once you have a strong product think of additional product lines you can include, without compromising the brand identity or broadening the scope of your customers.