What It Takes to Succeed in Today’s Retail Market
The only constant in the market today is that there is always a new change on the horizon. With that said, what constants can you control on your end to be able and ready to adapt to the regular changes in the economy? We have a few recommendations for you to use that if executed well, can keep you on top of the competition.
By thinking small, we don’t mean think like the mom and pop shop down the street – granted, if they’re doing well you may still be able to learn a few tricks from them to help you along. We’re saying, narrow down on one focus, and don’t try to scatter your efforts across a dozen different projects.
Why are big brands struggling? There’s a strong argument that the reason is because they’re trying too hard to be everything at once and not specializing in any one thing. They fail for the same reason that it’s always better to be a master of one trade than a half-baked jack of all trades.
There are different types of specialization you can step into, but we’ll keep to the most effective – industry specialization. It has been well documented in the specific case of auditors, and the same benefits carry over to other industries.
Why does specializing your business to catering to one industry make sense?
- Industries as a whole are likely to remain.
- As long as you are sure to invest time in keeping up to date in your specific industry you are unlikely to be left in the dust by a sudden development. If you were spread out in multiple industries, it becomes easier to miss out on changes that would leave your services obsolete.
- Clients receive specialized service.
- This is the difference between talking to the super-store cashier down the road for advice on your car and talking to the mechanic. Being specialized, you carry more authority on the subject, and are trusted for it in how much more value you bring to the customer.
- Risk reduction
- Similar to the last stated subject, as an authority you know your industry in and out, and are much less likely to make mistakes that could cost your clients money. Your clients and partners will recognize this.
This sounds obvious, right? Who doesn’t keep track of their impression and conversion rates? There’s more to maintaining a dedicated consumer base than just keeping tabs on who buys what and how frequently. Some customers may only be buying discounted goods on sale, and others may be returning half of their purchases after the fact, throwing your data off.
So what can you do?
You’re already measuring profit and sales, and are able to improve that. To improve customer loyalty, you need to measure it. This begs the question, how is your social engagement looking?
- People engaged
- Engagement rate
- Post-specific scorecard
- Engagement Rate
- Total Engagement
You need to document where you are with each of these, as well as any other social media platforms you may (should) be using such as Twitter and Instagram.
So how do you use this info? The same as you do your other metrics. Marketing is more a science than it is an art, so stay structured the same as you do with any other efforts. Use simple A/B tests to find what is effective from one effort to another. Keep what works, scrap what doesn’t, and repeat to refine your process.