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Securing Sales in an Insecure Economy
By Christine Corelli
A business consultant and best-selling author shares her secrets for strengthening business when sales are down.
Sales are slipping for many businesses. Many economists believe that the economy is unlikely to turn around soon, especially for products that are not considered necessities. Unfortunately, many specialty retailers have been affected.
What do you do? Wait for things to turn around? Cut prices to the point of eliminating a decent profit? Worry and lose confidence in your future? None of these options is the right solution. In fact, as the old saying goes, worry is like moving on a rocking chair. It may keep you going, but it will get you nowhere.
Your future success will be measured by action. Nine tried-and-true methods to put you in the right frame of mind and help you to secure your business in this tough economy follow.
First, become a chameleon. Learn to adapt as you accept changing business environments. Dynamic forces of change are converging upon you. When a chameleon’s environment changes, its biological processes enable it to adapt readily to those changes. Unfortunately, for human beings, it‘s not quite so easy. The longer you resist the changes that are occurring, the longer it will take for you to see sales results. Accept what is, adapt to changing environments as a chameleon does and forge ahead.
Second, go back to basics. Focus on the activities that you performed when you first opened your store. One of them was letting the world know that you were open for business. Smart specialty retailers will spend significant time on the telephone, calling customers who have purchased in the past. Form partnerships with other retailers so you can help each other increase business.
Third, work harder at selling. Increase upselling and add-on sales. Listen to your customers’ needs, but always show the high-end products first. Make customers feel how pleased they will be with their purchases. You will be surprised at how you can increase sales by making a concerted effort to sell add-on products. Entice customers to purchase new cushions, barbecue tools, lighting or any merchandise that will complement their purchases.
Fourth, tap into your creativity. Good retailers copy what other successful retailers are doing. Now is the time for a little innovation of your own. Try out new ideas for in-store promotions. Hold a tent event in the parking lot or give a gift to the first 25 people who come through the door. You’d be surprised at how quickly people will line up for a free barbecue utensil.
Fifth, update your marketing. Are you using state-of-the-art marketing technology to capture vital customer information? Do you have monthly email marketing campaigns with special promotions and discounts to keep your name in front of the customer? Do you have an online store? To obtain ideas for monthly campaigns, subscribe to promotional emails from Alsto.com, LampsPlus.com and other specialty online retailers.
Sixth, leverage vendor expertise. Enlist manufacturers’ help in obtaining ideas that will help you. They want and need you to be successful. The more you grow, the more they grow with you. They also have access to market research and data on future trends. Obtain this information from them, and get some research of your own from the Hearth, Patio & Barbecue Association.
Seventh, outshine your competition. Portray a higher level of professionalism and service in every aspect of the customer experience. Listen more; talk less. Provide more knowledge, offer more ideas and help customers more than your competitors help them. Help them even when there is nothing in it for you. End each encounter with the words, “I really appreciate your business. Is there anything more I can do for you today?”
Eighth, maintain the wow factor. Develop an obsession for providing a consistently great customer experience, and put the wow factor into your store. Make certain that it is appealing to all of the senses and that it sets the proper tone for the merchandise. Since you are selling items for relaxation and fun, make sure that your customer feels relaxed in your fireplace/hearth area and playful in your patio area. The merchandise must be beautifully displayed, floor plans must flow well and everything must be easy to see and access.
Ninth, secure your future. Charles Darwin taught us the concept of survival of the fittest. This means that those who are the most responsive to change will survive. In today’s world, those who are most adaptable and creative will remain players; those who are not will go by the wayside. If you institute smart strategies, introduce new products and differentiate your store from your competitors by portraying a higher level of service in every aspect of the customer experience, you will not only survive, but will also gain a competitive edge.
Securing new business in these insecure times takes the right people, well–thought-out plans and strategic tools. Just as important, in the long run, is the right attitude: pushing forward, not simply waiting for things to turn around. Finding the right road to success in tough times will position your specialty store well ahead of your competition. It will ensure that you are ready to accelerate even faster when things do turn around.
Christine Corelli is the author of four books, including the popular “Wake Up and Smell the Competition” and “The Art of Influencing Customers to Buy From You.” For more information on her books and speaking services, visit her Web site at www.christinespeaks.com.
PHPR July/August 2008
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