If you are trying to stay away from the statistic of 96% of businesses failing within 10 years of opening their doors, you are in the right place. There are a few important keys when starting a retail business. If you do not have a retail strategy in place yet we are going to help you with three important keys below.
1. Customers
Retailers that are successful put their customers first. There are different ways that you can show that you care about your customers and appreciate them. You can set up special events for loyal customers and new customers or send them special offers.
Understanding who your customer is will make it easier to tailor to their experience. Make sure that you track customer activity through software and through analytics. You can also ask for feedback directly from your customers through surveys or different forms where your customers can share their opinions.
When your customers are happy they will continue to buy and even better will tell their friends about your store.
2. First Impressions
The outside of your retail store matters as much or even more than the inside. This includes things like the window display and your sign. You want to make sure you find the perfect sign company to represent what is inside your store in order to attract the customers you want to come inside and shop.
You can have fun with your window display and create different ones based on the season and trends. Make sure that you take your time every time you change your window display. Plan it out before you start moving and changing things around.
If your goal is to attract full-price paying customers then you want to create your window display with items that are not on sale. This will help you attract those people that fall in love with the retail you are showing off before anyone steps foot inside your doors.
3. Stand By Your Products
Some of the best retailers out there stand behind everything they sell through their guarantees. You can offer a generous return policy and a guarantee to stand out from your competition.
A great example of this is long time retailer L.L. Bean. If you take a pair of boots that are falling apart you can have them repaired or replaced at no cost. Those customers that have gone through this experience end up becoming loyal and devoted because they feel like their business matters to L.L. Bean.
Ready to Apply the Retail Strategy Tips Above?
Now that you know about the top retail strategy tips it is time to take action and start applying them.
You can compete with other retailer companies with confidence. Remember things are always changing in business and it is no different for retail stores. If something is not working or stops working, it's OK to try something new.
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