For some reason, many small business owners seem to think that if they have good merchandise and are knowledgeable about their product, they will be successful. While there is no denying the importance of both traits, there is a great deal more to turning your small business into a successful operation. Good business owners, the ones who are able to stay in business for years, are the ones who also have a sound understanding of customer service, local government, and the industry. Most importantly they know and understand the subtle nuances of retail marketing.
It doesn’t matter what kind of retail a business sells, or what part of the world the business is located in, the basics of marketing remain the same. When properly applied there are four phases of marketing that will help turn any small businesses into a profitable venture.
Traffic is the key to getting a business up and running. In order to have any hope of making sales, the business owner is going to have to figure out how they can let the local population know that they are open and ready for business.
If people don’t know that a business exists, they aren’t going to be stopping there to make purchases. Big splashy sales, loyalty cards, community involvement, and fliers are just some of the ways a small business owner can let the world know their business is ready for customers.
Getting the customers inside the shop is a good start but it isn’t going to be enough to keep the retail store in business. To stay in business, the customers have to make purchases and it is up to the business owner to come up with marketing ideas that will coax the customers to open their wallets. Discounts and sales are just one method for generating purchases. Business owners should also visit their competitors shops and see what they do to encourage the customers to stop browsing and start buying.
One of the biggest marketing dilemmas shop owners face is how to encourage their customers to purchase the items that will create the biggest profit. While the shop’s success might not depend on the sales of these items, they do give the owner some breathing room. Some shop owners have found that sales and a loyalty one program will generate the sale they need, other shop owners have found that placing the item near similar, more expensive items is enough to get the customer thinking they are getting a deal and would be foolish to let the opportunity slip away.
Anytime a customer becomes a repeat customer, the business benefits. Repeat customers are golden. While a business wants to constantly gaining new customers, keeping their old ones happy is more important. Things like good customer service, deals for repeat shoppers, and customized marketing are methods a small business owner can use to make sure people continue to come to their store instead of taking their business elsewhere.
Business owners who own successful businesses understand that the community is the key to their Retail marketing survival. When a business owner takes an interest in the community, and does things to help the community out, the community usually makes an effort to spend their money at that business owners shop, even if there are cheaper alternatives available. Things like volunteering, sponsoring community events, attending school events, and becoming involved in local government are an important part of retail marketing.