The best retailers know who the target consumer is and why the consumer targets the retailer. In the event an individual doesn’t enjoy building his or her own furniture or can purchase a dresser already assembled, for example, IKEA wouldn’t be interested in targeting that consumer.
This is the main technique in making a business successful – knowing how the customer is, as well as who he isn’t. This helps control demand while creating a dynamic niche for the enterprise. Business leader and entrepreneur Jose Duarte has built his retail and eCommerce success off this paradigm, and shares seven tips that will help any retail startup succeed.
Target clients who can afford to pay full price. The temptation is to pursue the tightwads – don’t. You are purchasing their dedication with your own particular lost benefits. Duarte points out, “While it’s possible to purchase closeouts and things that were popular a year ago, there’s a reason they are now unpopular – a decline in demand. Stores exist to answer customers’ one inquiry, ‘What’s new?’ Good clients will pay for that. When you are attentive to what you purchase for your store – once you truly comprehend who your clients are – they will purchase from you.”
Pull in new clients with incredible windows, an awesome website, a blog and other social media platforms. A consistent high-quality experience is a prerequisite for attracting full-price consumers. That implies window displays that stand out from the rest and offer everything with one grouping, as opposed to trying to push sales for everything in the store. This includes creating a website that reflects the characteristics of a top-shelf experience, a blog that keeps on helping your clients accomplish more with the products or services being offered. Furthermore, it implies a compelling social media strategy that should include multiple platforms, such as Instagram, Twitter, YouTube, etc.
Pay employees more. There’s a reason numerous small businesses remain that way – they think little and attempt to restrict all expenditures. When a business owner pays workers more, he or she can expect more. Stores that provide greater compensation are rewarded with higher profits and lower turnover. Entrepreneurs can never exchange the ability to offer an incredible customer experience for the employee willing to work for the least amount of money.
Educate employees better. Many retailers opt for hiring someone who has previously worked for a competitor because that individual has already been trained,” explains Duarte. “However, it is important to remember that the individual was trained according to the competitor’s policies and procedures, and these may not line up with yours.” This implies that the business owner acquires a framework frequently inconsistent with his. Entrepreneurs can underestimate nothing with regards to how representatives pick up the telephone, welcome a client, offer stock – even take out the garbage. New sales training is indispensable every time.
Manage the best stock on a routine basis. Duarte explains, “Consumers aren’t just looking for more models or choices; what they want are the best choices. This means that a retail entrepreneur must be able to organize and present a collection of goods that consumers can clearly determine have an advantage over competitors’ products.”
Customer engagement is a great way to ensure the success of the endeavor. This doesn’t mean just saying help. The best merchants understand that the game is engaging the consumer in conversation. This doesn’t mean that they need to be pestered with a lot of questions, but employees have to be trained in how to create an active dialogue with the customers. Be helpful, but not overpowering.
One of the last keys is to invite the customers back. How the customers are treated at the end of the experience will stick with them as they complete their visit to the store, whether a brick-and-mortar establishment or an eCommerce website. Always be friendly, engaging and memorable.