The #1 problem facing every retailer today is simple…there's way too many stores that all look alike, selling way too much merchandise that all looks alike, staffed by people who don’t know and don’t care. That’s it! Add to that an economy in “snooze mode” and it’s not a pretty picture.
All of that being said, money will still be spent somewhere and the very best retailers will always do well. These are the retailers who create, deliver and communicate compelling Value...retailers who have the ability to consistently excel at six things:
- Clearly understand and passionately care about well-defined target customers.
- Search out merchandise that has some clear functional advantage, or makes a compelling emotional connection with those target customers. Especially when times are tough, that's the only stuff that's going to sell at a price that makes you a profit.
- Present that merchandise in a location and a way that gets you noticed, creates interest, shows "possibilities" and makes it easy and stress-free for customers to find it and buy it.
- Hire, train, reward and inspire staff that know and care...and are empowered to do the right thing.
- Effectively communicate compelling Value to target customers as a group and, more and more as time goes on, to their customers as individuals…and,
- To do all of this with world-class operational efficiency that allows them to be price-competitive and still keep a couple of pennies from each dollar of sale!
Donald Cooper, MBA, has been both a world-class manufacturer and an award-winning retailer. He speaks and coaches internationally on marketing, management and business excellence. Donald can be reached at firstname.lastname@example.org in Toronto, Canada. To read more of his articles, go to www.donaldcooper.com and click on “Free Articles”