Succeeding in any business requires a certain set of base-line skills; however, the retail store business has its own dynamics.
Several authors have written literature, including books on how to be successful or what successful minds have. Some of these habits apply to any situation, whereas; few situations demand specific skills and behaviors.
Habits like being proactive, and having a clear picture of the end before starting anything, can surely help you out in every domain, including the retail business, which we will talk about today.
Retailers should develop habits that can increase the performance of their business directly and effectively. Mostly these habits revolve around customer satisfaction, leadership for the employees, and staying up-to-date.
We will list down 9 reasons why people succeed in the retail stores business in this article. So, for all retailers out there, on how many reasons you can place a tick mark?
They Know Everything About Their ‘Whys’
In a famous TED talk, Simon Sinek explains how leaders can inspire others and produce results that were unimaginable at some point. He also explains that businesses also need a purpose just like any leader or a progressive human being.
The purpose that defines the business’s very existence is why the business was established and why it should exist. Understanding this point means you are clear about your future vision, and once your mind is doubt-free, you can move in that direction with full thrust.
Famous companies like Microsoft or Google never say or advertise why you should buy their products. Instead, they explain or comment on why they exist and what their purpose is. The product line automatically complements its purpose.
If you analyze Google’s mission statement, you’ll know the purpose behind this multi-billion company. They want to organize the whole world’s information and make it accessible to everyone out there. Now, this is the purpose that is driving them to make breakthroughs every day.
Customers Are On The Priority List
No matter what retail business you are, the only way your business will flourish is the relation with the customers. For any retailer, the customer is the sole way to achieving revenue, so caring for him and putting his needs before the business’ needs will definitely create a bond between the business and the customer.
You must have experienced that good behavior with a customer makes him your ambassador. The customer will advertise for you and that too freely. Can you come up with any other free advertising strategy? I don’t think so.
To better serve your customers, the first thing is you need to know them, and there are various strategies for that. As technology is advancing, data analytics is being used extensively to predict customer behavior and trends better. You can additionally ask for feedback even directly from the customers to know their satisfaction.
Take Advantage Of The Developed Systems
In continuation of the previous point, taking advantage of the technologically advanced systems can help you in several ways.
Apart from gathering and analyzing customer data, you can help such systems to serve the customers better. For example, various retail stores’ point-of-sale systems allow customers to automatically checkout without any hassle of going through the queues and waiting in lines.
These systems automatically pair with your credit cards or bank accounts, and customers can easily pay the balance with a simple click.
Moreover, successful retailers, you advance computing systems to develop and maintain inventories, customer activity, employee data, and various other such things.
Therefore, you of technology and developed systems can take the burden off your mind by managing and analyzing a huge amount of data automatically and presenting results to you. Based on these results, you can focus on higher-level managerial issues and refine your overall business strategy.
Own The Quality Of Their Products
Successful retailers take pride in whatever they are selling and totally back their products. They know their products inside out and hence can make claims about its quality with 100% assurance.
This ownership will allow the retailer to better deal with any customer who returns with a damaged product. Just think of a scenario where someone walks in with a damaged product, and the retailer not only replaces it free of cost but also apologizes.
What will the retailer get out of this situation? The retailer knows his product inside out to easily think of what he can do with the damaged ones. Additionally, he’ll have a satisfied customer, who will surely return to buy more products.
Therefore, standing by the warranties and easy return policies can greatly impact the relationship between the business and the customer.
Be Choosy About Hiring
No one can succeed single-handedly in this fast-paced world. You’ll definitely need a team, and that too a good one. So, to implement your ideas, you need a team that shares your enthusiasm for achieving those ideas.
Moreover, in a retail store, retail employees are the ones who are going to act as the face of your business. They are the ones who are going to interact with the customers; they are going to help them search for a product, guide them at the checkout, and even ask them for feedback.
A successful retailer can well appreciate the dependence of success on the employees that the business has. These employees should be well aware of the business’s mission and vision and must be motivated to work towards that.
Although it is your task to develop the strategies, it is employees’ job to convert ideas into the practical experience when it comes to implementation.
Therefore, hiring the right people, and later on, placing them at the right locations is a key factor in making your business a success.
Keep Doors Open For Newer Ways
Successful retailers need to always look for newer ways to do everything which they do. Especially considering the advertisement avenue, successful retail will always be looking for more attractive ways to advertise the products.
Various things can be considered over here. Using out-of-the-box catchy taglines to designing effective and attractive promotions can attract new customers and hence increase sales.
In today’s online world, maintaining an online presence is of immense importance. Therefore, a successful retailer will not hesitate to use social media platforms to create a virtual presence.
Instagram is especially being used by progressive retailers to announce products, schemes, promotions, etc. to the customers who don’t want to spend time watching TV or reading newspapers. There are plenty of ways to grow Instagram followers & grow your overall retail sales.
Add A Twist Wherever Possible
Certainly, the competition in the market is more than ever no matter what product line you are selling. How can you attract the customer in this difficult situation, where even the customer is confused about how to choose.
One way for you to succeed is to offer unique products to your customers, but this will definitely be a difficult thing. Because whatever product you’ll come up with, there are several retailers already selling those items.
So what’s the solution then? Why not, instead of selling unique things, uniquely sell the same thing? Believe me, this requires a bit of hard thinking but can give you excellent results.
To support this point, have you ever visited McDonald’s for a meal? Can you name a restaurant that will provide you refreshing mineral water free of cost every time you ask for it? It would be hard for you to come up with even one name.
But McDonald’s does it; they offer you refreshing clean water every time you ask for it and that too without any cost. You can even ask for water even if you are not going to order anything. Now, what are they doing? They are selling the same plain water and purchasing your loyalty, which is much more valuable than plain water.
Remain Focused On Product Variety
This doesn’t mean that you sell only a few products or work with a limited variety of products. It means that you should know your customers and present them with the potential products they might be interested in. A general example is if you are a router manufacturer and you have retail. Then u should give Product Variety from the router for streaming to Xbox One Routers.
This may easily be achieved via online stores, where searching for the products is quite easy. Moreover, online retail stores manage the customers’ search results and the data about the products they have purchased. Additionally, a complete profile of the customer is maintained, and whenever he revisits the store, only the potential products in which he might be interested are shown to him.
This doesn’t mean you can’t do this thing in physical offline retail stores. You can, but differently; for example, a retail employee can be stationed in the aisles to help customers find things they are looking for and introduce them to other similar products.
Always Be Ready To Adapt
Successful retail always learns from the experiences and how the trends of the market change. Whatever strategies he has implemented, he is always ready to rethink those and modify them on the runtime.
You should be open to new ideas and experiment in new ways. Furthermore, analyze the results of those experiments to understand better how customers reacted to it and what modifications may be implemented to improve a strategy.
If any idea back-fires, a successful retailer, will immediately drop it and re-iterate the whole idea with different settings and conditions. However, the revised strategy will still be focusing on the customers and the vision of the business.
Therefore, if you are well aware of your business’s way, you can always come up with improved strategies and be ready to change your habits and adapt to new things.
We have chalked out 9 reasons why people succeed in the retail store business, and if you want to be one of the successful ones in this domain, you must think hard about the pointers discussed in this article.
What habit and strategy you are going to use in your retail business? Please share your experiences and ideas with us via the comments section below.
Thank you and Good Luck!
About the author
Faisal Rehman is a Freelance Systems Administrator and a writer at softwarespice.com. With 10 years of technology and systems experience, he writes about the best web hosting for small business and how to start a successful blog.