One of the most common mistakes I see with small retailers is the failure to analyze sales revenue. They may know top line sales and bottom line profits, but don’t take the time to understand the exact composition of sales. Learn how tracking Key Performance Indicators can help you find extremely important -and easy- ways to increase revenue.
There are four important questions that every small retail or restaurant owner should have the answers to. They are about understanding the essence of your business and your relationship with it. While I won’t call them magic questions, their answers will certainly bring clarity to your business and life and that’s an amazing gift!
According to a recent article in Retail Dive the purchase of private label merchandise soared in 2017 and more large retailers are going to follow suit in 2018.
The reason for the interest is purely financial…the margins are better!
So is private label merchandise an option for smaller stores? The answer is yes! Whether its something as simple as customer T-shirts to branded candles, your store has the option of carrying branded products that give customers a reason to patronize your store and put more money in the til!.
Here are some essential tips for getting started with your own private label products.
Is private labeling a practical option for independent retailers?
Ever dream of starring in your own home shopping network show? Talkshoplive can make that happen! This brand new platform allows you set up your own show and sell merchandise -- for free! (A fee is added to each purchase and paid by the buyer.)
Use your star power and the power of social media to easily expand exposure for your unique products outside of your four walls.
Here's a link to learn more.
March 29th is National Mom and Pop Business Owners Day. Here are a few tips for celebrating you and your business!
Are you targeting GenY, those born between 1980 and the turn of the century? This article offers some great tips on how to successfully use email marketing to engage this customer. Click here.
Indie bookstores are making a comeback, even as Amazon is hurting sales and the big chains are closing around them. Read about how some local bookstores are creating niches that build loyalty. It's great advice for almost every type of retail business. Read more.
By now you've heard that Toys R Us is closing its doors. Have you thought about what opportunities this situation presents for your store? Perhaps you can extend your product mix to include toys/games/gifts that sync well with your business? I know so many of you are having trouble hiring quality staff. Perhaps you can recruit from a nearby Toys R Us. They anticipate laying off 30,000 people who are going to be looking for their next gig. Take a minute to think about your store and see if this closing can open new doors for you.
Ready to transform your business easily and quickly? Take advantage of this limited time offer to get a FREE e-copy of my book, Growing Small. How To Manage, Market and Measure your way to retail success in just 90 days! Click here to get your copy today!
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Did you know March 29th is National Mom and Pop Business Owners Day? Here are a few tips for shining the light on you and your business!
Is February a slow month for your business? Why not use the time productively to organize and get ready for spring. Here's a checklist to help you!
Don't let Yelp get you down! Learn the ONE thing you can do to get rave reviews and download my free Yelp Help cheatsheet to help you navigate best practices for taking control of your online reputation. Click here
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In retail, there’s one thing we know with absolute certainty these days - the customer is always shopping! They are researching and surfing 24/7 from their computer, tablet or phone. They access websites, social media pages and review sites like Yelp to help them decide what and where to buy.
It’s very likely that a potential customer’s first point of contact with your business is going to be via a digital doorway. Are yours set up to make the best impression?
Here’s an easy pre-holiday digital tune up.
Make sure your platform is mobile responsive
Today, significantly more users are accessing the web from a tablet or smartphone than a desktop and it’s important they enjoy an optimal experience on these smaller screens. If your website was built some time ago, there’s a chance it’s not mobile responsive, meaning it’s difficult to read, doesn’t flow well and the photos are too small when viewed on a smaller screen. To check, just access your site from your phone. Does it look good and read correctly? If not, I strongly recommend having your site updated.
Evaluate your overall website effectiveness by asking a simple question
Your website might be the first point of contact for a potential customer. You want to insure it
is inviting, properly conveys your brand message and is easy to use. A simple litmus test
is to ask yourself, “If someone who didn’t know anything about my business visited
my website, would they have a true understanding of what my store is about?”
Be honest in your evaluation and if your site isn’t a true representation of your business,
update text and photos to convey the desired impression.
All digital platforms
Take an inventory of the information on your website, social media and all review sites
Is the following information is available, easily accesable and correct:
Address and locator map
Phone and email contact information
Social media links
Add a back story
Thanks to Small Business Saturday and other shop local programs, consumers have a
heightened awareness of the importance of shopping local during the holidays.
Use this to your advantage by creating your personal back story and promoting it across all platforms.Let potential buyers know they are supporting a real person who lives in and supports the localcommunity.
If you aren’t boasting enough shiny 5-star ratings to make a potential customer swoon, this is a great time to reverse the trend.
First, and most importantly, make sure any of the legitimate issues mentioned in the reviews have been resolved.Then invite disgruntled reviewers to give you another shot and update their reviews to a, hopefully, better rating. Also, make a point to solicit new reviews from customers daily so they are current and flattering.
These are just a few digital tweaks that can make a big difference in a consumer’s first impression. But the final push is all about content. Work on your holiday content strategy now and get it ready to rock and roll. Start posting photos, text and videos now that will engage followers, boast your brand personality and, of course, contribute to increasing your search rankings.
Until next time, remember...
You can do this!