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Easy Ways To Improve Your Retail Business

Source:Free Trade B2B marketplace Freetradearea.net Date:(2011-10-19)Category:

When results count, you\'ll findthat highly successful people aren\'t any more talented or intelligent than you are, they simplyhave learned how to do things in a different and more profitable way. Here\'s a comprehensive list of practical customer-winning ideas, tips and techniques toset your business apartand make it a successful experience.



CUSTOMER ANALYSIS: 1.) Find out who your customersare andwhat they are seeking.



2.) Profile your customers by age, income, occupation, etc.



3.) Know the reasons why customers shopat yourstore? (service, convenience, dependability, quality, promptness, or competence).



4.) Understand the market forces affecting the consumer\'s attitude whenit comes to price and what theyexpect to pay.



5.) Emphasize areas of appeal such as: special sizes, lower prices, better service, wider selection, good location, or convenient hours.



6.) Offer unique products at prices your customers can well afford.



7.) Have a tracking system for how manycustomers shop your store everyday.



8.) Seek suggestions from your best customers on ways you can boost business.



9.) Tryto re-establishlost orinactive customers.



10.) Use a store questionnaire to aid you in determining customers\' needs.



11.) Plan on making anychangesto satisfy the new value-conscious consumer.



CUSTOMER RELATIONS:



12.) Improve your return policies.



13.) Make it a policy to give cash refunds whenrequested by the customer.



14.) Offer customers a \"no hassle\" satisfactionguarantee.



15.) Use a suggestion box and customer want slips.



16. Extend yourstore hours.



17.) Accept Visa, Mastercard, Discover,and American Express.



18.) Analyze complaintsand take actionto prevent recurrence.



19.) Train employees toserviceand work with customersin a professional manner.



20.) Call customers to let themknow when new items have arrived.



21.) Have lots of convenient parking for customers to use.



22.) Have a clean bathroom available for customers to use.



23.) Grade yourstore\'slocation every year in regards to and accessibility.



24.) Create a system tolet customers know how much youappreciate their business.



MANAGEMENT SKILLS:



25.) Use advertising techniquesto create urgency and motivate customers to buynow.



26.) Test different aspects forpromoting business: -- new offers --newitems -- new prices -- special announcements --stronger ads and betterheadlines.



27.) Know what type of advertising methods workthe best to attract customers (direct mail, newspaper, television, radio).



28.) Use memorable advertising that sets your business apart from the competition.



29.) Create newopportunities for customers to purchasemore frequentlyfrom your store.



30.) Implement proven business formulasof other successful retail firms.



31.) Replace outdated methods with new techniques and better resources for retailing intoday\'shigh-tech, fast-moving,and competitivemarketplace.



32.) Set up an inventory control systemin regards to shrinkage, performance, amount ofmerchandise, mark-up, profit and turnover.



33.) Determine whether to pricecertainitems below, at, or above the market.



34.) Utilize a system for tracking slow-moving merchandise and those products that are your best-sellers.



35.) Use different waysto arrange and display merchandise thatwill make it easier forcustomers to buy.



36.) Know your average sales transaction and what you can do toincrease it.



37.) Increase your sales transactions by offering better prices, more value, sales incentives, or add-ons.



38. Know which productsare price-sensitive to your customers, that is,when a slight increase in pricewill lead to a drop-offin demand.



39.) Know the maximum price customers are willing to pay for certain items.



40.) Computerize your business to help streamline everyday tasks such as inventory control, point of sale, and overall businessanalysis.



41.) Evaluate the amount of inventory you carry, and fine tune your operating expense ratios ona regular basis.



42.) Buy distinctive merchandise that fits intoa nicheyour competitors don\'t have.



INSIGHTS FOR A SKILLED MARKETER:



43.) Attend trade showsthat provide the latesttechnology, inventory systems, educational seminars, and other industryrelatedresources.



44.) Use newsletters asa \"marketing tool\" to remind customers of the products or services you provide.



45.) Create a budget for both regular and off-price merchandise, and doyou know what role theyshould play in your buying strategy.



46.) Establish dependable resources where you can buy current, name brand and designer merchandise below wholesale prices.



47.) Make it aneffort to buy promotional and off-pricemerchandise to improve your profit margin.



48.) Buy private-label merchandise to avoid thesame line prices of your directcompetition.



49.) Join otherstores like yours in area-wide buying programs to receive better pricesor trade discounts.



50.) Docross-marketingby joining forces with restaurants, clubs, or whatever to jointly develop special promotions.



51.) Belong to trade associations and subscribeto newsletters and trade publications to keep you informed.



52.) Involve employees in making suggestions for improving business andcuttingcosts.



53.) Implement a program to reward youremployees for their extra efforts and innovative ideas.



54.) Empower employees to make important decisions, even if it means losing a small amount of money to make your customers happy.



55.) Don\'t let emotionsget in the way of making sound businessdecisions.