8 Tips to Grow Your Retail Business Fast | SMB Compass
Ezra Cabrera | May 3, 2019
The retail industry is one of the most fast-paced and competitive industries today. Retail business owners not only compete with similar stores near them, but they also have to go up against businesses all over the world that offer online shopping. To step up their game, retail business owners apply for New Orleans business loans and use the funds to improve the overall retail experience they provide to customers.
By improving the customer experience, you’ll be able to generate more business, retain customers, and eventually thrive in a very competitive marketplace. Here are 6 tips that can help you do just that:
1. Create a Local Connection
To differentiate you from your competitors you may want to consider selling locally made products or merchandise, such as artisan chocolates, candies, and other goodies, as well as shirts, hats, fans, and more. For example, if your shop is located by the beach, you can sell swimwear, tees, or slippers printed with the name of a popular local area or hangout. Better yet, selling items that aren’t easily found elsewhere, can be the competitive edge you need.
2. Research, Research, and Research
Even if your shop is doing great, you should never stop researching for ways to grow. You need to stay updated with your customers, leads, competitors, as well as your competitors’ customers. It also helps if you research your inventory sell-through and vendor sell-through. At the end of the day, you want to consistently research ways to improve your sales, customer service, products, services, and marketing.
3. The Off-Season is Your Friend
Off-season swings are a part of running a business. A successful business owner takes advantage of downtimes to prepare for peak seasons. You can clean the entire store, restock inventory, market your business on social media, think of new products or services to offer, or offer specials and discounts. Whatever steps you decide to take, be sure they are ones that will improve your business.
4. Make Sure Your Clients Remember You
Stay in the mind of clients and prospects by doing things that will help them remember you. You can do this by sending emails to them (with their permission) regarding sales, discounts, events, and specials. Additionally, you can also create an online store to improve shopping convenience and to encourage your customers to purchase more.
5. Use Your Window Display Wisely
Try creating a window display that tells a story, especially if your shop is located in a crowded area. Your window display should ideally catch the attention of passersby, encourage impulse buying, and not only peak but retain their interest.
6. Hire the Best Staff
When hiring employees, make sure to exercise discretion and due diligence. Before you employ someone, be sure you ask for references, conduct thorough background checks, and request related documents that ensure the people you hire are assets to your company.
7. Put Up Pop-Up Shops
Pop-up stores are a great way to generate buzz and expand your customer base. Contrary to popular belief, putting up a pop-up shop is easy and affordable. This is especially beneficial for retail businesses that only operate online because you’ll be able to interact in person and build relationships with your target audience. Pop-up shops are also an effective way to introduce a new product and to see how it sells. Cute and instragrammable shops may even get basic media attention from local influencers. Additionally, pop-up shops and sales great for clearing storage and warehouse space.
8. Collaborate with Other Businesses
Introducing a new product to your target audience is nerve-wracking. It’s one way to test it in theory; it’s another to launch it to the public. If you want to create a safer introduction to a new product line or service, you can collaborate with established businesses. These companies already have the resources and infrastructure needed to reach your target audience. This allows you to save a huge chunk of the initial investment.
For example, if you sell women’s clothing and you want to expand into men’s, you can partner with a local business that sells clothing. See if they would carry a few of your pieces to see whether they sell or not.
New Orleans Business Loans – Small Business Loans for You
Growing your retail business takes an enormous amount of patience, time, and money. Fortunately, New Orleans business loans can help business owners improve and grow your business. It’s best to talk to a financial expert as they can direct you to any number of available small business loans. They will also help you determine the best type of loan that will help you reach your business’ goals and meet your needs.