Finally, you just decided to run a retail store or you are planning to jump into the business line. You have done your research on the line of retail you intend running. You have already measured the growth potential and chances of success in the kind of store you are planning to set up.
Now, you are looking on how to increase the possibility of the success of your retail store. Here are 5 ideas for your retail store success.
- Choose The Right Product to Sell
For sure, there is always a product from every customer but have it in mind that not every product has a wide range of customers. Your products are the foundation of your retail business, with the right products you can skyrocket the chances of growing your retail store into a big business venture. The question is, how can you pick the right products to sell?
When choosing an item to sell there are various factors to consider. The main factors being interest, demand, and margin;
Interest: Interest or acquaintance is how much knowledge you have about that certain product, it will be more helpful to sell a product you like and know much about than otherwise.
Demand: Demand is how well a product is sorted out for. In a sense, if the demand for a product is high, then surely, a retail store which focuses on that product is likely to succeed. To check for the demand of a certain product you can use various sources such as newspapers, the internet, magazines, and commercial centers or even meet with consumers.
Margin: Margin refers to your level of profit from the sales of each product.
- Know Your Market
After you have chosen your product, you are likely expected to do research on your market (that is, the kind of consumers you will be selling to). Your market or audiences are your potential customers. But, unfortunately, you can’t sell to every person out there as not just anybody will like to buy from you. So you have to know your market.
- Who are they?
- Are you selling to a certain class, tribe or even religion?
- Do they have the wants/need for the product you are offering?
You need to make research on the kind of market or audience your retail store could attract and work towards that market. Knowing your market allows you to put more effort into making your class of targeted consumers buy from you, rather than you running after every possible consumer you can find.
- Examine your Competitors
Most profitable businesses these days are highly competitive, so when operating a retail store, you need to do research on your competitors. Their marketing strategies, pricing strategies, customer service, kind of employees and any other information you can lay your hands on.
Being one step ahead of the competition can help you in the long run by boosting up sales and profit and also create more value on your product. Some products in the market today, although may be expensive in the highly competitive market, are still purchased by consumers due to the trust and value are given to such products by consumers.
To establish this trust and value on your product you may need to attract and give consumers a reason to use your product in the first place. Attracting consumers can be done through advertising which is the next big idea for your retail store success.
Advertising is all about creating awareness of your product. You can’t open your retail store and expect consumers to come flocking in just immediately and start experiencing success. You have to first tell consumers that you exist and you have such items in stock.
Making ads, conveying flyers and using social media platforms for promotion can help people get to know about your retail store in a very short time and increase the chances of its success.
- Great Staff
One reason why most businesses fails is because of poor staffing. Great workers are an advantage for any business especially if the staff gets to meet and communicate with customers. A good employee can drive sales just by getting personal with a single customer. When employing individuals to work for you, make sure they are business and customer oriented, and follow your marketing strategy.
Also, motivation goes a long way to improving staff productivity. Remember to motivate your staff at certain times and urge them to work their hardest to make your marketing strategies a reality.
When operating a retail store you need to put a lot into it for you to get a lot from it in return when picking your product, you also need to consider what price you are going to place on the product for it to sell. When advertising, you need to know how to grab your market’s (audience) attention and how to convert them to potential customers. Also, when examining your competitors, you need to study how they rose to their success point and also the ills they met on the way.
With research, you can get all these done and increase profit and the growth potential of your retail store in Nigeria.