Friday, August 29, 2014

Small Fish, Big Pond....

I was recently asked how you compete as a small fish in a big pond. This person owns a retail business within a mall. While he has amazing products (and an even better location), he feels that the other bigger, brighter retail signs are stealing from his business. He asked me how does one compete as a small fish in a big pond. I put a lot of thought into this. Here are my top 3 ideas;

Step 1: Make sure customers can see you and your best-selling products through the retail space's front window. If your cashier is all the way at the back, people will be less likely to shop at your store. They want to see your product, buy it, and then easily get out of the store. It is a statistically proven fact that retailers with a cash register placed at the front of the store do better. Why do you think you can buy perfume as you arrive inside a Macy's store?

Step 2: Tone down the blaring music. Some mall retailers do this to "attract attention". If you are selling to a demographic of 13-20 years of age, this is OK. If not, the music becomes overwhelming and no one wants to stay in your store. Many people shop with a friend or while on the phone. Blaring music can interrupt their conversation and they will leave your store because of this.

Step 3: Offer something unique. More and more nail salons are offering champagne with their pedicures. Other stores provide dog treats. Figure out a way to offer something free that will be memorable to your customers- something the major retails simply couldn't do.

I hope this information is helpful.

Until Tuesday,

Twyla N. Garrett

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