Recently we have been receiving correspondence from retailers telling us about increasing competitors in both malls and strips advancing to compete in their product range by either opening new shops or by increasing into the competitors product range within their shops.
Some retailers respond by increasing their advertising, some by reducing costs or by reducing their competed product range.
We advocate a review of many of the existing retail practices to ensure that we have ‘fine tuned ‘our business in the wake of increased competition and this
quick health check often turns up opportunities to increase our customer traffic, sales and profits.
Have you been collecting historical customer data as they have purchased from you?
Do you have a direct marketing relationship with your customer base?
Are you building VIP loyalty events for your clientele?
Are you reviewing your competitors and actively shaping your offer to be that little extra in its uniqueness?
Are your windows strong, fresh and vibrant with an eye grabbing and strong message?
Are you reviewing inventory levels and managing your OTB levels in ratio to current & future sales?
Is your average transaction value static or in decline and what is the training and merchandising program to increase this transaction value?
Are you watching cash flow planning to minimise those unnecessary expenses?
Are you measuring the number of shoppers that visit your stores and become buyers?
Are you reviewing staff sales productivity, rather than slashing staff costs?
Are you having your customer service level evaluated by colleagues or perhaps engaging in Mystery shopper feedback?
Sometimes we give our customers more reasons to leave than to stay.
