Posts Tagged: make money

How To Make Money In The Competitive Retail Sector

In the retail market, small changes can make or break you. This is what makes some people love owning retail stores and other people loathe it. You see, retail strategies are pretty unique. They really require a light touch, a sensitive eye, and constant attention to the smallest and most insignificant details. 

Retail strategy, in fact, encompasses almost every aspect of running and operating a store. When the market was good, you could afford to let little things slide. You could put off updating your retail displays, for example, or not use cutting-edge advertisements. It didn't matter – there were so many customers that everyone was getting enough business to stay afloat. Nowadays, however, people are much more careful with their money. Using the most effective and the most cost-effective retail strategies is crucial.

Selling retail clothing, I am hit pretty hard by changes in day to day, month to month, and year to year market conditions. I am completely ruthless with my retail strategies – I do everything that I can. Even things that seem to not do much good, such as sending out e-mail marketing newsletters, still help secure customer now and then. An even better idea is to shift from giving out discount coupons  – personally, I use a local publication called the Spree Book – to selling inexpensive membership cards. Usually, a shopper will be willing to pay a couple dollars to buy a membership to your retail store. Once they do, they will feel brand loyalty – they will want to get the most use they can out of their membership.

Retail display setup is also an important aspect of good retail strategy. Product placement is everything. Put smart, sensible, down to earth products where smart, sensible, down to earth customers are likely to look.  Have your “impulse buys”Where people are likely to be impulsive. This is why so many stores have apparently sloppy retail displays on the counter. If they make them look sloppy, impulsive, and last minute, people are likely to make sloppy, impulsive, last-minute decisions about them. People buy cute little items from these cases all the time. 

When it all gets down to it, although marketing and advertising change from year to year, retail strategies are still about human psychology.  If you have a good location, capitalize on it. If you don't have a good location, go to great pains to emphasize that people willing to put a little more effort into their shopping will get better results. Your retail strategies should make your customers feel special for shopping with you. Then they will come back again!