How to Improve Sales in Retail?
How to Improve Sales in Retail?
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The goal of any business is to increase their sales by increasing their number of customers and retaining their existing ones. Without sales, you do not have any business, and thus it becomes extremely essential to find ways to improve the sales of your business. One of the traditional ways that sales could be increased is by marketing the product or services. In today’s competitive retail world, you cannot afford to not market your retail business. Successful retailers are pretty much talented as you are, however, they have done things differently to be where they are now and have made money in the process. Thus, this had made it clear that maximizing retail sales should be the top priority of the business. In retail sales, whether things are always going great or the business is experiencing a slump, it is always good to evaluate the existing business to strategize methods to maximize retail sales.
Tips to Increase Sales in Retail
Here are few tips to consider to boost up your retail sales:
1. Ensuring your store shows up in online search results
The present world is all about online presence and marketing. Consumers always search online about a store before they buy anything. Be it any product or service, it is a rule of thumb in marketing that whatever you see, sells. Hence, you have to make sure that you are shown up on the internet whenever anyone searches for products or services related to you. For instance, if you sell baby clothes, ensure that your name shows up whenever anyone searches “baby clothing near me.” This could be achieved by setting up business listings on Google, Facebook, Yelp, etc. Keep in mind to fill out as many details about the store as possible while creating the profile. These details include:
- Name, address, and contact details such as email ID and phone number. These details should be the same as listed on your website or any other listings.
- Accurate business hours
- Many reviews about the place, product, service, customer support, etc.
- Lots of visual content which includes recent photos and if possible a virtual tour of the store.
This may seem like a lot of work but the more attractive your listing is, the more chances are that you attract many customers. Hence, do not shy away to add any of these details and make your listing an attractive one.
2. Advertise, Advertise, and Advertise!!
It is a competitive world and there are probably thousands of retailers that are looking to increase their sales and business by selling similar products and services. As long as customers are not aware of your business, no matter how good your products are, you are not going to see any sales. Consider newspaper ads, specialty publications, magazines, and most importantly digital marketing. One way of advertisement is called remnant advertising where the spaces in the paper for local newspapers are filled by branding ads. Social media marketing is one of the most sought marketing strategies that every business is already into. Creating business pages on social media platforms such as Instagram, Facebook, etc, and advertising your products and services has shown an immense amount of growth in sales.
3. Having a program for loyalty and making rewards to be obtained easily
Loyalty programs are concepts where the customers earn rewards for being loyal to your retail store. This program provides valuable insights for the retailers and gives insights into customer preferences. Customers feel happier when they get rewards and want to purchase more from your store. This could also apply to service-based businesses such as restaurants or cafes where customers are given discounts and rewards for being regulars. There are many tactics for tracking the loyalty of the customer. One of the examples is to make a scheme of collecting stamps every time a customer purchases any product more than a specific price or orders more than a specific price.
Studies have also shown that when the goals are made easier to be obtained, customers are motivated more to complete the goal. For example, consider an example of two groups A and B where both have to complete a 10-box stamp card to get a specific reward. Group A gets an empty stamp-card box from the retail store, but group B gets a stamp box that has 12 boxes but 2 boxes are already filled. Understand that both of them have to spend the same amount of money to fill 10 boxes, but Group B shows more motivation to fill the stamp boxes as they perceive the goal is easier to achieve and that it is closer to the goal. This tactic could be used by retail stores to increase more sales in their business.
4. Handle your finances
It is obvious that as a business it becomes crucial to handle the finances to manage the profit and losses. But often, many people may get overwhelmed by the idea of marketing and sales in several methods, that they do not keep financial records. Your money will be soon gone if you do not know where your money is going. Maintaining good financial records keeps you posted about your income and expenditures and gives you all the information about your taxes, debts, insurance, profits, losses, etc. Another important factor is to maintain a definite cash flow. Budget wisely and know the intervals of the monthly expenses and income. Many independent businesses or startups keep a rough idea of finances as their business is still in the growing process. However, it is advisable to keep a proper record of all the finances from the beginning such that a healthy financial record is maintained and the owner does not have to face any confusion later in the business.
5. Building your Brand
In this world of competition, customers have thousands of retailers from whom they can buy the same product or obtain the same service. If you want to stand out from the rest of the crowd, you must do something unique. Building a brand for yourself by making a common theme for the product or store design, eCommerce promotions, etc. Being creative and developing a brand that people will invest in, even if you charge higher than others should be your focus. Better customer support in retail outlets would enhance customer satisfaction as the retail personnel could help out the customer till the payment process. Your brand should be known for specific things that are unique to you. In this process, it is also crucial to reach out to the customers regularly by understanding the choice of the customers and tracking their shopping behavior. Sending out emails and showing them products that would interest them would be a great way to sell the products and services. Personalizing your brand to customers has always been shown to attract more towards your business.
6. Creating your holiday or event
It is usually seen that sales increase during holidays or when stores organize some events. Become creative during the months you do not expect any business and make your holiday. When customers become curious about the holiday or any event that is taking place in your store you would get more potential leads. For example, organize a hamburger week at the cafe and advertise the great burgers in your cafe. When more people are aware of your store, you get more customers to walk in. Another example is organizing events such as dropping of baby-products like diapers and lotions which could be used in the local shelter in your baby clothing store. Here you also perform a noble deed and simultaneously create awareness about the products available at your store.
7. Use creative retail staffing tips
Your retail workers are the people who represent your store. Hence, it becomes an important factor to hire staff who are responsible and more satisfied with their job. Consider these staffing tips to increase the efficiency of your staff.
- You could increase their morale by calling them an “expert”, “concierge”, and “consultant” rather than addressing them as a salesperson.
- Treat the staff members like they matter. Respect and appreciate their hard work and praise them.
- The main job of the staff is to make the customers satisfied, as the customers are the reason that they are employed.
- Teach the staff members to wow the shoppers within the first few seconds. They have to be trained to create a shopping experience where consumers become engaged and shortly transitions into a purchaser.
- Training the retail staff to communicate, and know about the industry and products would also go a long way for the business.
Retail shopping remains a highly demanded market as it is the most traditional way of shopping. The sales process is always tedious and it becomes an important factor to consider as without sales there would be no business. Many factors come into the picture when we talk about how to improve sales in retail. A few of them are the online presence of the business, ratings, and reviews, staff behavior, quality of the products and services, etc. When it comes to sales, it is said that whatever you see, sell. Hence, advertising and marketing your retail plays an important role in increasing your sales. Creative ideas such as making your holidays or events and having loyalty programs have also shown enhancement in sales. Managing finances and holding financial records are also important factors to consider when looking to expand the company and produce more sales of the products and business. Implementing at least a few of these techniques would surely boost up your sales in your retail outlet.
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