6 Must-Know Retail Success Tips for Business Owners

6 Must-Know Retail Success Tips for Business Owners

Do you feel left behind as the retail industry keeps transforming?

Brick-and-mortar is not what it used to be, and it needs to redefine itself in order to weather the "storm" brought about by digital marketing.

But how can you overcome the most common growing pains as a retail business owner? And how can your company not only survive but thrive in a constantly changing market that's becoming more and more consumer-focused by the day?

If you want to learn how to be successful in retail, here are 7 key tips you can't do without: 👇

1. Do your homework before opening a store

Over 50% of new businesses fail within the first five years.

Part of the reason why this happens is that entrepreneurs invest without researching their market. They come up with what they believe is a great idea, but in reality, it isn’t something anyone is really interested in paying for, and it soon turns into a sinking ship.

You can avoid this pitfall by conducting market analysis that allows you to discover whether or not there is any buyer demand for your product. You also want to make sure that you choose a high traffic location that guarantees you have visibility and are accessible to your target audience.

2. Design your store to boost sales

Lighting, creative displays, and the right layout have been proven to attract more returning customers and increase profit. So make sure you choose your space and design wisely, keeping in mind what consumers really want when they enter your store.

3. Training your staff is a must

Some retailers still believe in this day and age that staff members being well-versed in sales is a nice-to-have and not a must-have.

But training your staff is vital to your success. Why?

Because there's no point investing so much time, money and effort into getting prospects to enter your store if you have no idea how to keep them there or get them to return once they're inside.

This is where training comes in. And we don't just mean for new hires. It's important that your team understands human psychology, what drives buying patterns, as well as how to come across as friendly and offer relevant guidance to clients instead of unwanted "advice" that often comes off as fake and can get quite frustrating.

4. Treat customers like humans, not numbers

It's no secret that a majority of consumers are more inclined to purchase from brands that offer them a personalized experience.

But treating your customers like they’re actual real human beings with individual wants, desires, and interests goes beyond simply using a marketing strategy. It shows them that you, as a brand, care about them and that you can be trusted.

This is the glue that holds together the relationship you have with consumers and builds strong customer loyalty over time.

So remember that you wouldn't be where you are without your customers and that when a new prospect walks through your door, they'll know when they're being treated as nothing more than just a figure to your business.

5. One-time transactions have a lot of potential

If a prospect has decided to do business with you, why would you let them walk out the door without ever reaching out or making an attempt to engage with them?

It costs five times more to attract a new customer than it does to keep an existing one. And it's a missed opportunity to let one-time clients go without at least offering them a way to contact you or inviting them to return to your store when they could easily turn into loyal, long-term customers.

6. Know your “why”

Running your own business, especially in a dynamic market like retail, is bound to come with challenges that can seem impossible to overcome.

If your drive isn't strong enough to get you through these moments, you'll be part of the statistic everyone knows and dreads - that 90% of startups fail.

Therefore, even more important than knowing how and what you sell is knowing why you do it.

If you'd like to get to know me and find out why I created Storeplay Radio, and what’s the drive behind my company, read more about my story here.