Here's a four-step strategy to help you to clear your existing stock while managing your future inventory.
Most customers don't complain. They simply don't come back. So the fact that your customer has alerted you to a problem is wonderful!
The future of your business literally rests in the hands of your suppliers. Here are three steps to finding and keeping a great supplier.
I can’t fault you on your ambition. Just make sure you learn from the recent struggles of David Jones and Myer first.
Unfortunately, there is no such thing as a magic opening line that works with everyone. Instead, think about the value your product might bring to each individual customer.
Retail traders’ associations can potentially bring benefits to your business, but there are a few key things you must find out first.
We now live in a multi-channel world. Sales promotions need to be planned accordingly.
Marketing is an important part of any retailer’s artillery when it comes to driving sales.
Person-to-person conversations are the key ingredient in breaking down resistance. Short and quick statements don’t get you anywhere.
Firstly, you need to set a goal as to when you want all stock cleared. But there are some other tricks to help get it out of the door.
When a customer makes contact, thank them for their feedback – good or bad.
Your mental mindset plays a tremendous role in your success. While it is difficult to maintain a positive perspective during times like this, it is essential to keep focused on your main objective.
As a new business, you will soon appreciate the need for “confidence builders”.
Avoid rushing into top-to-bottom price cutting and focus first on thinking through a discount strategy.
Don’t listen to anyone who tells you that business cards are passé. They’re wrong.
Peppering your customers with inane questions is the easiest way to scare them off. Try a professional survey instead. But be prepared for the brutal truth.
They wouldn’t be getting near my important clients until I’d first seen the relationships they built with my “not-such-important” clients.
Whether it’s from websites, social media, articles or magazines, it’s vital to glean as much information about your customers as possible.
The problem with late fees is the angst it causes and the destruction of goodwill it can bring. Penalties have been known to drive clients away from doing future business, so tread carefully.
Even the most time-poor retailer can attract more customers with less effort through the right cross-promotions.