What happened to Strathfield?
Well to be honest I am not entirely sure. Before we start though I must warn you, this is going to be a bit of a rant.
There are however some good ideas at the bottom, so please persist with me. Thank you.
All I know is that there are some common denominators with many of the retail businesses who are struggling at the moment.
Here They Are:
- No data capture offer
- No dialed in 12 month promotional calendar
- No incentives to shop with them other than being on 50% off sale
- No planned incentivised up -sell
- No monitoring of data within the store items dollars per sale conversions etc.
I shop and I vote. I walk onto many many retail businesses and almost no one does the following.
In fact even some of the so – called smart ones still don’t do it.
If you are in retail, here’s what you do have some or even total control over.
- How long each client stays in your store?
- How many of your clients are greeted?
- In this country, only 50% of store clients are even greeted. (it increases the likely hood of someone buying by 50%).
- How many of your purchasing customers are sent or given an incentive to return?
- Example – I went to Seaworld with my wife and daughter Mischa the other day upon paying my 70 bucks to get in I was promptly handed a “return to seaworld for 10 bucks voucher” which I had to validate on the same day if I wanted to take advantage of the offer (Seaworld are thinking about the second sale).
- Are you starting to get where I am going with this?
- How many clients are offered your special promotion for the day?
- Do you even have a special promotion for the day?
- How many clients are offered a premium version of what you sell – (remember 20% of clients will say yes to your most expensive option).
- How many clients are given a product demonstration?
Ok, I know easier said than done but compare the alternative (this is an example of some real feedback).
And you know what? It’s not your fault – nobody talks about this stuff nobody saw this coming, most retail has been sailing along pretty well until recently.
No one really saw the insidious monster of “youth cash distractions” showing up in the form of mobile phone credit, easier access to credit cards MP3 gadgets and music festivals.
Think the retailer down the road is your competition? Think again.
They love buying your stuff – you just need to be the one in their face the most to get them to come visit more often.
Otherwise it will happen randomly at best and at worst only to bleed you of your precious margin when you go 50% off. You can do something about it.
Create a reason for people to leave their contact details with you e.g. give away an ipod (still the number 1 gift this christmas)
I don’t care of you don’t sell them just give one away in exchange for peoples details.
If your staff won’t do it create a “voting booth” where you advertise your incentive for people to leave their details – not the photocopied stack of “petition style” forms sitting dog eared on a clip board saying “join our mailing list” (people don’t want your junk mail they want a good reason to come back soon).
Create high perceived value – low cost (to you) reasons for your clients to return – think about the second and third sale (no one else does). And do it within 7 days of them buying from you while you are still fresh in their mind.
If you would like help putting some of these fundamentals into place please email me back I would be happy to discuss how I can help you.
I genuinely hope this helps you. Here’s to a more smooth sailing, more prosperous business life.
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