Nov
14
Tips For Tough Times
November 14, 2007
Today’s troubled economy is putting the pinch on retailers coast to coast. Keep the faith. By working to grow market share now, you will stand to gain most when the economy recovers. Volumes have been written on the subject of thriving in tough times; today we present several quick ideas that can help you bolster your business.
TIP ONE: Don’t stop advertising. Advertising and promotions keep traffic flowing through your door. When business is slow it is tempting to cut back this expense, but don’t do it. Review where your money is being spent and re-allocate dollars that are not giving you the biggest ROI. At Classic Home, we run ads regularly in trade magazines. Why? Because it works!
TIP TWO: Give people new reasons to come into your store. Frugal retailers know in-store events are a cost-effective way to generate new business. Sales events are plentiful now, so try another tack, education. Invite interior designers or other local experts to speak at an evening event at your store. Host a charity event benefiting a local group. Have a fashion show some afternoon featuring the latest looks from your favorite shop in town. Teach customers to associate your store with helpful information, not just discounts.
TIP THREE: Step up your employee education efforts. Improving your close rate is more important than ever. Whether you bring in a professional training consultant or simply institute regular meetings, give your employees the tools they need to help you grow your business.