Don't let the National Retail Federation’s (NRF) less-than-rosy predictions (2.2% growth) for holiday retail sales, deflate your confidence. Now is the time to think about how you can buck the trends. Don't focus on price, instead as we’ve noted again and again, your customers will be the key.
In “How Small Stores Can Lure Holiday Shoppers,” John Tozzi of BusinessWeek.com explains that since independent retailers can’t win on price, they must leverage their biggest advantage: personal relationships with customers and the ability to deliver superior service.
He shares the following ideas from experts on how to best reach your customers:
- Court Loyal Customers: In whatever market they’re targeting, small retailers must court their best customers. Daniel Butler, vice president for retail operations, NRF, says retailers must maximize relationships. One suggestion is to offer affinity discounts that encourage their loyal customers to spend more.
- Reconsider Store Hours: Make your store convenient for your customers, and help control staffing costs, by focusing on prime shopping hours. For most two-income families these are evenings and weekends. For instance, consider opening later in the morning and extending evening hours to reach more customers -- without having to schedule more staff hours.
- Coordinate Marketing: Retailers that sell online should
coordinate their Web and brick-and-mortar strategies, especially in
anticipation of “Cyber Monday,” the post-Thanksgiving shopping day
that’s become the online equivalent of Black Friday.Make sure you are promoting your website in store, and your retail location online. Customers will appreciate the convenience of browsing (or buying) at both options.
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