In today’s retail environment where more retailers are relying on online sales than ever before they need to entice the consumer to visit their brick and mortar locations with sales. This has created an drop in overall sales as consumers are now programmed to wait to make a purchase as they know that the item will go on sale soon. There was a time in retail when a sale was special today it seems that sales are happening each day which drives business however when items are off sale they don’t move as the consumer has gotten so used to getting the sale price that the first words out of their mouth when they encounter a sales associate is can you do better on this price. I encounter this daily in my job as a retail sales associate as people will come to the register and ask can I get more off or I have more coupons can I use them? I say to them everything is programmed in the computer and if you are allowed to use other coupons it will show up then. The reason retail is going down is partly due to the over proliferation of sales and the reduction of profit margins.
In all my positions with retail stores over the years I have striven to deliver exceptional customer service as I have come to realize that all it takes is one bad encounter to ruin the 1000’s of good encounters. I have been a customer in places where I waited for what seemed forever for someone to come over and acknowledge me. I have also been an employee and witnessed other employees not engage with customers until they were approached. As an employee I will greet the customer make sure they are being helped and finding everything okay and if they aren’t being helped I will do my best to help the customer. I recently had a co-worker tell me don’t interact with customers outside our area as we don’t make any money on those sales. This co-worker has been with the company for awhile and I thought wow aren’t we taught to engage every customer. I generally greet the customer see if they are being helped if they aren’t I tell them I am from another department but I will do my best to help them and If I can not help them I will find someone that can. Unfortunately on some days it seems that the store is understaffed and as a result the customer service is lacking thus many customers may be leaving the store without making a purchase thus creating another reason for in-store retail sales going down.
In many cases the reason sales are down in-store is due to decisions that executives have made not realizing that what may work at one store may not work at another store in a different market. This biggest mistake some corporate executives make is trying to have a national program not realizing that many consumers in different areas fall into different buying patterns and various socioeconomic groups. In Florida for example what sells in Boca Raton may not sell or be appealing to the market in Plantation. Sometimes an executive makes a decision without thinking everything through and when the sales are down as a result they do their best to justify their decision. Recently a local large retailer who had an extensive selection of mattresses decided to take out many of the mattresses and put in furniture. As a result the sales in the department are down despite selling some furniture but not enough to justify taking away the large array of mattresses that they once had. Sometimes it is important for executives to listen to the sales associates who are dealing with the customers on a daily basis as what looks good on paper is not good when implemented and as a result your overall sales diminish. If you are going to be a leader in the retail market space you must have a pulse on what is happening on the local level. This can be hard if you are a large retailer with 450 stores to oversee however you must be aware that what works in Manhattan, Kansas may not work in Manhattan, New York. Many times it is important to empower and inspire those on the front lines who are in the local market place.
Another reason why your retail operation may be down is due to having too much of your capital tied up in inventory. I have observed many large retailers with excess inventory yet the buyers keep buying the products and sending the products to the stores where they sit in a store room for months. This is why inventory controls are so important. I recently had a co-worker tell me the computer may say there are 6 available but that may not be the case as the availability only updates once a week. I thought wow a big company that doesn’t do a perpetual inventory or a just in time system so that you can free up money to drive traffic and strengthen the brand. I then played this scenario, a customer calls and you check availability you say you have the item and when you check the physical inventory it isn’t there and the customer shows up anticipating that they are going to be able to pick up the product but can not because you don’t have it and they leave. Do you think they will talk positively or negatively about their experience with the store? Make sure you have the inventory for the customer but at the same time don’t have too much stock that your money is tied up in inventory. Have a tracking system and stock your stores accordingly.
Don’t let the sun go down on your retail business because you were not able to satisfy the consumer, control your inventory, deliver excellent customer service, take advice from those on the front lines daily, able to adapt to the local market place. The reason your sales are down can be attributed to many factors so take a deep look and what you are offering and create a reason for the consumer to do business with you.
In business it all comes down to the bottom line of how much revenue are you producing and how much of that revenue is profit. In our society today it has become all about the Benjamins. It is important to know why you went into the business you went into. Once you find your why you can begin to generate a whole lot of Benjamins. Many people I come in contact who have a business do not understand that you need to invest in a solid advertising and marketing program so as to generate the Benjamins. I have walked into many a business and been the only shopper there and I thought how is this business surviving. The other day I stopped by a store that I used to work at and in the 1 hour I was there they had 0 traffic. The fact that they are located in a busy shopping plaza behind three sports oriented bars and due to the merchandise they have they should have been busy. I asked how sales have been they said a bit on the slow side. I did notice a buy 1 get 50% promotional sign at the entrance. I thought how are they letting people know they are open and making this great offer? In a matter of minutes I had formulated a plan of action that if the owner was receptive and willing to make a small investment could work in driving traffic and being on the top of the mind of the consumer. They have incredible merchandise however if no one knows they are there and no one is shopping in the store they will not be making many Benjamins. I thought they need brand awareness so I did a quick live video which is something they should be doing daily with a featured item of the day. They should create a tag line that is easily remembered and entices people to shop there. They could implement some type of cause marketing program as consumers like to support businesses that they perceive to be giving back to the community. They had an item that I really liked and I thought why are they not advertising is sports memorabilia publications and featuring this item. They recently placed an ad for a social media marketing intern for $10 an hour. If you are serious about creating a buzz on social media and acquiring customers and turning them into loyal customers it is going to take more than paying someone $10 an hour to do social media marketing. If you want to make Benjamins you have to invest Benjamins. Make sure that when you have a retail store that your associates working the floor have top notch customer service skills and that they are creating buyers not browsers. Ask questions get to know the people coming into your store. Treat every customer as though they are the most important person walking into your store.
If you are going to attract Benjamins to your business and create a nice profit margin you need to have a plan that is proactive. Sometimes it is necessary to go back to the old school way of doing things and hit the street talking to people that are with in 3 feet of you. For example you have an eyeglass store you should go out and everyone you see wearing glasses you should hand them your 4″ x 6″ card showing who you are and what you do and why they should do business with you. Make shure that when you planning that you include your unique selling proposition or point of difference so people know what sets you apart from everyone else. Look at who you are seeking to attract and where you might find your ideal customer and then formulate a plan to bring in those Benjamins.
If you want to learn more about strengthening your brand and increasing your revenue so you have a good flow of Benjamins please attend the OLD SCHOOL MEETS NEW SCHOOL MARKETING WORKSHOP in October. Look for more details coming soon. For a $50 investment you will receive a video interview, a promotional one sheeter, and a tailor made press release to help you in your quest to strengthen your brand while increasing your revenue.
Jonathan JDOGG Lederrman has been helping businesses to grow for over 20 years and has a proven track record of success as he possesses a keen ability to find the essence of a business and come up with easily and affordable marketing programs that will build brand awareness while also increasing revenue. Businesses that have listened to JDOGG have had success. STAY POSITIVE!!!
As someone who has been involved in the non-profit and for profit sector for over 40 years I believe that I possess the ability to help many businesses to have a heart. Having a heart means being kind to everyone who comes into or calls your business for you never know how that person can be of service and value to your business. In all your advertising you should be showing people that you are a business with a heart by showing what organizations you are supporting as people like to do business with those that they perceive to be giving back to the community.
I have seen where having a heart increases business. I was The Sports Memorabilia Manager at Sinbad Sports in 2016 from May until October and I made it point to donate items to local charities when they asked. The owner had to be convinced that this was a good idea so I showed him the stats as I tracked where sales were coming from and I was able to show an increase in sales. In my final month at Sinbad Sports we did $12,000 in sales and I was responsible for $10,000 in sales as I was beginning to build a following simply from donating a few items to local charitable organizations. In using cause marketing in every position that I have held I have been able to show the community that the businesses I represent have a heart and thus the brand awareness improved and the revenue increased. The key is to have a heart and be willing to give as it opens the channels to receive.
After a little prodding Wilson Football showed they have a heart as they sent 3 Superbowl LII Footballs to use in the fundraising efforts for The 2018 American Cancer Society Relay For Life Of Sunrise. In doing so they have received some positive publicity as well as recommendations from leagues that I announce for to purchase their official game balls through Wilson Football. In having a heart Wilson increased its visibility and revenue as people have now heard the story of how they came through to help those touched by cancer and as a result have made purchases of football related items.
One of the best ways to show that your business has a heart is by partnering with a local organization and donating a percentage of sales back to the organization. This brings people to you that normally would not patronage your business and allows you the opportunity to cultivate new customers/clients. In having a heart and showing that you care you will grow your business and word gets around that your business has a heart. Remember there is no substitute for kindness.
The National Association of Basketball Coaches and WWE sent items to use in the fundraising efforts for The 2018 American Cancer Society Relay For Life Of Sunrise. As a result they have gained some positive publicity. In giving you open up many opportunities to put your company in a positive light and reach an audience that maybe you did not think about before. In being open to say yes and finding a way to be of service and value to the community you will see that your revenue builds and your brand is strengthened.
It is time for you as a business owner to stop making excuses and find ways to say yes. Think about it there is always something your business can do to help the community and as a result you will help your business. It is when you give that you receive a return ten fold.
I am reminded about the first time I approached Hungry Howie’s for a donation and how receptive Gabe was to donating 10 pizzas. Since that day I have been a loyal customer and they make their money back just off of me not to mention the countless people I have sent t them. It is when you help others get what they want that y find success.
The other night I stopped by my local Subway and mentioned Relay For Life and they asked what they could do and I told them we can always use food items. They said they would donate 100 cookies. Guess who will be getting more of my business.
It is now time for you to find ways to show that you have heart and to show the community that not only are you taking money from the community but you are putting money back into the community.
Yesterday (8/22/2017) I encountered a situation that got me to asking why the hate? Here I was reaching out to a business owner, Mike Artz of Collectables in Hobart, Indiana and this was his response via a Facebook. Wouldn’t it have made more sense for him to simply write thank you for reaching out to me I wish you much luck in your effort however at this time I am unable to support your project. Think about how you are responding to people and it will tell you why you may be struggling in your business. If this is how he responded to me how many other people has he responded to in this manner and how many of them have not done business with him and share their negative experience with others. In today’s marketplace it is imperative to be nice in all encounters so that people are moved to do business with you. At the end of the day the only thing that endures is your character.
He obviously forgot the first adage of business that Kindness Counts. I simply did what I have been doing for over 40 years and asked a business owner for support of a charitable cause. I never expected this type of response. This only goes to show us that our marketplace needs to be taught compassion.
Now think about it the next time someone approaches you for support because you never know the reach that person has and how they can impact your business. In this case all the accolades that Mike Artz may have built up are gone because he will never see my business and those that read this article may think twice about doing business with him.
As an experienced marketing and public relations consultant the 1st thing I teach my clients is to be kind in all that they do as you never know how that kindness will be returned. Imagine if Mike Artz had been kind in saying no I may have still recommended that my colleagues who collect sports and pop culture memorabilia contact him to see what he is selling. The lesson to take from today is that all it takes is one oh crap to ruin a thousand accolades.
It is now time not only to think outside the box but to burn the box and release the contents that may be stopping you from maximizing your brand awareness and revenue. In the 40 years that I have been working with non-profit organizations and for profit businesses I have noticed something that those who struggle have in common and that is they get stuck in their ways and do not adapt. There is no reason today for anyone to struggle. The reason you may be struggling is that you allowed yourself to be caught in a way of thinking that hasn’t allowed you to move forward in a positive direction of your goals. I have heard so many times over the years that I don’t have money to advertise or I’ve tried everything and nothing is working. This mindset is what is keeping you trapped in the box and why you are falling short of your goals. It is time to burn the box and go from limiting beliefs to limitless beliefs.
It is time to put all of your limiting beliefs into a box and burn the box then spread the ashes as compost and then begin to change the way you go about doing things. When you think you don’t have money to advertise you need to turn that into I will find affordable and effective advertising methods. I recently came into 19 boxes of books from assorted genres as a result f a death in my family. Instead of saying oh I don’t have the money to advertise theses books I found some free resources like sell and trade groups on social media and started posting photos of the books. I also decided to donate 50% of all book sales to The American Cancer Society Relay For Life Of Sunrise. As a result I sold 4 books today (7/15/17). I still have a condo that looks like a used book store but I am finding ways to let people know about the books and as a result I am moving the books and helping a cause that I believe in while also turning inventory into cash. When you burn the box and release the stinking thinking that is stopping you from manifesting the life that you want you will find that you begin to attract more peace, love, joy, and prosperity into your life. It all comes down to having the proper mindset when it comes to raising funds for charity or running your own business.