Many retailers have begun to point the finger at amazon and other online companies for the decline in sales at their brick and mortar locations. Though it is true their are many consumers turning to online buying to secure products and services that they desire there is still a large percentage of the consumer market that like to shop in a brick and mortar business. The key is to reach these consumers and have a unique selling proposition that will drive them to come to your store. One key component to turning around the brick and mortar retail business is for companies to focus on local area marketing and to empower their local staff to be the ambassadors for the locations where they work. I strongly suggest that management teams hire those who have strong ties to the community and those who have key contacts in the community. The key is to go back to being a neighborhood store where customers get to know the employees and feel like they are treated special each time they shop. It is imperative to know your niche and to implement marketing plans that will reach your niche market and thus drive traffic to your store. The key is to constantly promote to your desired target audience in the platforms that reach them. I have seen many companies continue to spend $1,000,000 on circulars in the newspaper not realizing that most consumers today are not reading the newspaper as they are getting news alerts on their electronic devices. My suggestion to those who are spending $1,000,000 on newspaper advertising is to shift some of that into direct social media advertising as that is where the majority of consumers are today. I also suggest going old school with street teams that go to special events to promote the store thus letting the community know who you are and why they should be shopping with you. The solution is simple know your target audience and give them a reason to come shop with you.
What is it that makes your store unique? Are you a location where a certain product is only available through your store. Many brick and mortar stores have products made exclusively for them or are the only distributor of a certain brand thus they have created a unique selling proposition for the consumer seeking these products. The key is to let the consumer know of your exclusive product lines and to advertise the exclusivity of the products that you have.
Another way to turn around retail is to look at what is working and build upon that while streamlining the amount of choices a consumer has as this will create a niche for you and thus you will strengthen your brand and increase your revenue. Ask yourself what is it you want to be known for when your retail store is mentioned. The biggest mistake retailers are making today is they are trying to cater to everyone and as a result are missing out on major growth opportunities. Many times larger retailers are trying to do things on a national or even a global scale when they should be catering to the local market and doing a store by store analysis so as to properly stock their departments and drive sales. I was recently in a department store here in South Florida and they had a winter coat selection that was amazing the only issue was that the average temperature in South Florida is 76 degrees on most days and though we do get the occasional cold snap the call for winter coats is not that great. Perhaps shrinking the winter coat selection and having lighter sweaters and jackets would increase sales and reduce the amount of money tied up in inventory. Yes many consumers in South Florida are visiting from up north and may have people going away to school in colder climates it is important to know that the bulk of your customers are not shopping for winter coats. The key is knowing your local market and what their needs and desires are so you can cater to them and maximize the amount of money they will spend in your store.