Whether you own a brick and mortar type of store or you have set up online, it really does not matter what kind of business you run, to get it from where you currently are to where you ought to be will require certain principles; the following proven principles are guaranteed to help your business grow in leaps and bounds. First and foremost, you have to understand that:
- The customer is King.
‘’The customer is the most important person in your business’’ is probably the tritest statement in business and often even used in passing. But the truth is that they are definitely the key element in your business, they are the core at which you build your business around; everything you do must revolve around customer needs. You need to know them and focus on them in everything you do, this will help you grow your business and team.
- Clarity of objectives and policies:
In a retail organization, every employee must understand the objectives and policies of the store. clearly stated objectives make the employees in the retail organization know what is expected of them, thus making it easier for them to know when they have defaulted.
- Details are equally important in Retail
Every business owner needs to address and improve his understanding of his customer. But this cannot be done without a focus on the intricacies, and getting things right the bulk of the time. A retailer that has his eye on success cannot afford serial mistakes. While it is often understood to make a mistake, it is equally important to learn from them and not err again in the same area. Clients will cut you some slack sometimes but will not tolerate a rainfall of mistakes, it is easy for them to turn away to another service provider as they owe you nothing.
- The Four P’s of Retailing.
The four Ps – Product, Price, Place, Promotion – are the basic foundations of a successful retail business and they are as effective as they are old.
No retailer should set out to sell products that are not needed by the customer. You need products that your customers want to buy, at a product range that will meet the needs and desires of the customers. These products must favour you as well in a way that drives profit into the business.
When it comes to pricing, there must be a level of consistency across your range that meets all the requirements for your business. You need to price your product range at a decent level because, for the customers, the quality of your product is one thing, the value they get from using your product is another. These two key elements of quality and value must meet at a point favourable for the customer to purchase your products. You could choose to price high or low depending on your customer offering.
Whether it is a physical walk-in store, a catalogue, an e-commerce website – or a combination. The customer needs to enter into a store that is welcoming. You need to provide the right place for your customers to purchase your product; this cannot be overemphasized
Once you have a product – at the right price, in a place where the customer can access it – you need to tell them about this and promote your business and your products. There are thousands of mediums out there to help promote your brand and generate sales.
- Go the extra mile for your customer
Great customer service begins with an understanding and knowledge of your customer; however, this knowledge about your customers is only the beginning of something much bigger. To achieve immense success, you must deliver world-class customer service – and go the extra mile, each time delivering just a little more than the customer expects. Taking this type of approach to your customers will win them over and make them loyal over a long period of time.
Although there are more principles a retailer can apply for success in business, this is only a few. A consistent application of all the aforementioned is guaranteed to take your business to a whole different level.