3 Effective Ways to Increase Your Store’s Profits in a Timely Manner
Posted: Feb 19, 2015
For as long as you can remember, you’ve entertained the idea of opening your own store. Having grown up in a home full of people who worked in retail, you’ve always had a healthy appreciation for the service industry. Although sales work is commonly viewed as a bottom-of-the-barrel field, you were determined to show people how rewarding a career in retail could be. The positive high you experience whenever you send a customer home happy is something that you’ve never felt at any other job.
After accumulating years of experience in the service sector and attending a highly-rated business school, you finally took the plunge and made your longtime dream a reality. Declaring your very own store open for business was undeniably the most satisfying thing you’ve ever done. Unfortunately, business is far from booming. Despite recruiting a talented staff and offering fantastic deals on merchandise, you’ve yet to turn a profit. Sure, most businesses struggle to stay afloat in their first year, but that doesn’t mean you have to resign yourself to that sad fact. The following tips will help turn your fledgling business into a locally-popular, highly profitable enterprise.
Create Eye-Catching Signage
In order to attract the attention of window shoppers, your store will need eye-catching signage. The right signage will give the uninitiated an idea of what your business is all about, alert customers of sales events and give shoppers attractive images to look at. To ensure that your store’s signage is up to the above-mentioned tasks, enlist the services of a respected retail marketing company. Taking your input into careful account, the company’s graphic design team will create imaginative signs that are guaranteed to capture the attention of both regular customers and first time shoppers.
Educate Your Staff
When looking for the right people to staff and manage your store, reliability, politeness and good people skills are all qualities you should emphasize. However, possessing an advanced understanding of the products your store specializes in is every bit as important as the aforementioned traits. After all, no one wants to shop at a store in which the employees are unable to address product-related queries. With this in mind, take the time to educate any staff members who need a crash course in your store’s merchandise. Since this may entail requiring employees to come to the store outside of regular business hours, make attending refresher sessions worth their while. In addition to paying your workers for their time, make sure to maintain a friendly atmosphere at these meetings by serving refreshments, allowing casual clothing and encouraging questions. Not only will such an approach to employee education motivate your managers and sales associates, it will ensure that they’re able to better serve customers.
Develop a Strong Social Media Presence
These days, it’s imperative for any business, large or small, to maintain a strong presence on social media. Creating Facebook and Twitter accounts for your store is a highly effective way to keep existing customers in the know while attracting new business. After coming across an intriguing sale notification or news post from your store, a portion of your social media followers are bound to share your update in their respective feeds. This, in turn, will draw the attention of their followers, ultimately leading throngs of new customers to your business.
Opening a business is always a risky venture. Even if you conduct extensive research on the local economy and are certain your store will fill a long-ignored niche in the community, there’s no guarantee that your efforts will bear fruit. However, just because a store isn’t immediately profitable doesn’t mean things can’t be turned around. Utilizing attractive signage, educating your staff and maintaining a strong social media presence will help turn your establishment into a local powerhouse.
About the Author: Betsy Auger is a nutritionist and entrepreneur who owns and operates a health food store in upstate New York. Whenever her store needs new signage or shelf tags, she contacts Pangea. Happy with their eye-catching creations, Betsy recommends Pangea’s services to anyone in need of retail business marketing solutions.
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