Retailers and Tough Times

The Challenge of Retail Today:
Surviving Tougher Times
Debra Templar: Retail Check ups, Tune Ups & Makeovers....It’s in the bag!
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Only TWO Reasons to Go Into Business:
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#Win1
To offer a Product or Service
To make a Profit
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2 #Win
3 Ways to Build a Business
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Attract more customers
MARKETING
Increase your average sale to each customer
SALES
Have customers return more often
SERVICE

The trick is:
3 #Win
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NOT TO GET THEM OUT OF ORDER:
What if:
You have brilliant marketing but dismal sales + service?
What if you have brilliant sales but dismal marketing?
What if you have brilliant service but dismal sales?
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Operational
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Know Your Performance Figures
Conversion Rate
Average Sale
Items/Services Per Customer
Items/Services Per Hour
Customers Per Hour
Break Even
Margin
Mark Up
Stock Turns
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Marketing
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Marketing
Image including Letterhead, Business Cards, Logos
Visual Merchandising
Marketing Plan + Calendar
All Marketing Endeavours
Measurement Tools
Website
Database

Sales&Service
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Sales + Service
Sales + Service Standards
Gender Selling
Measurement of Standards
Measurement of Performance Figures

7 Focal Points
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Reinvent Your Business
Contact Former Customers
Contact Competitors of Present or Former Customers
Call Former Prospects
Work Your Database
Team Up with Other Vendors for Joint Sales
Develop Multiple Revenue Streams

1. Reinvention
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The smaller + leaner your business is, the faster you can shift gears and zoom back into action.
Sit back and take a cold hard look at your strengths + weaknesses and possible markets.
If you’ve been selling products online, could you sell offline too? If you’re not selling online, why aren’t you?
Do you need to develop new products or services? Don’t guess. Analyse your existing sales and talk to living, breathing people. What do they need? What can you provide? What’s the best way to deliver solutions to them? What’s going to bring in the most profit?
Put it all down in black and white and look at the numbers. What are the easiest ways to make the most profit quickly? What should you be doing on a longer term basis to ensure your business continues to grow and prosper?
Revise your business plan based on your answers, then start to
work your plan!

2. Work Your Database
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Statistics show people entering the workforce today are likely to change jobs 7-10 times in their careers. You can position yourself for new sales just by keeping in touch with people as they change jobs.
If a contact at a client company tells you they are leaving the company, ask them for new contact information.

3. Team Up with Other Vendors for Joint Sales
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Recommendations and referrals are among the leading sources of new business for small businesses. An easy way to get more referrals is to team up with other businesses who sell to the same market but don’t directly compete with you. Agree to refer business to one another and link to each other’s website.
Look at possibilities for joint sales as well. Doing so may allow you to bid on and win bigger projects than either of you could on your own.

4. Sell More toExisting Customers
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Sell additional products/services to existing customers. Often the easiest way to bring in new business is to sell more to your existing customers.
Keep your eyes and ears open for new opportunities and be sure your customers are aware of all of your capabilities.

5. Contact Competitors of Present or FormerCustomers
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If a company needs what you sell, there’s a good chance their competitors do too. Industry groups you belong to, trade shows, seminars, and friends in the industry can all help you identify likely prospects.
If the people you meet don’t need your services, ask if they can put you in touch with someone at their company who could.

6. Contact Former Customers
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Don’t assume that a customer who stopped buying from you in the past will never buy from you again. Customers’ needs and circumstances change, just as yours do.
The customer who went with a lower-priced competitor may be dissatisfied with the quality or service and be receptive to a call from you today.
Or the manager who had given the work to his best friend may no longer be with the company.

7. Develop Multiple Revenue Streams
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That’s corporate speak for a concept that’s as
old as the hills:
find more ways to make money.

Plan Your Time
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Key to successful business is:
MAXIMISE
your
PRIME TIME
Planning
Preparation
Prime
Personal
Waste
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One of Australia’s leading retailing experts, Debra Templar just hates bad customer service and stupid business practices. So… she’s on a mission to change them – one slideshow, presentation, book, or training session at a time:
"I don't just want to improve how we do business for the customer’s sake but also that we, as business owners, sell more stuff, make lots more profit, and love our businesses back to life!“
E: debra@thetemplargroup.com.auMobile: 0417 532383Skype: debra.templar
www.thetemplargroup.com.au
www.twitter.com/DebraTemplar
Pics by www.istockphoto.com and http://shoppologist.blogspot.com
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Retailers and Tough Times

by Debra Templar on Oct 26, 2009

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