Individually, these strategies work, in any retail business. Done together, and consistently, the profit value compounds. I say compounds as each of the three strategies feeds into the other.
- Chase new customers. Serving the same customers is likely to give you the same results. Every day, do something to attract new customers through: a brilliant and different window display, engaging social media posts, a community group connection, a club member fundraiser.
- Maximise gross profit percentage. Buy at the best price you can. Be engaged in how you price what you sell. Every cent matters. Rounding up to .99 is a good start. Pricing based on the value you offer is more important than trying to compete with the cheapest. You’re worth it.
- Drive a deeper basket. Be smart about what you place where in the shop in pursuit of people buying more. At you’re counter and at the busiest points in the shop, make adding things to the purchase easy. Look at what people buy with what and use that to guide product placement. Use smart loyalty tools to disrupt shopper behaviour.
It’s easy in local small business retail to get caught doing stuff when what really matters is those things you can do ton drive profit, which increases the value, today and tomorrow, of your business.