Retail 101: Executing The Basics
||Appliance Connexion (New Zealand)
||Sep 5, 2008
Presentation at Appliance Connexion 2008 Annual Meeting in Sydney, Australia.
Retail is a privilege, not a right. The days of home runs are over, the days of ‘singles’ – single sales - have arrived! Price, Price, Price! We are teaching customers that price is all that matters. If we compete only on price, anyone can and will beat / copy us. Price is not a sustainable competitive advantage. We can’t ignore it, but we should stop emphasizing it!
So, what is a sustainable competitive advantage? Focus on your visuals: do you know what is your store's prime real estate? The area where you are going to display your best product (highest margin, hottest line…)? Do you change your displays weekly to create excitement and generate return traffic? Do you know how to set sales goals and create a winning team? Do you practice and enforce “Give Me 5!”? Is it part of your company/store’s DNA? Do you use bounce back and shared promotion coupons/offers to give customers a reason to come back? Do you help save your busy customers’ time?
These and many more questions deserve an answer, one that will make a real difference to your bottom line.
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