- Practical Tools and Tactics -
7 things that retailers got wrong in 2020
And how to avoid them in 2021
The book is split into 7 key topic areas that are easy to identify with. You don't need them all for success but it improves your chances.
The book is split into 7 key topic areas that are easy to identify with. You don't need them all for success but it improves your chances.
And how to avoid them in 2021!
2020 has been a challenging year for most people – but especially retailers.
Here are seven areas that many retailers got wrong and how you can ensure they are not repeated in your business in 2021.
There are lots of retailers right who are desperately trying to get out of there business, and if that’s you then I can’t help you.
There are a whole bunch of others whilst they may not want to leave right now, they’re not prepared take on board and at least try what they would consider to be new ideas and new ways of thinking and I can’t help them either.
BUT if you’re a retailer who is in it for the medium term, with an open mind and smart enough to recognise that no one knows it all, then I might be able to help.
We had a brilliant 2019 and we’ve come through 2020 intact despite being closed, relocated and clients stopping doing business.
I’m super excited about what we have planned and are going to do in 2021 and I might be able to help you get your business, and the way that you feel about it, in the same place.
At the end of the day people are still buying stuff, we just want them to buy more from you and your business.
What you do with your business to bring it back on course is down to you. Remember…
…“Control the controllable” Sir David Brailsford
Mike Glynn
Mike Glynn
Retailing has changed but the principles remain the same
My expertise lies within retail but my experience was gained with Debenhams and B&Q. I now work with small independent businesses gain rhythmic customer acquisition through a greater digital presence.
Because starting your own business today is easy, keeping it going is the hard part.
That's when you need a fresh pair of eyes.
Mike Glynn
Mike Glynn
Bruce Lee
CHAPTER 1
The sale is the result of lots of activity but some companies fail to measure that activity and the significance that those numbers have.
Sales are everything
Increasing sales doesn’t always mean increasing the number of customers that you have, but invariably it’s the ordinary course of action. Looking back through the numbers and understanding how the sales are made up is the most solid base for making your forecast.
To grow a business sustainably one has to form and build better relationships with customers. Many small businesses simply don’t do this.
Are you one of these businesses?
No matter how small your database, there is always some information that can be gained from it to help to make the next sale easier.
Having a mix of products to attract customers at different price points is a good way to build a relationship with the customer. It allows them to try you out with a low -level product before committing to a higher priced service.
Remember that not everyone is ready to purchase today.
But if they've shown an interest makes sure you stay in touch and help them as much as you can. When they are ready to buy you should then be ‘top of mind’.
“If you think you’re too small to have an impact, try going to bed with a mosquito”
Anita Roddick
CHAPTER 2
Service with a smile
Get personal and segment your customers. This allows you to look for similar customers more easily and promote to your best ones first.
Retail service today is about using technology to serve your customer better and giving them a level of service that leaves them delighted. Small changes can have a significant impact and that is all you need to gain momentum.
Retailers that adopted the Internet early and developed their systems with the customer at the centre have acknowledged consumer behaviour. The best example of this is Amazon. So, "how do you compete with the biggest retailer in the world with all of their systems and algorithms?"
Amazon gets "personal" by giving us a more personalised shopping experience. This "getting to know you" have boosted conversions for retailers by using your information and spending habits.
As a local retailer getting to know your customers using systems like Electronic Point of Sale (EPOS), Customer Relationship Management (CRM) and Social Media enables you to stay close to your customer and service them better. Your secret sauce is that you are physically closer to your customer and you can actually smile at most of them face to face (rather than on a box!)
“The best type of service is no service.”
Jeff Bezos
CHAPTER 3
The ‘sale’ or ‘no sale’ following an enquiry isn’t the end of the story. Customers are not always ready to buy when you’re ready to sell - so nurture them.
Developing stronger relationships with your customers so that they stay with your business makes economic sense. There is nothing more frustrating than not knowing if you’re getting it right so actively seek feedback and make it count.
The more customers that you retain, the easier it is to grow your business.
Dormant customers account for a large proportion of most business customer data. What if you could reactivate some of these clients?
You already have a relationship with them and it therefore takes less money and time to rekindle the relationship than start a new one.
Staying in touch doesn’t have to be costly and it’s a step further in bringing the customer back closer to buying.
Prospects will either respond positively and feel valued or ignore you. Either way, you’re better informed about what to do next with them. Clearly customers who 'opt in' positively to being contacted should be closer to being an active customer than not.
“ Trust yourself. You know more than you think you do!”
Benjamin Spock
CHAPTER 4
If you’re proud of your brand and what you stand for, shout about it on every available social platform and engage your audience to do the same through reviews.
Bring your Brand alive, so the company is recognised, by what it does and it is the first and only company that people think of to call. Become a choice of one.
A Brand is often referred to by the name or logo of a business, but it is much more than that. Branding will help you:
· stand out from your competitors,
· reinforce your offer
· help you engage with your customers.
All too often customers say ‘I need a logo’ and then are disappointed in the result because the picture in their mind was different. Don’t obsess with the small stuff. Only you care about your logo not the customer!
Access to potential customers is more targeted today, so a digital strategy is critical if you are to amplify and build your brand. This approach enables you to show up where your target audience hang around on social media.
Remember that a complaint is nothing more than feedback and nothing to fear, it is another opportunity to excel at your customer service by putting things right – it’s a gift!
“Tell me and I’ll forget; show me and I may remember; involve me and I’ll understand”
Chinese Proverb
CHAPTER 5
Process when automated becomes consistent and there is reduced risk of mistakes and missed steps which makes for a better result for both customer and provider. Systems work people fail!
Improve your quality
Place the customer at the Centre of what you do and see how it can be improved; continuous improvement will drive your business to seek innovative solutions in the pursuit of customer excellence.
The pursuit of quality is about employing a system of continuous improvement, to keep looking for a better way of doing things to benefit your customer.
Having fewer things to think about makes the whole team more productive and focused. Today, we can get much more done quicker, but also with the amount of information available to us, it’s easy to be distracted too. With the increasing use of systems taking away tasks and doing more, in less time, it would suggest that a business without systems is not a business for the future.
They can cost less than you think.
The low cost of systems today makes them far more accessible and the functionality is more than sufficient for most small businesses.
It is essential for any business today, which deals with multiple customers to have a systems in place to remain competitive.
· Manage your contacts effectively
· Be better organised
· Reduce manual process
· Improve customer service
· Have one overview of your business
“Quality is never an accident it is always the result of intelligent effort”
John Ruskin
CHAPTER 6
Future building
What are the 2 key numbers for YOUR business? Every business has 2 numbers that are key to their success. If you don’t know yours then you. need to find them – quickly!
Future Building
Your Business Plan is the roadmap, for the future of your company.Give it the time necessary to make as accurate a plan as possible. The more prepared that you are for the future, the abler you are to deal with it and make it successful.
The future of your business is dependent upon its ability to achieve profit to grow and develop the company; even non-profit firms make profit. The Business Plan is where the plan in your head, either stands up to scrutiny or not.
The process of putting the program together helps rationalise and using the information available makes the achievement of future growth possible. Planning for the future shouldn’t be a stab in the dark.
Future planning is also about mitigating risk, if you're considering expansion then what are the key things that need to be in place?
The Business Plan
Your Business Plan is your roadmap for the business, laying out what it will do and how it will be done. It doesn’t need to be overcomplicated but does need to have these three principal sections:
· What products and service will you sell?
· Where are you going to sell and to whom, what is the sales process?
· What are your predicted sales and the associated costs?
A good plan will give focus, share the vision to the rest of the team and create a sense of purpose. A method increases the chances of success for the business and helps to avoid mistakes and waste. A mission statement underlines the company’s purpose and brings to life the plan.
While your comment may not be as bold as Google “To organise the world's information and make it universally accessible “- it needs to state your intent.
“The future belongs to those who prepare for it today”
Malcom X
CHAPTER 6
The Decision
The time taken between thought and action can be costly so make decisions quickly.
Future Building
Your Business Plan is the roadmap, for the future of your company.Give it the time necessary to make as accurate a plan as possible. The more prepared that you are for the future, the abler you are to deal with it and make it successful.
Begin with the end in sight
Looking backwards from where you want to end up, helps to identify the gaps in either skills or technology. For example, if you were going to attempt to climb Everest, you would talk to people that have done it to find out what you needed apart from a will to succeed.
“You can’t connect the dots looking forward; you can only connect them looking backwards”
Steve Jobs
Finally...
Congratulations you have taken the first steps. But there is still the need to put things in place if you are to make a significant difference in 2021.
Here are a few questions to help;
·What do you currently do to generate sales and can you do better?
·When last did a customer of yours rave about your service?
·How many customers have stayed with you from last year?
·How many different places online can you be found?
·If you have a business plan, does it match reality?
If you focus on the long term target and how you can improve the customer’s experience, then the whole process of planning becomes much simpler.
If any of the above has resonated with you and you would like some further help or support then please just drop me a line at info@mgretailconsulting.co.uk or give me a call on 01256 213121.
I’d love to talk to you.
if not now when!
You now have a choice to make something, nothing or the RIGHT THING!