I write and advise small retailers every day on how to best use a Store Closing Sale to exit their retail business . Today I want to share some thoughts on how to avoid needing to have a Store Closing Sale. Business is going to continue to be tough. Here are some ideas on how to keep your customers shopping at your store.
1. Continue to market your business. History shows that those who stop marketing during a recession are the first to disappear.
2. Focus on your existing customers. It’s more profitable to sell to someone that knows and trust you than to spend money trying to earn a new customer.
3. Listen to customers. It will help you discover their needs and carry products to meet those needs.
4. Focus on the neighborhood. For most retailers, your primary market is within a two to five mile radius of their store.
5. Emphasize value in all of your marketing messages.
6. Be polite and greet customers as they enter your store and thank them as they leave.
7. Consider a loyalty program. It doesn’t have to be complicated. It can be as simple as a punch card.
8. Know who your customers are. Build and maintain a current customer list – street addresses and email addresses.
9. Contact each customer at least four times a year – the more communication the better.
10. Remember your customer is your greatest asset – without them you have no business.