Cleveland, Ohio – Nov 9, 2022 – “To maximize profits in 2022 (and beyond), beat out your competition, and optimize revenue retailers have to focus on making a difference in their customer’s lives.” Amazon best-selling author, Ruth Farrington is a 48-year veteran of retail sales and marketing management whose business and personal passion is analyzing retail trends, forecasting market opportunities and maximize revenues and profits. Ruth adds, “Going into the holiday season there are things any retailer can do right now to position themselves to crush their sales targets for 2022.”
1. Start with your mindset and the mindset of your employees. You’ve got to believe and behave like you are the best retailer in your mall, the best retailer in your state, the best retailer in your entire industry. Get your team into the mindset that you out sell, out service and out satisfy any other retailer around.
2. This one may hurt but you must get your prices as low as you can afford to and still make profit. Be creative. Whether that means buy one get one free, buy one get one half off, or any other combination that works. It doesn’t have to be for every product, but certainly for your most popular products. Create offers that scream, “You’re crazy not to buy me.”
3. Generate creative ways to bring in clients and provide the most value when they show up. You know your clientele better than anyone. The question is what haven’t you done yet clients into your store? Brainstorm with your sales team and all your internal stakeholders. Great ideas can come from anywhere. Once the client is ther you and your staff need to know your pricing and promotions backward and forward. You also need to know what alternative offers would appeal to a particular customer. Never forget to ask, “So who’s left on your list? Who are you buying for? Is this for yourself or is it for somebody else? Have you done all your shopping yet? Are you sure you haven’t forgotten someone?The last two tips are somewhat esoteric, but they are also the most powerful:
4. Post pandemic, we are all stressed. Everybody is dealing with something. Create an experience when people come into your store that, even if it’s only for a few moments, they can forget about all their other pressures and enjoy being in the moment with you and your store.
5. Focus on how to make a difference in people’s lives. Maybe hire high school students and train them so you can provide free gift wrapping. No one’s doing that anymore. Maybe there’s a way that each sale contributes to a worthy non-profit or charity and buyers get a thank you card from the head of the organization. A thank you that reminds them they have also given to a greater cause. Making a difference in people’s lives ultimately brings us all the greatest profit.