It happens all the time, there will be two stores with similar products and one succeeds while the other gets forgotten. What is the secret to a store’s success? What propels some stores above others? It is smart marketing and business planning. Here are a few things you can do to make sure your store stays competitive and doesn’t get forgotten.
1. Pay attention to your finances. Firstly, you should be in a financially stable situation with your personal finances. You don’t want to be struggling to pay the bills and then also start a store that isn’t guaranteed to succeed. A lot of people you’re going to want loans or make big purchases with will want to know about your financial history if you’re a new store so be sure to get one of the no credit score credit cards to show you are good with money and will be able to pat them back. Away from your personal finances, remember that you must be making a profit in order to succeed. This means keeping close track of your expenses, including payroll, utilities and production costs. Especially when starting up, you must make sure you don’t jump ahead of yourself. Have a financial plan of how much money you will put back into the business and how much you will take home. Plus, there’s no harm in asking for a bit of help from a financial advisor, as they can help you get details about financing for your business. Speaking to someone who knows what they are talking about could make dealing with finances a lot easier to deal with. When it comes to dealing with the finances for your business, even doing something as simple as checking out sites like cloudpay.net (to outsource payroll solutions) could make a big difference in managing this in the right way, or even better than you have been doing so already. These sort of options aren’t there for no reason.
2. Brand your product. You must brand. Branding is the most important piece of advertising when starting a business, people must become familiar with your product before they can trust it. There are various ways to brand your product, choose one and go crazy, the more exposure the better. Try branding across all forms of media for the best response. If you are looking to brand physical products in order to raise brand awareness use branded promotional products, as they sell plenty of products that can feature your businesses logo or slogan. These products can be perfect for a business show as you can give them to relevant people who are in your business’s target market and maybe a potential buyer of your business’s main products. Giving them a free branded product may be a cost to your business, however, it is a cost that will pay off as the profit you have gained from new customers will exceed the cost and they are more likely to recommend other people to buy into your business.
3. Choose a price range that is in line with your target audience. Pricing can make or break a business. Being seen as too expensive or too cheap can ruin a business. Make sure you understand how much money your target audience has to spend and make sure you know the value of your product. You can also use competitors prices as a guideline. Just make sure you are basing prices on your products and not theirs.
4. Pay attention to store design. The way you design your store will influence business tremendously. You need your branding message to coincide with your design and layout. Make sure your stores are not getting too cluttered and that it makes your customers feel welcome. The worst thing to do would be to overwhelm or irritate your customers with bad retail design. Your customers should also connect your store design with your message. Colors and feelings should coordinate.
Make sure you are implementing these key steps to make sure your business succeeds. If you need help with retail design, Xibit Solutions can help make sure your branding message is brought in with their creative design and layout. Don’t let your store or business be forgotten.