“To maximize profits in 2022 (and beyond), beat out your competition, and optimize revenue. Retailers have to focus on making a difference in their customers’ lives,” said Ruth Farrington, an international best-selling author and a veteran of retail sales and marketing management. She is responsible for over $5 billion in sales over her 48-year career.
Farrington’s business and passion are analyzing retail trends, forecasting market opportunities, and maximizing revenues and profits.
“Going into the holiday season; there are key strategies any retailer can use right now to position themselves to crush their sales targets for 2022. Here are the top five I would recommend,” Ruth added:
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 city, and the best retailer in your entire industry. Get your team into the mindset that you outsell, out-service, and out satisfy any other retailer.
2. You must get your prices as low as you can afford and still make a profit. Be creative. Whether it means to buy one get one free, buy one get one half off, or any other combination that works. It doesn’t have to be 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 arrive. The question is, what haven’t you done yet to get clients into your store? Brainstorm with your team and all your internal stakeholders.
Once the client arrives, you and your staff need to know your pricing and promotions backward and forward. You also need to know what alternative offers appeal to a particular customer. Never forget to ask, “So, who’s left on your list? Whom are you buying for? Is this for yourself, or is it for somebody else? Have you done all your shopping? Have you forgotten anyone?”
The last two tips are somewhat esoteric, but they are also the most powerful:
1. 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.
2. Focus on how to make a difference in people’s lives. Maybe hire high school students and train them so you can provide complimentary 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 reminds them they have also given to a more significant cause. Making a difference in people’s lives ultimately brings us all the greatest profit.