The retail industry went through a rollercoaster of disruption in 2018 like high-profile bankruptcies and global trade and economic tensions. However, consumer (buying) power has easily lifted it back on track; substantiated by strong labor market, growth in disposable personal income and elevated consumer confidence, the year 2018 was able to accomplish a strong retail sales. (Deloitte)
Here are 7 important sales and marketing lessons B2B can learn from the retail industry.
Recognize the value in scheduling what is necessary to do and eliminating what is not to help you focus and on schedule.
#2 Let Go
Analyze and turn tough situations into opportunities by leaning on data like incorporating a POS system, using social media monitoring software and tracking customer loyalty.
#3 Know Your Competitors
Know who they are, where they are and how they fare in the industry. Get in their circles and analyze their product assortment, customer service experiences, in-store displays, online shopping opportunities, events, packaging, and just about anything that makes them at par or behind in the competition.
#4 Shift Store Inventory If You Need To
Do not hesitate to eliminate a product line or introduce a new product. Use data like customer feedback and trends, work with vendors to effectively buy inventory for your store. This will help you sell more.
#5 Look Good To Customers
Give customers high- quality customer experience through attractive window displays for a certain market group, informative website, and social media blogs.
#6 Engage Your Customers
Teaching your staff to use courtesy statements with a smile and greetings will give your customer a positive lasting impression, but constantly refreshing them on operational procedures, customer service updates, product specifics training and staff meetings, will make them best represent your business and engage customers – a good conversation, answer their questions and suggest the best options. This will take your business to the next higher level of success.
#7 Show Your Customers You Care
Customers do business with you, increase sales and generate revenue, so put them first all the time. Great service, special events and offers are good stuff to show customers you care, but doing an extra mile for them like offering to customize or personalize a pair of jeans they bought to best fit their size and style, will add value to your business.
Finally, design an innovative multi-channel marketing strategy that will not only bolster awareness for your business both offline and online but will build a database of loyal customers for your business.