So many retailers are counting on a strong Christmas trading period. Months of planning have gone into bringing in the right stock, staff and a great deal will be invested in marketing to drive traffic into the store, amongst many other things.
So when all this hard work delivers the all important customer, how do we maximise our opportunities?
Deliver your strategy“An ok decision brilliantly executed is better than a perfect decision poorly executed” (Doug Edwards CEO, Prime) (BRW)
Couldn’t agree more Doug, this is the first rule of a 'fit' business. Focus on the detail in implementing your strategy and the rest will follow.
Be unique in your offer
Have something special to say that has personality, courage and presence. Be bold and stand out from the crowd with a unique message. Dress the windows up to be powerful and attractive, bold, bright, and unique. This is your chance to really make your business mark.
Be great not goodTo quote Jim Collins “Being good is the enemy of being great,” second best or mediocrity in your offer simply doesn’t cut it. 'Fit' retailers strive to be great in every single aspect of their business, from supply channel to sales floor.
Fanatical simplicityLook at the high performing 'fit' retailers around us and they typically have one common feature, and that is that they live by the creed of “fanatical simplicity”.
After all, when all is said and done, retailing is fairly simple isn’t it? People building complex processes and infrastructure serves to complicate, and ultimately makes the retailer uncompetitive.
Here are three quick measures to see if there is “fanatical simplicity” in your business
* Are your days from supplier / manufacturer to the shop floor decreasing?
* Is your stock turn / sell though ratio increasing?
* Is your SLA growing as a percentage of your GLA?
Leaders to lead. Be visibleThis is the time for the CEO to be in the field along with other senior executives, proclaiming the vision, pressing the flesh and serving customers alongside their staff. No successful battle was ever won from the corporate HQ. The greatest leaders of our time knew the right time to be in the trenches and now are the right time.
“Walk in their shoes” Ross Love partner BCG (BRW)
“A desk is a dangerous place to view the world” (John Le Carre, author)
Have an operational implementation plan especially over this period, as noted, a good strategy without implementation is fairly worthless. Plan in advance to drive sales, margin, customer transactions and stock turn. Keep a daily and weekly checklist to be sure your staff stick to the plan.
Focus on selling Keep all non-selling tasks to a minimum. All visual merchandising and stock handling should be done outside of trading hours.
Have your “A” team on showYour key selling staff should be 100% focused on selling, especially during high traffic trading times. This is a big one! If your key people are not on when the traffic is at its highest, you will not maximise your potential.
Fill those stockings Have a feature add-on sale product around the register. Choose a product that complements the majority of your range, keep it at a lower price point and make sure you have plenty in stock.
It’s all about giving.
Beautifully packaged gift pack products make Christmas shopping a little easier for your customers and add-on selling a little easier for your staff. Have a range of price points for broader appeal.
Support your sellers.For a multi site retailer the support office must be available throughout the Christmas trading period to support those serving the customers. This is not the time for Head Office to take leave.
Be first to open and last to closeOpen at 8:30am when your competitors start at 9:00am and make sure you are there when your customers are. Leave the store sparkling and faced up to sell even when you’re not there.
Reward your customersDespite what the media may say about increasing customer confidence, there is still disparity between what people read and feel. The answer this Christmas is to make customers feel more special than ever before; engage and reward customers and give them a reason to return to you in the New Year.
David Liddys (CEO, Bank of Queensland) advice received on his first day at the start of his career. “I don’t care what you do Liddy, Just smile and call the customer by their name” (BRW)
Have fun Keep the shopping experience fun and exciting for staff and customers. Find a way to bring your store to life in a way that other retailers can’t or aren’t.
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Thank you to all our readers, customers, partners and colleagues for supporting us and reading The Retail Doctor’s Diagnosis. We wish you all a joyful & 'fit' festive season.Happy ‘Fit’ Retailing
The Retail Doctor
To connect with The Retail Doctor please go www.retaildoctor.com.au, email and phone us. Alternatively visit our sites on LinkedIn, Twitter, Facebook or Slideshare. Contact brian@retaildoctor.com.au to discuss how to increase your multi channel sales and profitability to be truly “Fit for Business”.