Growth Opportunities for Specialty Retail

Posted by Karen Erdelac on Jan 25, 2016

Growth Opportunities for Specialty Retail To achieve long-term success, specialty retailers have to utilize innovation and creativity when encouraging customers to purchase from their stores over the “big box” retailers. It takes a targeted and successful marketing campaign to convey your brand message and create a loyal customer base. You want people to think of your company first as providing the best quality and service for the product that they seek. It is easy for vendors who sell a wide array of different types of merchandise to attract customers with the allure of convenience. However, it is not easy to specialize when you have so many product lines in your offering. Customers do recognize this difference and will often times pay a higher price to visit a specialty store but have a better chance of finding exactly what they are looking for.

Merchandise Chosen with Care

 

One way to help attract customers to your specialty store is create a marketing campaign around the fact that your selection is chosen with a particular customer in mind. Many high end jewelry stores utilize this concept in their commercials. They show their best diamonds and tell you where they are sourced from so that they can satisfy even the pickiest clients. Customers feel that once they step foot into their store, they will be pampered and receive the highest level of attention. This makes it seem worthwhile to visit their location even if it is far away or doesn’t offer the lowest prices. Another example takes place with a small business such as a produce stand. Customers will expect to find better looking produce then they can find in their local grocery store. Again, the concept of being picky and offering a more specialized selection will lure in sales.

Lower Expenses can mean Greater Savings for Customers

Specialty retailers have the added benefit of being in a strong negotiating position with vendors. Since the merchandise is specific, specialty retailers can be very choosy with who they purchase their materials from. This enables the store to secure a close working relationship and use this to their advantage when calculating costs. Store owners will also have a better idea of which vendors are offering quality materials and can trace the line of sourcing for their product. This savings can be provided to customers through lower prices. The option belongs to the store owner because there are also many specialty retailers who position themselves as having higher prices due to the unique quality and nature of their merchandise.

Utilizing the Best Customer Service Associates

Growth Opportunities for Specialty RetailUnlike traditional stores, specialty retailers can train their associates to be extremely well-versed in the particular line of products that they sell. Compare this to a general department store where the staff must know a little bit about all lines to be valuable. When customers visit your store, they will expect a deeper level of knowledge in addition to finding a wider variety of your specialty item. Make sure that your sales associates take this challenge seriously by staying abreast of the newest trends and developments in your industry. For example, if you own a high-end green market, your staff should know about the latest farming developments and techniques. Customers will appreciate the attention to detail and opportunity to have a unique conversation. As demonstrated in this article by Chron, organizing special events will also help to allure new customers and enthusiasts from to your niche market.

Access Cash Quickly

Specialty retailers may benefit by obtaining a merchant cash advance from a company like Quikstone Capital Solutions. This alternative funding solution provides fast access to cash and the ability to invest into your store as you see fit to grow your business. It enables you to purchase inventory, improve the look of your store, or create a massive marketing campaign. A merchant cash advance offers flexible terms and a short approval timeframe. Repayment is made from future debit and credit card sales and offers a much more streamlined process than a traditional bank loan. Contact us today to get the cash you need quickly.

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Topics: Retail, grow your business, merchant cash advance, growth opportunities