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

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.

Ecommerce

In today’s business world it can be tough to succeed with only a brick and mortar location.  With so many retail purchases now being made online it’s become necessary for small businesses to expand into Ecommerce.  Ecommerce can dramatically increase your product reach, it also provides a significant return on investment.  Since you won’t need to pay a sales person to assist someone with their purchase and don’t need to have the lights on at your establishment to make that sale your profit margins can be considerable. 

Hire Knowledgeable Help

It is impossible for one person to master everything. Help yourself and your retail store by hiring an expert to make sure that you are maximizing your profitability. Utilize an experienced business accountant to review your books and make sure that your financials are in order. Make sure that you are taking advantage of the proper tax savings and deductions/credits. In addition to positions such as Accountant and Manager, you can hire more sales staff as well. To avoid having staff who stand around with nothing to do, make sure that they are well-trained to offer add-on sales. Every customer should be shown items which are complementary to their choices to increase the opportunity for more sales.

Improve the Look of Your Store

Are your items proudly on display within easy reach of customers or are they stacked out of reach and out of sight? Take the time to meet with a graphic designer to update your signage for displays and advertising. Make sure that your retail store is as visually appealing to customers as possible. This will increase the chances that they come in your door to spend their hard earned money. Get a professional painter for your walls, order new furniture, and invest in a quality sound system to get customers inspired to shop more.

Quikstone Capital Solutions has been providing small business owners with merchant cash advances to stabilize and improve their companies for more than 10 years.  If you are in need of a cash to cover unexpected costs, or if you’re looking to make long overdue improvements, a merchant cash advance could be right for you.  With the ability to quickly qualify and get your money in a timely fashion, there is no more convenient option.