Back to school is a big time for the retail industry. Many larger chain stores capitalize on increased spending and have taken a large share of the market. In the specialty retail industry, it’s important that you take advantage as well. Competing with larger stores when it comes to pricing can be difficult for smaller stores to absorb. Thankfully, there are several other ways small businesses can compete for back to school dollars. Back to school can represent a significant portion of a store’s yearly sales. Developing a detailed plan can increase retail revenue and go a long way towards running a successful back to school campaign. Below we feature some of the best ways to bring in business during this busy time.
Advertising
Direct mail advertising is a great way to spread the word about any types of specials you’ll be having during the back to school shopping season. Coupons can be a great way to keep your store on the minds of parents and provide value. Local newspapers, flyers and television may also be a worthwhile investment as it will increase your traditional marketing reach.
Events
Events are one of the best ways to draw in new customers. These can take the form of sidewalk sales, outdoor festivals and fundraisers. Providing entertainment and incentive will be necessary to pull off a successful sales event. This can be as small as face painting for children to larger investments such as live entertainers. Promotion of your events will be key. This is where you should showcase your best sales and also promote the customer service that only small businesses can provide.
Unique Merchandise
Offering unique and hard to find items is another way to separate your company from larger stores. It allows you to promote to a generation that is increasingly focused on individualism. Imported and handmade, one of a kind items can be a big draw and will give your store a revenue source that larger stores cannot provide. These items may not bring a dramatic increase to your bottom line, but the customers they bring in are likely to spend money on other items that will.
Specialty Designers
Taking a chance on new designers to fill your racks will make your store unique and trendy. Seeking out new designers and offering them a chance to showcase their wares can also provide you with significant profit margins as new designers will be willing to take less money to get their name out. You’ll also want to take a look at industry trends and obtain inventory from popular designers that may not make their merchandise available to chain stores.
Social Media
Social media is one of the best ways to spread the word about promotions and create brand awareness. Advertising your back to school specials and events through social media will be instrumental in the success of your campaign. Be sure to include images that display your top selling and unique items as images tend to get the most attention on social channels.
Ecommerce
With so many consumers turning to online sources for their shopping needs, creating an Ecommerce site to promote and sell your products can provide an enormous boost in revenue. Developing such a site can be a large undertaking and it’s best to hire an experienced professional to ensure its success. Ecommerce sites also provide a tremendous return on investment as you will not have to pay salespeople commission on its sales. It also allows you to sell a greater variety of items as you will not necessarily have to have a product in stock to make a sale.
Preparation Is Key
Being prepared for back to school season can go a long way towards boosting your store’s bottom line. With only a few weeks to go before school is in session, if you don’t currently have the funds to carry out a full scale promotion, it’s not too late. With its fast approval time, a retail cash advance from Quikstone Capital Solutions is the perfect way to prepare your specialty retail store for back to school success.
