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3 BIG Considerations For Today’s Retailers



This post originally appeared on Christina Giliberti’s blog, Christina is a regular contributor to Tweak Your Biz. 

High street retailers are dropping like flies – HMV, Jessops and Game are just a few that we have waved goodbye to in the last 12 months. But could they have change their fate? My 3 BIG considerations are all important points for retail owners and may well save their businesses.

3 BIG Considerations For Today’s Retailers

# 1. Pause and reflect, monitor and analyse

Reflecting, monitoring and analysis. All extremely important, but for many retailers; completely forgotten.

Naturally it’s easier to carry on doing what you’re doing. It’s safe, comfortable and requires less and less thought each time you carry out your usual duties. But by cocooning yourself in autonomy, you’re formulaing a barrier between your business and future developments at macro level.

Who knew that the ecomony would turn so quickly in 2008? Could we have predicted the unprecidented growth of technology in operations and communications over the last five years? While your answers may be ‘yes, no’, the reality is that a business should be flexible enough to respond in a timely mannor to macro-level changes.

Understanding buyer behaviours

Understanding buyer behaviours (Chart by Millennier.com)

By monitoring activity, customer perception and buyer habits, by training in new forms of business such as social media, mobile and online selling, by assessing the uptake (and profitability) of these channels, a retailer can confidently use the facts to make decisions for the future.

It’s up to management to decide the strategic direction of the business and use internal and external advisers to pinpoint where ‘soft points’ are. If you’re HMV and Amazon are steamrolling all your hard-earned customers, then understand why and use that knowledge to start leveling the playing field.

What do your customers want – lower prices, online access for purchases, innovative products, trending products, a refreshing brand that listens to them?

# 2. Educate and up-skill

I remember my first job in Fashion and the moment when I realized that my dream of being a Fashion Designer wasn’t going to happen. I won’t bore you with the details, but I was scared. I was scared because my skills up until that point were focused on Fashion design, and little else.

The savior for me was to consider what role was sustainable, a growth area and of course, one that would yield a decent salary. It was at that point that I learnt about websites, digital media, databases, marketing and began to feel the value of my new skills. After one year I had a new job as Marketing Co-ordinator for a digital marketing consultancy and after 9 years+ in the field, I now know the power of that choice.

Up-skilling and re-educating yourself is vital. I can’t stress that enough. Never stop learning. Make sure that you (shop/store owner) are aware of new advancements and skill gaps. That’s yours AND those of your staff members.

If stock control and ordering is inefficient, move to a seamless system and let the technology manage the process for you. The benefits will outweigh the initial costs. If your TV advertising is falling short and costing too much, then look at high-value cost reduction methods. Social media has proved itself to be an exceptional marketing tool for B2C (business to consumer) marketing.

# 3. Evolve to innovate

The wheel was invented in 3500 BC and began as a wooden kind-of circle. Now look at the wheels of today – tyres of various sizes, materials and treads. Over time we have taken the wheel and improved it. Naturally it has evolved as we have.

Example of a virtual store (Homeplus)

Example of a virtual store (Homeplus)

Your business needs to do the same, otherwise it will be an ancient wooden wheel next to an elegant rubber tyre.

It’s still a wheel, and it’s purpose hasn’t changed. All that transpired is new research, ideas and technology, that have prompted us to ask the questions

  • ‘Can we make this better?’
  • ‘Is there another way?’
  • ‘Considering how people ‘drive’, do they need something else/more?’

In pursuit of being better, finding another way or considering differing needs means being willing to explore the possibility that what we have needs to change. That’s a powerful thought (and not always an easy one).

Innovation has been hailed recently as Ireland’s way out of the ‘R’ phase. If we’re honest, innovation was always the smart way of beckoning in a new normal. Innovation caused people to take notice – both staff members and the public. So how can a retailer use innovation to stay in business?

It’s one of my favorites and crops up on numerous occasions, but Tescos virtual stores was an innovation that really paid off. First in Korea and then onto Gatwick, UK, virtual stores are made for the people of today. Why? Today’s people are time-conscious, are increasingly using smartphones for longer periods and for more than calls. They are drawn to technology and virtual stores are located at points where the majority commute or convene.

These are just a few ways that retailers can consider thinking about in order to stay stable in the marketplace. If you are a retailer, comment with some of the recent changes you’ve made to your business or the struggles you’re experiencing.

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Images:  ” A red sale clearance sign on rail of clothes in a shopShutterstock.com



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The Author:

Christina is a complete geek, hence a perfect web + online marketing consultant. After ten years working with Premier Recruitment Group, LA Fitness, Monarch Airlines, Thomson Travel and a host of other companies, she now owns CG Online Marketing (www.cgonlinemarketing.com) in Ireland and is an associate of the Ahain Group. She's qualified in most things online such as web server management, digital design, Google Analytics and SEO. Specialties: Social Media Marketing, SEO / PPC,Google analytics (qualified in GA IQ) Web trends + insights, Data segmentation and targeting, Customer Behavior analysis, Digital design, Writing, Ethical marketing Green marketing / Sustainable tourism and Hotel + travel online marketing http://www.cgonlinemarketing.com

Add Your Comment

  • http://TheMarketingShop.ie/ Debbie McDonnell

    Great post Christina. I’m always amazed by how many businesses don’t think about change until the market changes for them but then if HMV can leave it too late hopefully a lot of smaller businesses will learn from that. I’m also a huge fan of upskilling, you can never have too much education and while it’s great to learn new skills related to your career it’s also good to look outside too as going forward working life will be for many of us more about multiple revenue streams than one regular job.

  • Christina Giliberti

    Hi Debbie, It’s true. Perhaps we are so bogged down with the day-to-day activities that we forget to pay attention to the changes taking place, or could be a lack of buy-in from top management. In either case, not adapting has caused some fantastic household names to fail. Upskilling makes great sense and should be a priority. The pace of change is getting quicker and companies – big and small – are feeling the back-lash of that pace. Putting an action plan in place to upskill could be a life-saver.
    Thanks for commenting Debbie and happy Friday!

  • http://www.facebook.com/elish.bulgodley Elish Bul-Godley

    Thank you for the Post- I do believe in every business the imperative is there to redefine, or refine even, their core competencies as they evolve and ask the very important question – What is the Business really about whilst thinking beyond the 4 walls of the store itself. Rather than see technology as a threat , its time Retailers start looking at it with a positive mindset as another tool to expand their pontential – lots of scaremongering around.

  • Christina Giliberti

    Absolutely – thinking positive is key to moving forward.

  • http://www.FionaAshe.com/ Fiona Ashe

    You’re very welcome,
    Lorna. Best of luck with the publication
    and sales of the book.
    Congratulations on writing it and successfully crowdfunding it!

  • http://www.FionaAshe.com/ Fiona Ashe

    Thanks very much, Sian. Yes, Lorna is an inspiration!

  • http://www.ahaingroup.com/ Niall Devitt

    Hi Fiona, Thanks so much for puttting this interview together for Tweak Your Biz & of course thanks to Lorna for sharing such great insights. If the book is as good as the backstory it will be a wonderful read :)

  • Lorna Sixsmith

    Many thanks Ladies, i feel dizzy at the thought of everything that has to be done in the next 6 weeks but am sure I’ll get there (even if the house falls down around me)!

  • Lorna Sixsmith

    Thanks Niall – here’s hoping people will enjoy it :)