12 Sure-Fire Steps To Improve Your Retail Sales

The purpose of any business is to bring in customers, and it can only be accomplished through marketing. If your cash registers don't ring, something is wrong and you had better find out what is wrong fast. Because in today's competitive retail world... getting results is what counts.

Successful retailers aren't any more talented or intelligent than you are -- They simply have learned to do things in a different way and make money in the process. Use the following 12 steps to improve your retail sales, you'll simplify your efforts, multiply profits, and increase the odds of success.

1. Know Yourself

Having your own business is more than just creating a job for yourself. Your basic roles are in marketing, finance, administration, and the responsibility of personnel. To get the best results, it is rare for one person to play all these roles equally well. You must know which parts you can handle yourself and which parts you're going to need help with.

2. Plan Ahead

Many stores are run by well-intended people but who don't have all the information they need to do their job. This includes a clear idea of market segment, target markets, customer service, product selection, marketing mix, promotional activities and pricing tactics. If you want to succeed you need a well thought out business plan that helps you make the right decisions.

3. Know The Industry

You can gain the greatest competitive edge if you have an intimate knowledge of your business. To thrive and prosper, you must be committed to learn and have the desire and energy to accomplish your goals. These are five main reasons why most businesses fail:

  • Lack of Industry Knowledge

  • Lack of Vision

  • Poor Market Strategy

  • Failure to Establish Goals

  • Inadequate Capitalization

    4. Understand Your Customer

    Make it your business to give your customers what they want, and they will do business and buy from you. The products and services you provide should reflect your customers needs and wants. Think in your customers' terms; buy, show, sell, and say things that interest them, not just what interests you. Remember, it is the customer that determines whether or not you succeed.

    5. Keep Good Financial Records

    If you don't know where your money is going, it will soon be gone. The "game of business" is played with computers -- and the score is evaluated in dollars and cents. Good financial records are like the instruments on an airplane, they keep you posted of your height, direction, and speed. Without them you're flying blind with no controls to guide you to your destination.

    6. Manage Your Cash

    It doesn't matter how unique and wonderful your store is, your business can't survive without cash flow. Money coming in your store is the vital component that keeps your business financially healthy. If you budget wisely and know the interval of your monthly income and expenses, you won't have to worry about running out of money.

    7. Use Sound Management Practices

    As a store owner, you are also a manager. You have to make decisions, offer customer service, manage time and resources, and know how to merchandise and run the business better than anyone working for you. Give your employees the opportunity for growth, treat them fairly, pay them what they're worth, and they will help make your business successful.

    8. Develop A Distinctive Image

    Your image is important and is a function of your marketing efforts and materials. Customer's create their perceptions of your business from your name, web site appearance, store location, products, prices, visual merchandising, signs, displays, business cards, newsletters, advertising material, customer service and anything else that relates to your business.

    9. Control Your Inventory

    All retail stores need to manage inventory. It is your money sitting on a shelf and represents a large portion of your business investment. The retailer who merely watches the store's shelves can't maintain a proper balance between the right amount of merchandise and probable customer demand. Without adequate control, slow-moving inventory becomes dated and very costly.

    10. Buy and Price For Profit

    To understand retailing, one must start with the concept that the price of your merchandise is nothing more than a temporary estimate of what the customer is willing to spend. In devising your overall pricing strategy, a practical approach can be based on the function of supply and demand. To be more competitive, join buying groups and seek out manufacturer discounts that allow you to purchase merchandise below wholesale prices. By offering better values, you'll be able to attract more customers, and offer more opportunities to shop at your store.

    11. Learn From The Pros

    In today's explosive markets, making the right moves is absolutely essential, there is little room for error. Without knowing how to navigate through these fast-moving times, it can be a tricky and even a self-destructive experience. Because of the emotional and sometimes difficult decisions that must be made, the crucial difference is having fresh ideas with an impartial business position.

    12. Ask For Help When You Need It

    Remember, getting results is what counts! Don't be too proud to ask for help, we all need help sometimes. It is important to recognize that what you don't know can end up costing you money, hurt the odds of success, and greatly reduce the chance of achieving your business goals. Hiring an expert with specialized skills can be the most profitable decision you can make to protect both your business and financial future.

    About The Author

    Bob Nelson is President of POWER Retailing. He can help you improve sales and profits, turn inventory into cash, and recover the money invested in your business and you only pay for results. For FREE information on how to simplify your marketing efforts and add dollars to your bottom line, visit http://www.retailing.com For practical answers to specific business questions, call Bob at 480-460-1965 or contact him by e-mail: bnelson@retailing

    In The News:


  • pen paper and inkwell


    cat break through


    Getting People to Buy Without Selling

    In my youth I landed a job selling encyclopedias door... Read More

    The Art of Backend Selling

    The art of backend sellingThe backend sale can be more... Read More

    Why ALL Sales Decisions Are Based On Emotion - Heres The Proof!

    Have you ever gone into a newsagent, picked up a... Read More

    Ten Ways to Super Charge Your Sales

    1. Add a no-fee interactive game to your web site.... Read More

    Dont Read This Issue: Why Saying No Can Make Your Sales Rate Soar!

    Yes, it's true. Saying "No" is a great way of... Read More

    Sales Leads: 10 Sure Fire Ways To Unleash An Avalanche Of Sales

    If you knew a few sure fire ideas that have... Read More

    Visual Science of Selling

    Statistics state that 55% of people judgments are made based... Read More

    Sales Language: Whats Wrong with But?

    Language is one of the most important tools you have... Read More

    How to Achieve Sales Goals by Focusing on Activities

    When I broke into sales in 1986, I read several... Read More

    Win More Sales With a 5-Step Sales Process

    Facilitating the buying process can be very straightforward and fairly... Read More

    How To Master The Art And Science Of Super Salesmanship In 3½ Minutes Flat!

    Dear Friend,You #1 weapon in advertising will always be...Superior Salesmanship.I... Read More

    How to Sell a Feeling

    To be totally in tune with the needs of your... Read More

    Sales Skills for the Non Sales Professional

    Have you ever wondered how in the heck you're going... Read More

    Increase Sales By Flying Under Your Prospects Radar Defenses

    How do you persuade someone to do what you want... Read More

    Using the Consultative Approach to Gaining Sales

    What do we mean by a consultative approach?When you hear... Read More

    Training for Trade Shows - 5 FAQs

    Trade shows are so obvious. You go. You hand out... Read More

    The Road to Achieving Training Success: What Holds the Key?

    As a trainer, you will be able to see a... Read More

    The 7 Deaths of a Salesman

    In sales, you can work one of two ways. You... Read More

    Woo the Buyers Limbic Mind or All Your Sales Efforts are Wasted

    If you've driven yourself crazy trying to figure out why... Read More

    Your Business Approach Can Make or Break a Business Deal

    Every sales presentation should start with the approach, or introduction.... Read More

    Anticipating the Audiences Reaction

    Obviously, you can not know all of the things that... Read More

    Make More Sales By Airing Your Dirty Laundry

    There's an old saying, "Don't air your dirty laundry".If you're... Read More

    Qualifying vs closing

    The art of effective question asking (qualifying) determines the effectiveness... Read More

    Follow-Up Marketing: How to Win More Sales with Less Effort

    A study done by the Association of Sales Executives revealed... Read More

    9 TIPS: Dont Sell Me - Persuade Me

    We all have something in our past we believe someone... Read More

    Its All in the Questions

    Contrary to many of the books on how to be... Read More

    Business Appointment Success or Failure

    One of the quickest ways to loose a sale is... Read More

    Start Your Sales Engine!

    Does your business run on a sales engine or a... Read More

    Acquired Expertise: Attitude and Confidence

    "I recommend the 5.8 GHz Digital Phone, because it suits... Read More

    Psychology of Converting a Prospect to Money

    If you want a truly successful business, you need to... Read More

    Do You Know the Emotion Behind the Objection?

    Prospects have many reasons (you might think excuses) for not... Read More

    11 Proven Sales Strategies to Help You Close The Deal

    There are a number of sales closing strategies that you... Read More

    Three Ways To Get A Prospect To Say Yes To Your Offer

    Here are three proven ways that will increase your sales:1.... Read More