It's inevitable that your retail business will have some form of competition. And while you can't control what your competitors do, you can minimize their impact on your business. Here are three ways to rise above the competition.
Take a look at your Profit and Loss statement, or itemize all of your expenses, and ask yourself how each line can be eliminated or reduced. Find out where you can cut back. A little here and a little there will soon add up. However, the one expense you do NOT want to reduce is advertising. In fact, many retailers will increase their marketing efforts during slower sales periods because there is more competition and fewer consumer dollars.
Retailers in the same industry generally use similar marketing methods to reach customers. Now is the time to get creative and use unconventional marketing methods to distinguish your business from the competition. A unique marketing campaign attracts more attention and lands more sales. Also, look for some new untapped market you and your competitors overlooked. You may uncover a niche market you can dominate with little or no competition.
By going the extra mile to provide good service, retailers can outlast the competition. Make shopping in your store such a memorable experience that customers can't wait to come back or to tell their friends. People like to shop where they feel comfortable and where they feel the owner truly cares about their wants and needs.