Moving merchandise

Recently, I’ve been noticing a lot of sales signs on retail stores around the neighborhood. It’s as if everyone decided to hold a sale over the last week. Perhaps it’s just the season for sales or maybe it’s a reaction to Fed Chair Ben Bernake’s statement about the future of the economy. Either way, it made me think about what retail stores have to do to move merchandise and what the best way to reach shoppers with all the competition. After all, being in downtown Manhattan is somewhat like being in a high-end shopping plaza.

Small stores – with a footprint or one or two stores – often struggle with getting the word out. Though they have loyal customers (as many businesses do), the question of how to alert them of new merchandise of interest or an upcoming sale without sending out postcards (the norm in the retail industry) or brochures….both are quite expensive once the post office gets through with the weighing and mailing. And that annoying weekly email just isn’t cutting it.

Here are methods that might work for you:

- Get an online calendar for all your events on your web page (and, if you don’t have a web page, get one!)
- Targets alerts segmented by customer preferences (a pain, but if you can get this automated and electronic, you save a bundle).
- Get involved in the community. This is unbelievably useful for you (as a business owner) and for your business. It also helps the word
spread. The company that’s been most successful with community involvement is McDonald’s. Thought a Global 1000 company, it
operates at a local level.
- Hold events that drive business. Whether you’re selling clothing, books, comics or housewares, the key is to build awareness of your store.
- Step up that customer service. People go back for products, but if you’re competing purely on what you sell in your store, you’re already at a
disadvantage. Anyone can find the same product on the Internet or at another store. What will stick in a customer’s mind is customer
service.

But, the first step is to get that online presence. Define your brand, get your events out on an online calendar and take care of your customers (they will certainly take care of you!).