Managing for tough times in retail

The economy is on a bumpy ride. This is reflected in inflation figures, interest rate hikes and the stock market roller coaster among other measures. While we don’t know where the current bumpiness will take us, it would be smart to start focusing on being ready for the ride. Here are some tips which you might consider:

  • Sell more to existing customers. Refresh up-sell opportunities at the counter and through the store. Make sure your team understand how and when to up-sell.
  • Have your best people selling. If this is you as owner of the business, do it.
  • Make the business bright and happy – happier customers will spend more.
  • Promote your business. Many business owners reduce marketing spend in a downturn – do this and you reduce traffic to your store.
  • Expand. Not too much, in categories complimentary to your offer today, separate your business from competitors.

If all you do after reading this is think about how you’d react in tough times it’s a start. Too often, we deal with a challenge when it’s too late.

We published this advice today to our customers in our weekly email bulletin. 

Category: Marketing, retail

One Response to Managing for tough times in retail

  1. Many business owners reduce marketing spend in a downturn – do this and you reduce traffic to your store.!

    I have to agree Total with you on this. I have seen it for my self at first hand. Then they say to you, business is getting worse, and they dont understand why that is. . Doh!

    You need to keep up the turnover or else you are on a slippery slope. Best way is to give a special offer and advertise it.

    Regards Bernard

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