Standing Out In The Marketplace

As a retailer or wholesaler, it is essential to stand out in the marketplace. What does that really mean, though? And how do you achieve it? For starters, you need to recognize what your competition is up to. This will allow you to understand what is actively going on in the marketplace. Stay current with new trends, new competition and new marketing strategies to keep your retail store or wholesale business shining brighter than the rest. In addition, listen to what your customers are saying. Their voice shops your business and others, so their opinion truly matters.

 A few things to help you achieve stand out among the rest include:

1. Recognize your strengths and weaknesses. Build off your strengths and work to improve your weaknesses. For example, if your store location is less than ideal, try to find ways to get people into your storefront without giving up on front window displays. You my need to reach beyond your store limits to draw in a crowd. It will take a combination strategy of your strengths and weaknesses to find a solution that is effective for your business goals. 

2. Dare to be different. If you know what your audience wants and you are reaching your sales goals, great. But chances are there is room to improve. Think outside of the box and challenge yourself to be different in your positioning against your competition. This exciting change of the norm will create a buzz that keeps customers talking. To add extra excitement, tell the media what it is that makes you so different and daring – giving them a chance to tell your story. If you are truly doing something unique and daring, it will be a story worth being told. For example, your store can hold an unexpected special event or introduce a surprising new product category that will reach a new set of customers. As a wholesaler, you may give a percentage of proceeds to a local charity… as well as donate time from all of your company’s employees.

3. Get your customers involved. Let your customers speak for you by telling the good, the bad and the ugly about your business. This will really help you get a real life perspective on what consumers think of your business. Don’t just listen to what they say, though, but react to it, as well. This may mean going outside your comfort zone - but that’s the goal. The changes you see as a result could be just what you need for your business.

4. Give personal attention to customers and employees both.A happy employee will return their feelings with great customer service. In a marketplace filled with lousy customer service, your business will stand out with employees and customers both if you are giving out personal, respected attention in all your communication outlets. As a small business owner, this type of respect goes even further since people seem to “talk” all the time about what they love and hate. It will have a rippling effect on your business in no time.

5. Stay up to date with the times.Too often stores and businesses get lost in their comfort zone from a time when they were cozy and happy – even if this time was 1990. Be realistic with what’s going on in the economy, with your competition, with your customers and then make it a point to stand out with time appropriate marketing strategies. This means do the expected – Twitter, Facebook, email marketing, special event and more – but also go above and beyond to really capture your consumer’s attention. How you go above and beyondwill depend on your unique business and customer.

Finally – pull it all together. Effectively executing each mentioned step above can help you stand out in the marketplace. Don’t ignore what your unique business can do in addition to the outlined details above, as well, to really thrive. And remember – make it a point to  re-address each of these issues time and time again to be consistent with the marketplace.

Knowing What Your Competition Is Up To

Whether the market is strong or frail, it’s essential to know what your competition is up to. You can gain a lot of insight to who their customers are, what they are doing to market themselves, how they merchandise their product and much more by routinely visiting their stores and websites as well as following them on their social media accounts. But before you dive into knowing what your competition is up to, make sure you are prepared.

For starters, you will need to have email accounts and social media accounts available to use that do not link back to your business. Don’t use your business name or personal name on Twitter or Facebook  because it’s likely they will recognize you. This may mean having more than one account, since you should definitely have accounts for your business. By doing this, this gives you cushion room to get engaged in their social media chit chat, newsletters, email announcements and more without them knowing it’s “you”. If they know you are their competition and following their marketing efforts, they may remove you from their lists. That is exactly what you want to avoid, so make sure you are prepared before you sign up, follow or friend them in any capacity.

Outside of using the internet to track what they are up to, it’s important to actually get into their store. Every six to eight weeks is long enough between visits to recognize what is new and yet short enough between visits that you won’t forget what is already there. Take note of their product assortment, merchandising strategies, sales and promotions, special events and anything else that makes up their store enviorment. One very important thing to notice while in their store is their customer. Who is she or he? Pay close attention to their customer service and associates, as well. How does it compare to your own store?

Taking the time  to know who your competition is will only help you if you utilize what you learn. Apply their strengths to your business, learn from their mistakes and be smart enough to recognize the difference. And don’t stop learning from them – ever. Make it a responsibility to follow their business as if it’s part of your business… Just  don’t let them know you are doing this!

Competitive Shopping – Are You Doing It?

Whether you are a wholesaler or a retailer, it’s important to know about your competition. Taking the time to understand who your competition is, what they are up to and why it matters to your business is extremely important in being effective in the marketplace.

Who Is Your Competition?

Competition surrounds us in our own communities as well as online. Let’s not forget about mail order catalogs, television shopping networks and house parties selling similar products to what you sell and who you sell to, as well.  Take the time to know all of the outlets that may be competitive to your business, but don’t just don’t this once and think you have it all understood. The reality is that new competition is always entering the marketplace. As a store owner or manager, it’s your job to stay on top of current businesses and new businesses that are competitive to your business. In doing this, you will be better prepared to make your business stand out from the rest.

What Is Your Competition Up To?

Recognizing the competition that is directly competitive to your business will allow you to analyze why customers are purchasing from them versus you, how they are communicating in the marketplace and what their strengths are that you may be able to learn from. You may also find out along the way that you are stronger than them in many ways, including marketing, press and merchandising, however staying on track with their growth should help you strive to stand out from your competitors. You can also learn from their failures, as well. The key is to know what they are up to so that you can better support your retail or wholesale business.

Why Your Competition Matters

While a store similiar to yours two states away may not make a difference to your direct sell thru, it’s still possible to learn from their successes and failures. However, a store two towns over with similiar product assortment and the same target market definitely should be on your radar. As wholesalers, it’s very important to be aware of the national or international marketplace since your brand is more likely to be sold on a larger scale - even if not now, it may be a goal for eventually. Either way, the point is to want to know what your competition is up to so you can ultimatley learn from them. Take their success in stride, not jealousy, and learn from them however you can. Even if just through observation versus chit chat with the owner, the time you take to care will impact decisions you make for your own company. These decisions will be the determining factor in your success or failure, so everything you can lean on to help make the right decisions matter.

In addition to learning from your competition, this is a great way to get inspired. Sometimes seeing new ways of merchandising, different marketing executions and more are just what you need to recharge your business energy. So take the time to competitive shop so that your business can gain from your competition -  after all, isn’t using your competition for your own growth rewarding in some way?

Wrong Product, Wrong Time, Wrong Market

It hurts to hear the truth sometimes. But hearing the truth is exactly what new business owners often need to hear so that they can better position themselves to be successful when launching a new product.

The “3 Wrongs” below can help you evaluate if your product is ready to launch or may need some support still before your big kick off.

1. Wrong Product. Right or wrong, if your product isn’t on track with what consumers want or if your competition outshines you, then your product is wrong. Period. Consumers have access to many product reviews and many product choices. Don’t launch yours until it can keep up with this reality.

2. Wrong Time. It’s no secret the economy is tough with a capital “T”. Don’t let that steer you away from launching a product. But plan your timing on whatever it is you are launching. For example, if you are launching a seasonal item too late in the buy season, you could be effecting your overall brand launch. Want to introduce a new swimwear line? Stores are buying this as early as August and September for the holiday season and by October for the resort and early Spring season the following year. Be prepared.

3. Wrong Market. Trying to launch a baby’s luxury blanket collection to any baby store retailer? Whoops, try again! Make sure you know who your audience is so that you don’t waste your time or their time with communication. Know where your product would be best suited and target those markets when reaching out to potential clients. Way too many new wholesalers and designers think their product should be everywhere, but really it will only be wasted somewhere if it is not in the right space. Understand who your target market is, then decide which retailers sell to this same target market and reach out to these stores. Your success will be returned more easily this way and your initial time investment will be rewarded, as well.

Finally, preparing to launch a product takes time, investment, dedication and strategy. There are many, many layers involved in preparing a successful product launch. Getting your website up and ready (and looking sharp) as well as having a buyer’s packet ready for retail communication is key. But these are just a few steps in a million so if nothing else, make sure to slow down and be prepared before launching too soon. An early launch is like a buzz kill – it may be great at first, but it can quickly become miserable if you can’t handle it!

Supporting Independent Boutiques and Brands

As much as I want to see Bloomingdale’s, Macy’s, Target and other large retailers thrive, I much prefer to hear about the local stores in my neighborhood doing well. This is also true regarding brands that are independently owned and operated. Unfortunately, the reality is that independent retailers and wholesalers aren’t doing well for the most part. So what can we each do to help?

After visiting one of my favorite Chicago neighborhoods today, Old Town, I saw that many store windows were filled with “For Rent” signs versus product displays. Some of the best boutiques in Chicago are now gone! As much as I know this is our reality, I still couldn’t believe it. I just didn’t want to. It crossed my mind that rather than buying three sweaters recently at Macy’s on sale I could have bought one fabulous sweater at a now closed boutique AND more importantly supported an independent store. Shame on me! I remembered the local craft show I recently attended and felt a little better, as well as the neighborhood market I buy my groceries at even though I know I could get them for less at a chain store. Okay – so I am not that terrible. But I need to step it up a notch and I will. Promise.

It’s important for us to remember each other during these tough times. Don’t just sell your product / service, but shop it, too. We are all in this together and need to be there for each other in order to survive the challenges we will inevitably face as small business owners. Whether you are a retailer or wholesaler, you are also a consumer. We all are. If you are already supporting independent retailers and wholesalers, THANK YOU! But if you have fallen into the enticing traps of big box retailers with their sales and endless coupons, consider your shopping alternatives next time you need or want to make  a purchase. Then think about your community, your local store owner friends, the wholesalers you know doing it all on their own and your own business. Will your decision be the same? Having made a recent purchasing mistake, I can assure you mine won’t. Next time, it’s local and independently owned only.

Do you have ways you are keeping your business above retail’s shallow waters? Are you shopping local despite sales elsewhere? What are you doing to save money yet still spending money? We’d love to hear from you! Let us know!

Boutique Extras – What Are They?

A lot of my retail clients ask me what they can do to help them stand out from other independent boutiques. Aside from providing products that customers will want to return to their store for, I suggest offering customers boutique “extras”. Hard to find at traditional big box retailers, such as Macy’s and Dillard’s, and yet not offered in most boutiques, boutique extras offer that “extra something” that customers appreciate.

Examples of boutique extras include:

Offer a beverage while shopping. So simple, and yet so nice. Depending on your store and your business license, you can offer anything from filtered water to sparkling water to tea to wine. Decide what you think may complement your store and go from there. Possibly you don’t offer alcohol but serve your beverages in wine glasses. Be creative with your presentation of this service but remember that this is just extra – don’t make it why your customers come to shop.

Provide complimentary gift wrapping. That said, don’t just tie a ribbon around the bag purchases are put in, but rather have a classic and charming gift wrapping style that will “wow” your customers and the receiver of the gift, as well. Make your gift wrapping stand, therefore creating a conversation about your store before they even open the gift!

Offer product delivery services – even for items purchased in the store  or within the same city. This is particularly important if the product purchased is heavy, hard to carry, breakable, or a special purchase of any kind. When possible, don’t charge for this service but rather offer it as part of your sales strategy.

Have “pass the time” options for shopper’s companions. Whether it’s a bored husband or restless child, if you can provide something that will engage your shopper’s companions so that they can shop more leisurely, you are not only offering your customers something extra but you are doing yourself a favor, as well. A comfortable chair, stylish or not depending on your concerns, is always nice to have on hand. Have  magazines available for both men and women – even friends can get bored while waiting on some shopping decisions to be made. Another idea is to offer internet access. Televisions can be nice, as well, but they may interfere with the shopping environment since they can be loud. For kids, a child size table with coordinating chairs is a great idea if you have the room. A basket of gender neutral toys or a nice variety is great, too. Make sure they are quiet toys, though. The next time a busy mom needs to shop and only has twenty minutes, the choice between your store or the one without a kids corner will definitely stand out in her mind.

Offer frequent shopping incentives. Coupons, discounts, early bird specials – whatever you decide to offer, make sure your customers know it’s something extra to what other customer’s get. This is assuming these customers are on a mailing list of some sort and you have access to communicate these details to them separate from your normal communication with all other customers.

Offer coat and bag check services – complimentary, of course. If you live in Chicago like me, you know how much of a pain it can be to shop with a heavy coat on in the middle of January. Make it easy for customers to take their coats off, check in any bags and shop comfortably.

Provide neighborhood information to them. Since many boutique owners are located in neighborhoods that offer lots of shopping, some of your customers may not know which streets to walk, where to have lunch, or how to get to their next destination. Make their entire shopping experience more enjoyable by helping them along. By offering a street map and already written down restaurant suggestions, you are showing your customers that you care about their entire day, not just the time they are in your store. Whether they purchase something or not from you, this extra something will certainly be appreciated.

The great thing about independent boutiques is that each one is different. Whether you offer a little something extra or a lot of extra somethings, remember that your store represents itself and you want it to leave the best impression possible with your customer. Through all the attributes that make up your retail store, the most important thing is to make sure your customer knows you care. This is what being a boutique owner is all about.

#1 Thing To Do To Compete Against Big Box Retailers

Clients often ask me what they can do to keep up with big box retailers, particularly in an economy when shoppers are more aware than ever as to why and where they spend their money. With stores such as Macy’s, Target, Dillard’s, Walmart, and so many others offering sales of up to 70% off, independent retailers are struggling to keep up. Every action they take when communicating with customers is crucial in whether or not they make a sale, however there is one step that I believe makes the ultimate difference, and that is customer service.

Giving More to Get More

While big box retailers may be taking more off their prices at retail, they are also taking more away from the customer service they once offered. Stores are cutting dollars in payroll, therefore customer service is few and far between on retail floors these days. In a recent visit to Macy’s on State Street in Chicago, it took me nearly five minutes to find a sales associate available to answer a question about a product for me. And forget getting an answer with a smile – I was delivered a quick response that left no opportunity for further inquiry. I ended up leaving Macy’s with no shopping bags despite some pretty amazing sales.

Had I visited a boutique that sold the same or similiar product, I am confident I would have received as much time and as much support as I needed while making my shopping decisions. I’m certainly not the type of shopper who likes my hand held the whole time by a store associate, however I do appreciate feedback and support when I request it. I even appreciate it without having to ask as long as it’s not overbearing. This said, I truly believe that customer service is the #1 thing boutiques and all other independent, small based retailers can offer customers right now – and always.

There will always be the type of customer who shops to save every penny no matter how little customer service she receives, however there will also always be the type of customer who wants support no matter where, why, or when she spends her money. As a retailer, you should strive to satisfy both customers by constantly evaluating how you offer customer service and why you should be flexible when delivering your customer service. Remember that what one customer wants is not always want another wants from you as a sales associate. For example,  when shopping at an apparel retailer, I do not like to be told that something will look good on me when in fact I know it won’t because I know my body and my style. That said, another woman may want this type of service and without it may not buy anything. As a retailer, you need to learn how to listen and react to your customers so that you can offer them individually the best service they each will need. Often, listening will come without words, though. Learn body language and shopping habits through experience and over time, you will be able to support your customers with the unique customer service that each potential customer walking through your door needs. But remember – some people really do walk in just to browse, so never be the “pushy” type that doesn’t let this happen, either. It’s all part of the pleasant customer service game.

A Step Further

Beyond providing unique customer service based on each individual shopper, you should also consider your store’s general customer service policies. Consider the following:

1. Return and Exchange Options

2. “On Hold” Options

3. Special Treatments

a. Beverages

b. Accessories to try on, such as footwear and hosiery

c. Digital camera for quick photo snaps of customers in a potential outfits so they can see for themselves – you can even email this to them if they want to show friends

d. Other one of a kind services catered to your store / product

By offering more than what your general big box retailer does, you are providing an experience to your customer that is often worth paying a bit more for. Consider all of these points and evaluate how you stand out among your local big box competition and then ask not only yourself, but your customers, what more can help you in your customer service strategy. Remember – every store is different and every customer is as well. Let each detail that shapes your store, your competition, and your customer also shape your customer service approach.