How Can I Make My Retail Business More Successful?
Published: 1st Oct 16
Categories: Money, Success
How Can I Make My Retail Business More Successful?
Ready to take your independent store to the next level this year?
Here we share some easy ways to help bring those customers in!
1. Perfect your shop window
A passing shopper needs to have a powerful incentive to enter your store – so decorate your window to perfection. This doesn’t mean that you need to overdo things – this can be overwhelming. Instead, create a visual theme and tell a story through your dressing, solving the customer’s needs in an instant; whether that’s for Valentine’s Day, Christmas, a new spring collection or a glamorous new line.
2. Clarify your offer
As soon as you’ve lured your customer in, you need to be able to deliver the promise your window makes. Pare down your displays – unless you are a discounter – and select your merchandise carefully to show how your stock is different from the average high street retailer. This gives the customer a reason to return. Remember too to extend your window theme inside – seasonality, themes, colour-blocks; whatever your angle, make it beautiful.
3. Offer superb service
Independent stores can enjoy the competitive edge by delivering superb service. This is a balancing act – don’t risk being over-attentive to the point of hassling a customer, but be friendly and ready to help as soon as you spot that opening.
4. The pricing question
Many independent retailers forget to make a deep cut on a product which isn’t selling. If you make piecemeal reductions, you’ll find that you simply don’t achieve the sales. Make that first price cut, make it meaningful and shift the stock. Focus instead on identifying those profitable products and maximising their sales.
5. Marketing considerations
Remember that your brand needs to be very carefully and expertly developed as you grow your retail offer. Hire a professional graphic designer to help create your brand and visual assets in the first place and then use brand guidelines to deploy them consistently across all of your print and digital channels – from sales tags and gift wrapping through to social media channels.
Once you have your brand in place, grow it with an integrated multi-channel marketing strategy that captures social media, PR, print marketing, events, advertising and so forth, investing in the help of a specialist as necessary to ensure ROI.
What our clients say...
Very fast response times, flexible, easy to work with. They helped us sort out our financial management and take it forward to the level we need as we grow.
Phillip Oppenheim, Managing Director at Cubana Bar & Restaurants
The team is friendly, dynamic, efficient and works with you for the benefit of your business and a fraction of the cost of having full time in house finance staff.
Jamie Robb, Managing Director at Marlborough Tiles Ltd
I am highly satisfied with the professionalism and expertise demonstrated by VIRGATE. Their streamlined systems and proactive communication ensure efficient and accurate financial management. The team’s dedication to client-centricity is commendable, providing personalized attention and valuable insights. I confidently recommend their services to anyone seeking reliable accounting solutions.
Olivier Mention, Finance Operation Support Manager
Barworks is a London focused bar group with 18 sites. We decided to out-source our accounts function in order to reduce our central costs, improve the efficiency of our management accounts process.
Scott Chillery, Barworks FD
Now more than ever we must rely on a financial partner that we can both trust in and who will ultimately save us money with Sarah and her team exceeding all expectations.
Adam Taylor, Founder, The Feathered Nest Country Inn
They have gone above and beyond, using the latest technology to combine various elements of the business, and providing expert advice on our finances.
Moe Hashimi, Managing Director at 42 Acres Ltd
As a business that has previously received quite basic bookkeeping and accountancy services, Virgate are in a different league. It’s a ‘proper’ bookkeeping and accounts service aligned to my needs.
Louise Palmer-Masterton, Founder at Stem + Glory
Their communication is excellent, and this is really important to us. They’re always there if we need them. They’re happy to explain things to us with patience and clarity.
Sidonie Warren, Founder at Papersmiths
In just a short time we have already seen a 10% increase in our gross profit. As well as other efficiencies such switching to National more cost effective suppliers.
Angelee Sidar, Founder at Soul Deli
Working with Virgate has been an exceptional experience. Their professionalism and personalised approach to our financial needs have truly streamlined our accounting processes, making day-to-day operations much smoother. What stands out is their dedication to client service—Virgate ensures that we always feel supported, even through complex financial scenarios. Their ability to tailor their services to the unique needs of our property has made a significant difference in how we manage and plan our finances. Virgate’s proactive and hands-on approach has allowed us to navigate challenges more efficiently, making them an invaluable partner. I would highly recommend Virgate for any organisation seeking reliable, client-focused financial management solutions.
Saira CIELOSZYK, General Manager Ibis & Adagio London Sutton Point
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