It’s all about Stats

So you finally made it! A great product, A great marketing campaign and people recognize your brand. They do come to your store in numbers but do not buy! It is a normal scenario facing most of the retailers around the world. How do you deal with it?

Often people judge the success of a store in a locality by the number of foot falls , i.e. the number of people visiting your store. The actual analysis should not be based on that- Sales value/footfall and sales quantity/footfall should be the judging parameter. A low ratio with high footfall indicates that people who visit your store do not necessarily buy and a high ratio with low footfall indicates your merchandise selection is excellent but you just haven’t promoted it enough. Another judging factor should be how many customers revisit your stores- as that tends to show the loyalty you enjoy among them.
The solution to the above problems lies in the following:
1. Re-analyse – Have you got your product mix, pricing and target market correct? The answer to these questions will determine your success to a great extent. Conduct a survey in the locality as how they perceive your store and what changes they would love to see !
2. Internal marketing- It was fine to promote your product through television and newspaper ads, but how to promote it within the store. The solution to this lies in internal marketing, better known as “Visual Merchandising”. If you don’t keep your products where people can see it before buying, how will they buy it ? Promote your product with attractive labels and stickers inside the store.

3. Build a helpful team- Have a sales team which is willing to listen to customers and provide suggestions rather than trying to push sales in an aggressive manner. Always remember- “Good behavior brings good business”. Invest in training your employees- It will help you tremendously in future.

4. Have a door-to-door campaign- So if you haven’t been getting the footfalls yet, it means people either do not know about you or they simply don’t care. It’s time to find out the answer! Have a door to door campaign and conduct a survey- tell them about what you do and how you can help them with your products.

5. Build a customer loyalty program- Most newbies tend to ignore it. They feel they have just started and can’t offer discounts to their regular customers. It is a totally wrong strategy. Having a customer loyalty program ensures you have higher sales since you offer them discounts on reaching a certain sales value. Moreover since they will get discounts, they will tell their friends – thus acting as indirect marketing personnel.
It is fine to build a great product, market it well but if you can’t sell it- there’s nothing worse than that! At the end of the day it is how many people who buy your product that determines your success, not how many people who know about it.

Food for thought- How much do you invest in training your team ?

You will love reading: Branding = Goldmine?.  Must read article Shy Guy

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