STRATEGIC SELLING IN RETAIL
The process of making profit in retail is very systematic, it takes rigorous planning and execution of strategies that drive profits for the company. Profit making and selling the product are both good but they are not the only factors to consider when going into the retail business. Attaining high customer satisfaction level is a significant factor when it comes to selling without impressing the audience you cannot sell your products. Profitability can only be guaranteed when strategies are employed in selling.
One of the strategies in selling is knowing your target market. It is not possible for you to teach everyone in the market at the same time. Narrow your target market down to those customers that you know. Retailers usually group their customers based on some factors age, sex, education, employment status, which helps them have a clearer picture of who they have and who they intend marketing their products to. Knowing your customers helps the retailer carve out a niche for his business to thrive, instead of overestimating demand the retailer can rely on his customers to purchase his products and make guaranteed profit.
Understand who your customers are, identify what group tends to buy more and pay attention to them. You don’t need to chase the customers looking for a cheap price but keep them close. You need them,maybe, more than they need you. Know what works for each group and capitalize on that knowledge. As time goes by, the retailer can reach out to more customers having firmly established his home.
Technology has paved the way for man to thrive in whatever field he is in. The Internet has afforded retailers with a lot of opportunities to cash into. Many customers have access to the Internet and social media today and it is only logical for the retailer to harvest this resource. One of the strategies in selling is by creating a website or a social media account that will enable the retailer reach a much wider scope of people home and abroad. Websites with topnotch designs, which captures the attention of the customer is a great way of selling in retail. A vibrant social media account is also necessary; some companies are fully active on two or more social media platforms. These platforms like Facebook, Instagram and Twitter provide great opportunities to interact with customers’ real time.
Finally, one strategy that is mostly overlooked is empowering the employees. Some might forget that the employees are major stakeholders in the business, they are the representatives of that brand wherever they go. Retailers therefore need to empower their employees by paying them more wages, improving their working conditions and training them in areas that they lack skills. Once the employees have a sense of belonging, they can do above and beyond for the brand, sell products at any cost and satisfy the customers at every transaction.