What are those things that you need to be doing right now that can have the most positive return on your time and money invested? That is the easy part. Here is the tough part. What is keeping you from doing those things that you should be doing right now that offer you the most positive return on your efforts?
Most people would agree that these are not the times for doing business as usual. But knowing what aspects of your business to change can be very difficult; especially in these times of unchartered waters. A prevailing notion at the recent JCK show was a search for new products. Products that will truly excite new and existing customers are difficult to find. Knowing what those items are and how they complement a store’s exiting inventory require real market knowledge.
Mike Duke the new president and CEO of Wal-Mart suggested that continuous improvement and finding opportunities for growth are now part of the new norm of serving customers looking for more value. Duke said, “We must seize this movement in time, All of us must broaden and accelerate what we are doing well. It means having a greater sense of urgency.”
Here are three activities that should be on everyone’s short list of things to do.
Developing a marketing plan to get existing customers back into your store soon
Creating targeted marketing promotions to promote specific product categories and specific product offerings to specific customers
Updating your customer database to include wish list items, important occasions and dates, and email accounts with opt-in permission
What other immediate activities do you advocate retailers do immediately to build their business?