Debra Templar: Retail Check ups, Tune Ups & Makeovers....It’s in the bag!

The Top 10 #fails & #fixes for retailers

Rushing to cut the marketing budget

1 #Fail

#fix 1

• Focus on 1 to 1• Email or social media marketing• Minimal costs but strong results• Be strictly targeted – no wastage• Monitor return on investment

Being blind to your customers

2 #Fail

#fix 2

• Mingle• Customers WANT to see the boss• Visible presence in your store = learning what your customers do and don't like AND why• Demonstrates to customers that you do like them

Being scared of the books

3 #Fail

#fix 3

• Stay plugged in so you know:• How much inventory does my business have?• Is my business profitable?• What is my cash flow situation?• What are my business's percentages for rent,

advertising, payroll & cost of goods sold in relationship to sales?

• What is my business's stock to sales ratio?

Tuning out professional advice, networks, help....

4 #Fail

#fix 4

• Participate & attend seminars/workshops• A single idea can turn a business around• Networking takes place before and after seminars• Common subjects to talk about: speaker and the topic

at hand• Like-minded people wanting to learn and share

information

Being under capitalisedunder

5 #Fail

#fix 5

• Don’t be un-armed!• New business: How long will it take for your business to show

a profit?• Plan for bad times.."What would happen to my business

if....?“• How long to build a critical mass of customers?• Ensure you have enough money to weather the storms.

Salary

Too big

Too small

6 #Fail

#fix 6

• How much to pay yourself?: How much would it cost to employ someone to do your job - pay yourself that amount.

• Be realistic about costs, salaries and profit.• Fair salary - not too high and definitely not too low

Being in the dark about competitors

7 #Fail

#fix 7

• Visit competing businesses & outside of your industry• Get ideas about merchandise• Can you tell what's selling & what's hanging around?• Check prices and pricing policies• Check general store policies• What are others doing to WOW customers?• Why do customers keep coming back?• Go outside your own industry...

Misjudging

your real rent costs

8 #Fail

#fix 8

• Read your lease CAREFULLY before signing it and don’t forget what it say

• Make sure you understand all ‘hidden’ charges ie: upkeep on common areas, building maintenance charges, refurbishment timelines

• If you are not sure – have an independent professional look over it for you

Buying what you like, even though your customers don’t...

9 #Fail

#fix 9

• Build your business with merchandise you really like and believe in...

• As long as you find customers with tastes similar to yours - and that often takes time.

• Or locate your business in an area with customers who like what you like.

Forgetting to think like a customer

10 #Fail

#fix 10

• If you consciously think like your customers would, you can anticipate or correct problems.

• Understand customer's motivation• If you don’t know – ask

www.thetemplargroup.com.au www.twitter.com/DebraTemplar

Pic Credits: http://www.personalloansmadeeasy.co.uk/loans-uk-info/monopoly-house.jpg www.dreamstime.com.au & Running with Scissors.

One of Australia’s leading retailing experts, Debra Templar just hates bad customer service and stupid business practices. So… she’s on a mission to change them – one slideshow, presentation, book, or training session at a time:

"I don't just want to improve how we do business for the customer’s sake but also that we, as business owners, sell more stuff, make lots more profit, and love our businesses back to life!“

E:   debra@thetemplargroup.com.auMobile: 0417 532383