Strategies for a ChangingRetail World!
Strategies for a ChangingRetail World!
1. A Very Different Economy2. Consumer Spending3. Fierce Competition4. Profitability
Challenges for Music Retailers
Change!
5. A Motivated Staff6. Reaching and Moving
Consumers to Action7. Past Success
Challenges for Music Retailers
The Lack of Desire or
Inability to Change!
“It is not the strongest of the species that survive, nor the most intelligent, but theones most responsiveto change.”
–CHARLES DARWIN
What Needs to Change in
Your Business?
Strategy!
Successful Retailers……Constantly Analyze, Evaluate
and Improve Every Policy, System, Procedure, and Business
Activity that Impacts Store Performance and the
Relationship with Customers.
Performance
Improvement
Performance Improvement Tools• Traffic Count
• Conversion Rate• Number of Daily Transactions• Average Sale Amount• Average Number of Items• Pricing Strategy
• Inventory Management• Turn Rates• Margin Evaluation• Merchandise Presentation• Constant Sales and Skill Training• Special Events
Performance Improvement Tools
The Secret!
What Are We Going to Do Today to Increase
Sales, Maximize Profits and Better Serve Our
Customers?
Constant Improvement
!
STRATEGY NUMBER ONE
Constant Improvement• Focus on Policies, Systems,
Procedures and Business Activities• Know Everything about Your
Customers• Under Promise and Over Deliver• Improve Vendor and Customer
Relationships
…Do Everything Possible to Distinguish Their Store, Merchandise, Marketing
and Service from the Competition.
Successful Retailers…
• Overwhelm Your Customers withService
• Explore Compatible Partnerships
• Expand Your Reach with a Web Sitethat Customers Must Come Back toAgain and Again
Constant Improvement
Distinguish Your Store!
STRATEGY NUMBER TWO
What Are You Doing to
Distinguish Your Music Store?
Distinguish Your
Selection!
STRATEGY NUMBER THREE
DistinguishYour
Marketing!
STRATEGY NUMBER FOUR
Everything you do to attract customers, get them in the door, and
keep them coming back again and again.
Marketing
Three Ways to Grow Your
Business with Distinguishable
Marketing!
#1 Get More New Customers
• Marketing Plan• Reduce the Risk• Maximize Referrals
#2 Sell More to Every Customer
• Salesmanship• Displays and Merchandising• Special Events and Promotions• Complete Sales• Your Web Site
#3 Get Customers toCome Back Again and
Again• Customer Relationship
Management• Targeted Offers Using Your
Email and Postal Mail Database
Distinguish Your Staff!
STRATEGY NUMBER FIVE
Distinguish Your
Service!
STRATEGY NUMBER SIX
Successful Retailers……Constantly Analyze, Evaluate
and Improve Every Policy, System, Procedure, and Business
Activity that Impacts Store Performance and the
Relationship with Customers.
Five Things Retailers Should
STOP Doing
STOP Believing Everything You Hear and Read
#1
STOP Ignoringthe Obvious
#2
STOP Looking Backward
#3
STOP Blaming the Economy and the
Competition
#4
STOP Thinking of Marketing &
Advertising as an Expense
#5
Five Things Retailers Should
START Doing
START Being True to Your
Principles
#1
START Taking a Critical Look at Every Expense
#2
1.Get more customers through your doors
2.Better serve your customers3.Support your employees4.Directly help grow and improve
your business
If It Doesn’t…
START Supporting Your People
#3
START Fixing What’s Broken
#4
START Getting Much Closer to Your Customers
#5
“If you are driving a company down the
freeway, and you see your competitor whiz
by you, you canbe sure the customer is
in the car with them.Probably even driving.”
—GARY HOOVER