Sales Strategy
The Power of Asking Why in Retail Management and Unlocking Sales Growth May 06, 2024 (0 comments)
Greensboro, NC--Children often ask "Why?"—a habit that can be transformative for retail management. Applying this curiosity to your store's operations can unlock improvements and drive sales. A column published in Southern Jewelry News explores how to do that.
[Image via stanisluva/istock.com]
Evaluating Store Operations Critically
The article suggests that businesses should review every aspect of their stores, from merchandise placement to pricing strategies. Responses such as "I don't know," "It has always been that way," "Because, somebody said to do it this like this," "Oh, I hadn't noticed it was like that," "It is the only way I can get all this into the case," and "Because I thought it looked 'nice' that way," reveal a lack of strategic intent.
As noted in the column, the most effective decisions enhance customer experience and increase sales, with some justifications like:
- "Because it is easier for me to sell up when the items are displayed this way."
- "Because the perceived value of the items is greater on those type of displays."
- "Because the goods organized this way match how the customer shops for these items."
- "Because setting up the cases like this matches the steps I go through when making a presentation on this category, thereby making my sales presentation smoother and more successful."
- "Because we tested this showcase layout over the last few months and we sold 23% more."
Optimizing Displays and Sales Techniques
Evaluate the effectiveness of your displays. The article gives the example of a less attractive showcase that generates $50,000 annually, preferable to a beautiful one earning only $25,000. Regularly test different arrangements and track their performance to find the most effective setup.
Sales presentations should implicitly address potential customer questions with compelling narratives highlighting the value and craftsmanship of products, enhancing the likelihood of a sale.
Read more in the column published in Southern Jewelry News.