Achi news desk-
We’ve all been there. You walk into a trade show looking for ideas about the next hot product. However, a nagging doubt: are these trends relevant My customers?
Too many local small business retailers have a blind spot when it comes to what is actually sold in their stores. This can cost the business a chunk of money.
I spoke to a newsagent recently who said they can’t sell gifts for more than $30. When I asked why this was the case, they had no answer.
Another newsagent told me they can’t sell pet related gifts. They also couldn’t explain why.
Another newsagent told me they could only sell tickets for less than $5.00. When asked, they told me they never stocked cards worth more than $5.00.
These barriers we have placed upon ourselves have created the narrative we listen to when we stock our stores. We make decisions that make the narrative in our head the truth.
are you are not your customers.
We only listen to ourselves and LesSurrounding ourselves with like-minded people limits what we see and hear. Sales reps push what’s hot in other stores, trade shows limit who can exhibit and industry publications focus on broad trends. This can create an echo chamber, making it difficult to hear the whispers of what your specific customer base really wants.
Sticking with what “always sells” feels safe. The needs and preferences of customers are evolving. Clinging to the past can leave you with dusty inventory and dwindling sales.
data. Numbers don’t lie, but sometimes we don’t listen. Do you analyze sales data to see what’s moving fast and what’s fading? Ignoring information in your store is a missed opportunity.
How do you fix it?
- Watch TikTok. Right now, he’s providing the best ideas out of left field from what I can see. I’ve picked up great retail related ideas that I haven’t seen elsewhere from TikTok. Some shocked me. Each of them taught me something.
- Get customer feedback: Talk to your customers! Take surveys, run social media polls, or just chat with them at the counter. What are they looking for? What problems do they need to solve?
- listen: All other employees in the business, on the front line, directly hear the needs of the customers. Empower them to share insights and make informed suggestions about product selection.
- Dig into the data: Sales data, abandoned carts, clicks to websites – these numbers tell a story. Use analytics tools to understand customer behavior and adjust your offers accordingly.
- Hug experiment: Don’t be afraid to test the waters with smaller batches of new products or surprise pop-up displays. See what resonates with your customers and what doesn’t.
What we can sell in the local news agency is not bound by the rules. Play as far as you can. See how far you can take your business.
Be prepared to be surprised. embrace it
We tried a category last week in one of my stores, a category that some thought would never work for us. $500 in sales in 5 days. 60% doctor. It was an easy and valuable victory.
You don’t know what you don’t know!
are you are not your customers.
