The retail industry is rife with competition, so standing apart is a daunting challenge. You need to beat several stores to create a robust presence in your area. Having a great product is only the tip of the iceberg. Likewise, cutting down on your prices may cause more harm than good to your business, as it can hurt your overall profits.
You must think outside the box to beat the competition and set your store apart. However, it is not impossible to win the race, provided you are willing to go the extra mile with creativity and resourcefulness. Here are some actionable tips for retailers to stand apart in a competitive market.
Know your competitors
This one is a no-brainer because knowing your competitors is the first step to getting ahead of them. Check the way they position their products and find their prices. Likewise, analyze their marketing campaigns to compare and understand the strengths and weaknesses of your campaigns. Go through their social media profiles and assess their strategy to grow followers and expand their community. Once you know the retail competitors, you are in a better place to leave them behind.
Understand your customers
Customers are the cornerstone of retail business sales and profits, so understanding them is the key to standing apart. Start by drilling down on the ideal audience. Connecting with them for direct insights and performing in-store market research are the best ways to know their expectations. Nothing gets better than observing people walking into your store and noting how they behave and what they purchase. Tailor their shopping experiences to match their expectations and gain a competitive advantage.
Win with superior service
Although retail selling is mainly about products, focusing only on them can push you behind competitors. You can win with superior customer service as it sets you apart, no matter how tight the competition is in your domain and location. Besides giving your brand a competitive edge, excellent customer service boosts long-term retention and enhances your reputation without a massive investment.
Innovation is a game-changer for all industries, and retail is no exception. Technology can level the playing field even while going up against big brands. For example, you can implement ERP software to automate time-consuming processes and centralize control. It can also provide valuable data on consumer buying habits to help you build more effective promotions. E-commerce sales and contactless payments are some other innovations to set your business apart.
Incentivize customer spending
Incentivizing customer spending is another excellent measure to set your retail business on par with competitors. Incentives such as loyalty programs and rewards motivate customers to spend more during each visit and return for more. They may even recommend your brand to others if you provide referral rewards and bonuses. Even better, they bond with your brand and stick around for good.
Standing apart in the competitive retail market is easier than you imagine, provided you think creatively and act proactively. Follow these simple hacks to cover both fronts.