What are ways to revive growth?

Q. What are unique sales strategies I can implement when my store’s growth dips?

A. When the retail market slows down, retailers need to get more creative—but also remember to focus on what they do best.

According to The Cost of Doing Business Survey, published by Jewelers of America, here are suggestions for revitalizing your store’s growth rate (they make sense for all stores, not just jewelers):

1. Focusing inventory on best sellers—including analysis by price points. If necessary, put your best sellers in a more prominent place on your sales floor, or perhaps add inexpensive add-ons to the check out counter.

2. Drop slower moving lines. Patience is a virtue, but hanging on too long can hurt your sales. Make a judgment call to pull something, or remerchandise it to add appeal.

3. Expand into the incentive business, a growing market with opportunity for small retailers to focus effectively on professional and service firms. More and more businesses are using products and services as incentives for employees. Consider what you have in stock, or what you could get that would serve as a popular and unique item, then approach area businesses.

4. Train your staff to sell quality rather than price. Sometimes to get the sale, an associate might suggest a lower priced item, rather than lose the business altogether. Remind associates to communicate to the customer that in the long run, nothing compares to quality.

5. Offer or make unique items not found elsewhere. In a competitive market, differentiation is a key to survival. What do you have or could you have that will set your merchandise apart from the rest? Use your creativity as an advantage to your business.

Do you have a retailing question? Ask Michigan Retailers in writing:
by mail: 603 South Washington
Avenue, Lansing, MI 48933;
by fax: 517.372.1303;
by e-mail: tscott2@retailers.com.