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The Chatswood Chamber offers some
suggestions to help make our networking
functions a success.
- Attend as many functions
as possible. You will get from these functions,
what you put into them.
- Wear your name tag on the
right, so that when you shake hands your
name is easily read.
- Bring plenty of business
cards to all functions. They can be your
most valuable tool so do not hesitate
to exchange them.
- When you receive a business
card, make sure write any relevant information
on the back, as soon as you return home
or to the office.
- Be mobile in the crowd
– MIX AND MINGLE!
- Establish a goal for the
number of new business contacts/cards
you will have at the end of a function
and do not hesitate to ask associates
to introduce you to others.
- Plan for success and follow
up the next day with an email or a phone
call.
If you are an existing member
- try coming to more functions - you'll
be surprised what a difference being there
makes. If you aren't a member - now is the
time to join. And grow your business.
If you'd like more information
on any aspect of the Chamber's activities,
please make contact with our Secretary,
Julie Burgess, on 9415 2636.
One of the greatest
benefits being involved with the Chatswood
Chamber is regular networking and promotional
opportunities.
Because there is such a diverse
range of industries in the Chatswood area
and represented through the Chamber you
are ensured of regularly making new contacts
with different business people and their
companies.
But it is up to you to make
the most of the opportunities. Get involved.
Come to the lunches, attend Business After
Hours events at member's business sites.
Better still, host a Business
After Hours event at your business. The
Chamber will then invite all members to
come along to meet you, your staff and learn
about your business.
There are many ways
you can get exposure for your business or
its products or services in various forms
of media.
If you have the budget, or can pull some
money from your existing budget, the smartest,
most cost effective thing to do is hire
a small marketing or PR company.
They are experts at identifying
interesting media stories within your business
and using their experience and contacts
in the media to get free editorial coverage.
There are members of the Chamber
in marketing, media and public relations.
Check what they charge to deliver their
services and get a written estimate from
them about what they could achieve for you.
Media exposure takes time. But it can be
very effective.
Before you contact a marketing company,
think about the markets you want to address,
what stories you have to tell about your
business, products or sevices.
Once you are clear what you
want to achieve, are happy with the quote
from the company, ensure that you provide
them with a detailed brief.
There are a number of ways you can improve
your retail performance - whether you've
been open for 10 weeks or 10 years.
How, and where, you display your products
and the music you play in your shop are
just two of them.
Remember, your front window is an invitation
to potential customers. It's also a comment
on who and what your business is - a boring
or untidy window, with a dull lay-out and
badly showcased product is an immediate
turn-off.
You want potential customers to come in,
take some time to look around, ask you or
your staff questions about the products
without fearing a staffer is going to turn
on the hard-sell. It's a fine balance.
Put your most interesting and current products
in your shop window. Price some but not
all, that way a person has to come in and
ask a question.
Once inside your shop, balance the
spread of your most saleable items, making
sure that some enticing ones are at the
rear thus inviting the potential customer
to walk through, and check out, most of
your store.
Always have items on special. Maybe stock
that hasn't moved for some time can be "bundled"
with a more current product and turned in
to a "Special Offer".
Also take the time to explain to your staff
about your products, services and those
specials. They're not mind-readers! The
more staff know about products and there
potential use (whether it's a skirt or a
screwdriver) the better they'll perform,
the customer will be impressed and you'll
make sales.
Music is a powerful tool in retail. It can
prevent customers stepping inside your business
because it could be too loud or the wrong
style.
On the other hand, music can
slow customers down. If you want them to
take some time in your store, something
classy, an easy rhythm would be appropriate.
But where you want to increase turn-over
of customers, suchas as through a fast food
place,then, you'd play something bright
and breezy that conveyed a sense moving
quickly.
Independent
retail business owners often worry when
a large chain store comes to town.
The threat of having to compete
with large retailers keeps many would-be
entrepreneurs from even opening a shop.
Unfortunately, those fears
are well-founded. Studies show people purchase
a higher percentage of their merchandise
from the mass merchandisers and consequently
a lower percentage from local merchants.
It may be daunting but despite
the emergence of these multi-million dollar
businesses, many small retailers continue
to thrive (and profit) in a highly competitive
marketplace. The key to survival is to offer
the products and services that your competition
does not.
Strategies must be implemented
to overcome the lower prices and wider selection
that large retailers provide. Here are some
tips to better position your retail business
for competing with the big box stores.
Occasionally, we can
be our own worst enemy.
Talk of a big competitor coming
to your community is not a reason to immediately
consider relocating or closing your business.
First, recognize that you may need to make
a positive change in the way you do business.
Then, assess whether or not you have the
desire to make those changes.
Seek advice from your trade
association or consider hiring an industry
consultant to conduct a formal study of
what customers value most and what they
value least about your business. Understand
your store's competitive edge. Don't be
afraid to shop your competition.
One way to be educated about
the way your competition does business is
by experiencing their customer service first
hand. If possible, talk to their customers.
Find out what their shoppers like or dislike
about the chain store.
Mass merchandisers
generally have a little of everything, whereas
smaller specialty stores can focus on a
narrow but lucrative niche.
This can establish your store
as the place to go when buying these items.
If your market niche is very small, consider
keeping a few products and services that
appeal to a wider range of customers, but
have exceptional product depth.
Focus on what makes your
business unique. Emphasize the originality
of your inventory as compared to the items
offered by the chain store. Customers are
intrigued by the unusual and are often attracted
to the idea of getting something special
from an independently owned business.
Smaller retail businesses
also have the luxury of creating a comfortable,
cozy atmosphere within their store. This
gives your store a personality which is
often lacking at the big stores.
Be open to a little
haggling where price is concerned.
More price negotiating goes
on in your "Mom and Pop" stores
than in the big box stores.
Bargain shoppers know the
independent retailer has the power to negotiate
a sale and these customers are more inclined
to shop where they feel they set their own
prices. Remember, it is all about the customer's
perception.
Using loss leaders as a marketing
tool can also help gain new customers and
increase return visits. Implemented correctly,
loss leaders have been proven to be a profitable
pricing strategy.
Treat each customer
as your best customer.
As a small store owner, you
can concentrate on small details. Superb
customer service is the biggest intangible
asset to the independent business.
People like to shop where
they feel comfortable and where they feel
the owner truly cares about their wants
and needs. It is the least expensive change
to make in order to take on the larger chain
stores.
In order to keep your
employees from defecting to the competition,
you should treat them fairly. Motivate your
staff and pay attention to their needs.
Help your staff become proficient
in their respective departments and make
sure they are readily available to meet
your customers' needs. If your employees
can provide this, your customers will have
an extra incentive to continue doing business
with you.
These tips for competing
with big box stores[/link] can help level
the playing field. However, don't be misled
into thinking exceptional customer service
or unique products will win out over lower
prices every time.
As your customers' shopping
choices change, so should your thinking.
To succeed, we must lead or keep pace with
the change. With or without new retail competition,
this kind of planning is something small
retailers should be doing anyway.
It's
inevitable that your retail business will
have some form of competition.
And while you can't control what your competitors
do, you can minimize their impact on your
business. Here are three ways to rise above
your competition.
1) Reduce Your Expenses,
Not Your Advertising
Take a look at your Profit
and Loss statement, or itemize all of your
expenses, and ask yourself how each line
can be eliminated or reduced.
Find out where you can cut back. A little
here and a little there will soon add up.
However, the one expense you do NOT want
to reduce is advertising.
In fact, many retailers will increase their
marketing efforts during slower sales periods
because there is more competition and fewer
consumer dollars.
2) Get Creative –
do something different
Retailers in the same industry
generally use similar marketing methods
to reach customers. Now is the time
to get creative and use unconventional marketing
methods to distinguish your business from
the competition. A unique marketing campaign
attracts more attention and lands more sales.
Also, look for some new untapped market
you and your competitors overlooked. You
may uncover a niche market you can dominate
with little or no competition.
3) Provide Outstanding
Customer Service
By going the extra distance
to provide good service, retailers can outlast
the competition.
Try to make shopping in your store such
a memorable experience that customers can't
wait to come back or to tell their friends.
People like to shop where they feel comfortable
and where they feel the owner truly cares
about their want. |
