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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. |
