Although retail businesses experienced a massive setback amid the pandemic, they are back with a bang. In fact, most retailers are in a far better place as they have additional selling power with e-commerce and curbside pickup models. Not surprisingly, more and more entrepreneurs are keen to foray into the domain and make the most of the growth opportunity. Even small-town retailers can unlock the potential, but competing with established players sounds like a daunting challenge. However, it should not keep you from trying your luck. Here are some strategies to set up your small-town retail business for success.
Choose your location wisely
Setting up a local retail store in a small town requires a good understanding of real estate. Since people prefer to drop in often, a central location gives you a head start. Check the best shopping areas in town to ensure good connectivity and high foot traffic for the store. Competition may be a concern while choosing a popular location, but you can overcome it with the right strategies. So do not miss out on the location advantage.
Know your target customers
Knowing your target audience is perhaps the most significant retail sales strategy, and it applies to all businesses regardless of their size and location. Digging deep into the demographics, preferences, and buying behavior enables you to create a niche for your shop. Moreover, you can get a head start and maintain momentum by staying on top of customer expectations.
Track buyers in-store
Although pre-launch research gives you a good start, you cannot overlook the significance of following up on customer behavior after launching your store. Small-town retailers may not have massive foot traffic, but in-store market research is still crucial. It gives you a clear view of customers’ needs through direct conversations or observing their behavior. You can use the information to improve your products, provide better services, and enhance the overall customer experience.
Use the right promotional mix
Small-town retailers often leave advertising to chance, hoping passers-by notice the store and walk in. But using the right promotional mix can set up your business for success. You need not spend a fortune on promotions. Killer window displays are good enough to pull the crowds. Also, invest in a small website and local SEO to gain online visibility. A compelling social media strategy can take your business the extra mile.
Invest in a skilled team
Retail business in small towns is more about relationship building, as buyers prefer personalized treatment. Investing in a skilled team of salespersons can do the trick for you. Pick people with pleasing personalities and excellent communication skills since they are good at building rapport with buyers. Encourage them to foster long-term relationships because they drive loyalty and retention. The best part of having loyal customers is that they spread the word, which can be a game-changer for small local retailers.
Setting up a retail business in a local town is easy, and success can also come effortlessly. You only need to master the selling game and provide excellent customer experiences to everyone who steps in.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin