The top five principles of successful retailby
In a new series, Antony Welfare, ‘The Retail Inspector’, provides advice on how smaller retailers can compete with larger businesses. In this first part, Antony provides his top five principles to reach your maximum retail potential.
There are many retail principles that have been adopted and developed over time. The purpose of this article is not to discuss these principles, but merely to highlight a few of the important principles at the start of your journey. This introduction will help navigate you to the right place in order to start your journey to achieving your potential in retail.
Principle 1 – The customer is the most important person in your business
Principle 2 – Retail is detail
Principle 3 – Understand the 4 Ps
- Product – You need products that your customer wants to buy and a product range that will satisfy your customers’ needs, wants and desires. The products must also deliver a profit for you to have a successful business.
- Price – Price must be consistent across the whole marketing mix and meet all requirements for your business. You need to price your product range at the correct level for the customers to be able to buy your products, and for them to gain value from your products. This could mean pricing high or low – this very much depends upon your customer offering.
- Place – You must provide somewhere for your customers to purchase your product, be that a physical store, a catalogue or an E-commerce website; there needs to be a place for the customer to visit (in person or virtually).
- Promotion – Once you have a product – at the right price, in a place where the customer can access it – you need to tell them about this and promote your business and your products; make sure your customers know that you and your products exist and are available for them to enjoy.