I cannot emphasise enough how important it is to analyse and
plan your seasonal budgets to avoid an overspend situation or cash flow issues in
season. The process should start as early as only a couple of months into the
season and should be on going. The aim is to understand the lessons that can be
taken from the previous year and to review how much OTB you are prepared to
commit up front, it is always recommended to keep a % back. This will enable
you to buy into that high fashion trend, pay your bills on time and lastly to
replenish regularly on your basic bestselling lines.
3 of 3 - Changing the product mix to attract new customers
A possible issue when considering niche market
products are they by definition appeal or are only relevant to a small but
specialised market sector. Another tip when looking for new product lines is to ensure that they offer
high or higher margins that will enhance your profitability and lastly remember it is so important as
retailer to push the boundaries, be different and unique in every way including
offering the highest level of customer service and shopping experience, it’s
not just about the product.
2 of 3 - Changing the product mix to attract new customers
When considering changing your product mix, even
if it is niche, remember to stay true to your original business plan and
company ethos, unless of course it was deeply flawed in the first place. Enhance and improve on what you already have,
look for exciting and unique lines that your existing customer will also buy
into as well as attract a new base. Don’t forget to ensure that for every new
product that you introduce your staff are 100% trained and informed on it,
there is nothing worse than ill-informed staff.
1 of 3 - Changing the product mix to attract new customers
There is nothing wrong with re-inventing /
reviewing your business in order to attract new customers and increase your
turnover In a recession, every detail of your business is so important as
customers can be few and far between but let’s be clear no one can something
for everyone so don’t even try; your
stock levels will go through the roof and you will have no clear message for
the consumer leaving everyone unsure as to
why they should shop with you in the first place.
Subscribe to:
Comments (Atom)