Countless misconceptions exist concerning today’s retail industry, and we want to air them all out and explain why they’re false. When it comes to a misconception about the retail industry, it’s important to make sure that no information slips under the cracks.
- Retailing is easy: Many believe that retail small businesses are among the easiest to operate and succeed with. However, this could not be further from the truth. Firstly, the initial investment in a retail store can dwarf that of other small business types. A food retailer, for instance, will normally have to invest in special equipment before even thinking about the additional money used for inventory. Secondly, any retail store owner must have an immense set of skills. Customer service and management are just some of them.
- There is no strategy: There is a conception out there that small businesses simply don’t need to do much to stay afloat; there is no strategy or planning involved. However, strategy is prominently involved. Retailers—large and small—need to analyze and decide what markets to be in, what products to sell, what prices to set and countless other things. A sophisticated and well-thought out strategy establishes a marketplace positioning for a retailer.
- Open doors mean constant customers: Just because a store opens its doors, does not mean customers will come walking in. Even a well-placed location with an attractive layout still may not be enough. Retailers must plan a marketing and advertising campaign to attract shoppers. Traditionally, an email marketing campaign is one of the most reliable marketing strategies a retailer can undertake. Also, consider implementing some local advertisement tactics such as radio and print.
AmeriMerchant has been helping retailers for over a decade and we understand the trials that you face. If you ever need small business capital for things such as hiring a marketing or advertising agency, we can get you money.
This article was originally published by AmeriMerchant