Millions of small businesses are opened every year. This increases the competition for existing retailers and threats for new retailers to survive in the market. To make the customers coming back to their shop, retailers has to differentiate themselves and stand out from the rest in the industry.
Out of many other ways to differentiate retail business, four key areas where retailers must work are:
- Customer Service
The product itself is the key to success. Emphacising on enhancing product features and quality automatically build up the trust in potential customers and make them buy from the retailer again and again.
As per research on buying behaviour of customers, customer service win the first position. Over looking the customer service may incure huge loss in the business. Customer service techniques go a long way when it comes to differentiating any business. Retailers can offer customers something in return for their business for example, easy returns, free shipping, product satisfaction guarantee, etc. To a potential customer, product offerings and price point might not matter without good service.
The brand identity is the another most important criteria to the success of a business. A brand identity should establish who you are and what you stand for. Brand should go everywhere along with the seller, into physical store, in the logo and across all communication touch points, including email and social media. A community can be created in the store and around the brand along with other successful community-building retailers.
Price, undoubtadly, is the vital part of a product to get sold in the market. Lowest price challange or even price matching can keep on selling and making a difference with the competitors.
Some suggestions on Differentiating Brand
- Considering the Entire Customer Experience
Considering the the entire customer experience starting from their entrance to the exit, can give the sellers many ideas for enhancing their business. Retailers can enhance the customer experience and stand out using many techniques. For example, highlighting the products that creates an impression on customers, accept all common payment types, exclusive offers for existing custoers making them special, Loyalty programs, in-store technology, and a multichannel approach etc can make a huge difference.
To understand the competition and buyers behaviour, lot of research is required. It should be an ongoing process so that every market trend can be observed and take the advantage of the opportunities.
- Get Your Team On Board
The team represent the store. They should be well trained with the store’s key essentials, value added service, stores’ trend to provide customer service and overall everything. Lack of training and communication with the team may cause huge disaster to the business.
- Must be Commited
Consistance and commitments go hand in hand. This is what matters to create faith and provide loyalty to the customers. Even though consistency is important, flexibility is also required to change the strategies with the change in demands and market trends.