APPLY NOW
(866) 264 - 7007

7 Strategies to Grow Your Retail Store

7 strategies to grow your retail store

Are you working hard but not seeing the results you want in your retail store? Don’t worry; you’re not alone. Growing a successful retail business is challenging work - but it can be done.

No more excuses - it’s time to take your retail marketing to the next level. Even if you doubt yourself, you deserve to have a profitable business.

In this blog post, we’ll share 7 strategies that you can use to grow your retail store. These tips are easy to implement and help you attract new customers, please the existing customers, make more sales, and boost your bottom line. Ready to grow your business? Let’s get started!

WHY DOES MY RETAIL STORE NEED TO GROW?

If you’re like most small business owners, you started your retail store because you have a passion for selling products and providing excellent customer service.

You probably didn’t open your business to stagnate - but that’s precisely what can happen if you don’t take steps to grow your business.

Not only does growth provide you with the opportunity to make more money and improve your lifestyle, but it also allows you to have a more significant impact on your community.

When you grow your retail business, you create jobs and support local economies. You also become a role model for other entrepreneurs looking to start their own businesses.

In short, growth is vital for any business - including your retail store.

WHEN IS THE RIGHT TIME TO START GROWING MY RETAIL BUSINESS?

The best time to start growing your retail business is NOW. As we mentioned earlier, stagnation is a death sentence for any business. But don’t worry, you’re not too late - growth can happen at any stage of your business.

There are constantly marketing strategies that you can use to grow your retail store. The key is to be proactive and intentional about growth. Don’t wait for things to happen - take the necessary steps to make it happen.

Let’s go!

1. Create a unique shopping experience for customers

When was the last time you went to a store and had a truly unique shopping experience? If you can’t remember, then it’s been too long. In today’s competitive retail market, it’s more important than ever to create a unique shopping experience that will keep customers coming back.

There are a few ways that you can do this:

  1. Offer exclusive products and services that can’t be found anywhere else.

  2. Create a fun and engaging environment that encourages customers to explore.

  3. Provide excellent customer service that exceeds expectations.

  4. Get creative with your displays and merchandising.

  5. Use technology to enhance the shopping experience (e.g., in-store kiosks, digital signage, etc.).

  6. Offer loyalty programs and other incentives to encourage customers to shop with you.

  7. Make your store accessible and convenient for customers (e.g., easy parking, extended hours, etc.).

All of these methods can be used to offer a one-of-a-kind purchasing experience that will keep your satisfied customers coming back.

If you want to grow your retail store, you need to stock the items people really want to buy. That means having a good mix of popular items and brands that appeal to your target market.

The right mix of products means having a good selection of high-quality items at different price points.

To do this, you need to know what your customers want. The best way to find out is to ask them! You can do this through surveys, focus groups, or one-on-one interviews. Once you have this information, you can make decisions about what products to stock.

For example, if you own a women’s clothing store, you need to stock popular brands like Nike, Adidas, and Under Armour. You should also have a good selection of dresses, skirts, blouses, and pants in different styles and colors.

More generally, you need to ensure that your store is stocked with the items that people in your target market WANT and DREAM to buy.

3. Create a visually appealing and welcoming space

Your retail store should be a place that people want to visit. It should be visually appealing and welcoming, with a layout that encourages customers to explore.

As for the layout, you want to make sure that there’s enough space for customers to move around and explore. You also need to provide enough space for employees to work.

You’ll draw in more consumers and boost your sales if you can create an aesthetically appealing and welcoming environment.

The secret is to create a space that’s both attractive and functional. Here are some ideas to get you started:

  • Use brightly colored walls and furniture to create a visually appealing space.

  • Use eye-catching displays to attract attention and encourage customers to explore.

  • Place merchandise in an easy-to-find and organized manner.

  • Make sure there’s enough space for customers to move around and explore.

  • Keep the store clean and well-maintained at all times.

4. Create a marketing plan that includes online and offline strategies

To grow your retail store, you need to create a marketing plan that includes online and offline strategies. That way, you’ll be able to reach more customers and increase your sales.

If it’s an online store, you need to focus on SEO, PPC, and other online marketing strategies. If it’s an offline store, you need to focus on traditional marketing methods like print ads, TV commercials, and radio ads.

Your marketing plan should include the following strategies:

  • Online advertising and paid advertising: Use online advertising platforms like Google AdWords, Facebook Ads, and Instagram Ads to reach potential customers.

  • Search engine optimization: Optimize your website for Google and other search engines so that people can find you when they’re searching for products or services like the ones you offer.

  • Social media marketing: Use social media platforms like Facebook, Twitter, and Instagram to connect with potential and current customers.

  • Offline advertising: Use traditional marketing methods like print ads, direct mail, and TV commercials to reach potential customers.

  • Customer retention: Make sure you have a plan in place to keep customers coming back to your store.

If you can implement all of these strategies, you’ll be well on your way to growing your retail store.

5. Research your competition and find what sets you apart

It’s critical to study your competitors and discover what sets you apart from them. That way, you can focus your marketing efforts on those areas and increase your sales.

Your research should include the following:

  • What products does your competition offer?

  • What prices do they charge for those products?

  • What pricing strategy do they process?

  • How is their customer service?

  • What marketing strategies are they using?

  • What do customers like about them?

  • What do customers dislike about them?

Once you have this information, you can begin to focus your marketing efforts on the areas where you’re most competitive. You can also find ways to improve on the areas where your competition is weak.

If you can differentiate yourself from your competition, you’ll be more likely to succeed.

6. Host events and workshops that will attract new customers

This will give potential customers a chance to learn more about your products and services, and it will also allow them to connect with your employees.

Your events and workshops should include the following:

  • Product demonstrations: Show potential customers how your products work and what they can do.

  • Service workshops: Teach potential customers about the services you offer and how they can benefit from them.

  • Educational seminars: Provide potential customers with information that will help them make better decisions regarding their purchases.

  • Social events: Host parties and other social gatherings so that potential customers can get to know you and your employees.

  • Giveaways: Hold contests and give away prizes to attract attention and boost attendance.

If you can host exciting and informative events, you’ll be more likely to attract new customers to your store.

7. Reach out to local bloggers and journalists to write about your store

It is just a superb way to get the word out about your business, and it can also help you build up some positive press.

To do this, you’ll need to find bloggers and journalists who write about businesses like yours. Once you’ve seen them, you can reach out and offer to give them a tour of your store. You should also provide them with some information about your products and services.

They may decide to write an article or blog post about your store if they’re interested.

Some things you can do to reach out to bloggers and journalists include:

  • Sending them a press release about your store or upcoming events.

  • Inviting them to visit your store and do a review.

  • Hosting a special event just for bloggers and journalists.

  • Sending them free products to review on their blog or in an article.

  • Offering them a discount on their next purchase.

Now that you know some strategies to grow your retail store, it’s time to put them into action. Start by focusing on one or two strategies and see how they work for you.

Unique for your retail store, Select Funding has a great offer as retail store loans with low monthly payments that will help you grow your business. You can use the funds for any business purpose, including inventory, marketing, expansion, and more. Apply now and get pre-qualified in minutes.

As you gain more experience, you can add more strategies to your arsenal. And remember, always keep your customers in mind when making decisions about your business.

Just keep reading to discover some additional strategies for expanding your retail store:

Know your customer

The first step to growing your retail store is understanding who your target customer is. This will help you determine what products or services they’re likely to be interested in, and it will also help you decide which marketing strategies to use.

To get to know your target customer, you can:

  • Create a customer profile: This is a fictionalized version of your ideal customer. Include their demographics, interests, and needs.

  • Research your competition: What products or services do they offer that you don’t? What are their target customers?

  • Conduct surveys and interviews: Ask your current customers about their needs and what brought them to your store.

Location, location, location

The next step is to choose a location for your store. This is an important decision, as it will impact the foot traffic you receive and the type of customers you attract.

When choosing a location, there are a few things to keep in mind:

  • Proximity to your target customer: If your target customer is near your store. If not, you may need to do more marketing to reach them.

  • Competition: How crowded is the area where you’re looking to open your store? What are the other businesses in the area?

  • Rent and zoning: Make sure you can afford the rent and that the zoning laws for your area allow for retail companies.

  • Parking: Is there ample parking for your customers?

Offer something unique

When you’re selling products or services, it’s essential to offer something unique that your customers can’t find at every other store. This could be a unique product, a special service, or even just a different way of doing business.

For example, if you’re selling clothing, you could offer personal styling services. Or, if you’re selling home goods, you could offer custom design services.

By offering something unique, you’ll set yourself apart from the competition and attract customers who are looking for something special.

Train your staff members to provide excellent customer service

When it comes to customer service, your staff members are the face of your store. They’re the ones who will be interacting with customers daily, so it’s essential to make sure they’re knowledgeable and friendly.

You can train your staff members by:

  • Setting clear expectations for customer service: What type of experience do you want your customers to have?

  • Providing customer service training: This will help your staff members learn about your products and appropriately interact with customers.

  • Encouraging them to provide feedback: Ask your staff members for their thoughts on customer service and how they can improve it.

Applying these seven strategies will help you grow your retail store and increase sales.

However, it’s crucial to note that there is no such thing as a one-size-fits-all solution. Because every store is unique, you’ll need to adjust these tactics to fit your own business.

Planning is critical, so take the time to map out a strategy that works for you and your business. What are you waiting for? Get started today!

Check if you qualify for funding


APPLY NOW