Change your business with the New Year

The business that stays stagnant while customers change typically goes out of business. Here are 10 changes your company should consider making in the new year.
 

1. Add in-store technology. Use multimedia in your retail space by placing video displays throughout the store. This can be accomplished by positioning inexpensive tablets with headphones so customers can watch planting, landscaping or other relevant videos.

This value add will produce a higher purchase rate.
 

2. Train the staff again. Studies show that the reason many customers shop at a store is to get advice from its staff. More knowledge means better customer service. Empower them to make decisions for the customer 95 percent of the time. It is also important for the owner to work in the retail store alongside other employees. This improves their training and raises their level of performance.
 

3. Showcase popular brands. Tie recognizable brands to your own store and use them to influence the emotional decisions customers make when purchasing your products.
 

4. Mobile Point of Sale (POS). Equip staff with smartphones that can be used to check out customers on the spot instead of lining up at a traditional register. This will strengthen the connection between shopping and actual purchasing.
 

5. Reinvent your pricing. “Showrooming” where customers shop in a retail store then go online to purchase is a reality. Give customers a reason to buy it in your store right now. These include competitive pricing, staff knowledge and follow up service. Carry out a short 3 question survey on why customers actually shop at your store. [Editor’s note: read Barry’s article about showrooming in the November/December 2013 article online.]
 

6. Really go mobile. 50 percent all searches are mobile and 70 percent of those searches end in a purchase. Unfortunately, 90 percent of small businesses’ websites don’t show up easily on mobile. Fix it by having a mobile website that displays easily on smartphones and tablets.
 

7. No hassle return policy. Many retailers are reluctant to offer a return policy on live products that can’t be resold. However, your need to show confidence in your products so the consumer can shop with less fear. Understand the Life Time Value of a customer (LTV) and do not focus just on a single purchase.
 

8. Keep customer influence. Contact customers monthly even when they don’t come to the store. This can be easily accomplished through email marketing. This is critical since companies lose 10 percent of their influence on customers with every month they do not reinforce their brand.
 

9. Commit to cash flow management. In a seasonal business, think about how to manage cash in and off season. Decide how to add another line of business to offset this seasonality.
 

10. Get out of the store. Go to a trade show or other retail event. This activity will generate new ideas from other retail owners, buyers and new suppliers. Ask for free help from local SCORE or SBDC small business advisers. Implement one new idea from these activities.

Barry Moltz helps small businesses get unstuck. He is a motivational speaker, author and radio talk show host. He can be found at www.barrymoltz.com.