The Chicken or the Egg?

By Tina Zawila

Many retailers in Gladstone are finding it tough at the moment.  Frankly, business is slow.  Despite their best efforts to attract customers, offer quality products at fair prices, and contain their overhead costs, many of them are struggling.

At the same time, how often do we hear Gladstone locals (or even visitors) comment that our retail shopping is limited?  We all want more options; more choice, better value, and we want it now! 

So how can this disconnect be?   Is it the chicken or the egg? 

Does an increase in customer demand drive the retail industry, or does an increase in retailers (supply) drive an increase in customer demand?

As customers we need to support our local retailers so that they can continue to operate and offer us local products and services.  If we support our local businesses, these businesses are more likely to expand their offerings, or even open new enterprises.  So reacquaint yourself with our local retailers!

As business owners we need to continually monitor our products and services to ensure we are offering high quality and good value to our customers, whilst maintaining our overhead expenses.  And remember – you can’t sell a secret!  You need to market and advertise your business to your target market.  

Here’s a couple of other tips if you are a business owner:

Connect with your Customer – excellent customer service is the key to increasing sales.  Ask your customer what they need and want and listen!  Then educate them about your products and services.  Remember to let the customer know you appreciate their business. 

 Be Social – One of the easiest, most cost-effective forms of advertising is via social media.  Be consistent with a steady stream of online activity; show your personality to stand out online.

Manage your Money – There are several aspects to managing your financials as a retailer, and if you take your eye off the ball, things can get tight very quickly.  A couple of key items to manage carefully include; your pricing strategy, the effect of discounts/sales, and your stock levels.

If you need further information or advice on how to drive sales and manage your retail business, call the professional team at UHY Haines Norton on 49721300.