This past year, we touched on a lot of topics ranging from social media marketing to adapting to changes in purchase behavior. At the end of every year, past those resolutions to hit the gym and watch less TV, it’s a great time to make business resolutions for 2018. The (exciting) reality is, you have full control of your business on whether or not you can be successful. Whether you make resolutions to lose those extra 10 pounds or to save up for that house this year, you need to set some realistic goals for your retail store. The smartest business owners set achievable goals and take every step to achieve them. Here are 5 retailer resolutions for 2018 to consider for a successful year.
1. Serve the People
A business is only successful based on who their customers are and how many they retain. If you don’t serve your customers, why would they stay with you? With the ever-growing shift in the customer mentality to saving and relying on trusting brands, businesses need to adapt. Businesses have always been focused on the 4Ps. Everyone knows these: price, product, promotion, & place. But the most important P is People. We’re shifting our focus from product to people. It doesn’t matter if you have the best product in the world if you don’t have people to sell it to and people who trust you. People need to be the epicenter of your business. Retailers are competing in the market where consumers’ expectations are elevated and needs have to be met.
2. Develop a Connection
Relating back to the first point, customers want to retain a relationship with brands. Customers are much more picky since they have an unlimited number of choices in the palms of their hands.Building that trust and foundation with a customer can help you retain a “forever customer.” Yes, you have a product that has these features and benefits but why? There’s another product out there that can do the same thing. Why yours? Differentiate yourself. Sell a relationship with the product. Promise guarantees and sufficiency with your brand. Commit and achieve these promises, and the customer will trust you and buy from you again and again.
Why does Apple keep profiteering on overpriced products and minimal technological innovation? It is because their products carry weight with the stories they create with their customers. They strive off innovators and artists and set that caliber for their products. They serve on their guarantees and warranties, fulfilling their promises for a clean and superior experience.
3. Adapt to Changes
Not every single idea that comes through your head is a game changer. Sometimes you’ll plan for months, execute it to the best of your ability, and still fail. That doesn’t matter. What matters is if you realize why and change. You can’t expect to move forward with any drawbacks. Your success is based on how to adapt to your failures and then succeed. You need to test, try, and keeping moving forward. With a whole new year to plan out, you have plenty of opportunities to succeed. Say you start a promotion you have planned a month prior. A week passes and sales are still down. Why? Is it a good promotion? What content did you build around it? Was it seen by anyone? Look at all factors and revaluate your plan. Then try again. That’s quite literally the definition of retailer resolutions for 2018!
4. Improve Digital Presence
We are in the age where more people are looking down on their phones than they are looking at the road. If you haven’t adjusted and started a blog or sharing your business on social media, then you need to now. Like right now. Not a single successful business is without a social media presence. Improve your SEO and blog consistently for your audience. Share your promotions through social media and answer inquiries there. Build content that’s targeted to your consumer and start building a relationship with them and your brand. Your resolutions for the new year should revolve around the customer and being in front of them as often as possible. Make a Facebook post daily. Tweet everyday. Blog. Use Google Adwords. Make sure there is no excuse for a customer to not know about you.
5. Be Tech Aware
After reading all the previous points for the new year, there’s an underlying trend. All these new years resolutions are somewhat revolved around technology. The biggest reason for all of these changes in business planning and marketing is due to the changing technology from around the world. With the vast information available to consumers, it’s time to take advantage of technology and maintain a competitive edge. A retailer needs to maintain a consistent social media presence. In home furnishings, you need to consider augmented reality and finding a way to adapt to that experience. Consumers will soon be able to put products in rooms right in front of their eyes instantly.
Consider finding out how to do that and get ahead of the game. Paying by phone is also becoming a standard for consumers. Consider implementing that in the checkout process in-store and online. Retailers need to be aware of the changing world around them to maintain a competitive advantage and stay relevant for 2018 and beyond.
Happy new year from our team to yours!