America is entering into some of its darkest days, but there is a light at the end of the tunnel. Many of our retail clients are suffering during this economic downturn; however certain elements must remain the same in order to stay afloat. Recovery before 2010 seems unlikely. We need to focus on doing fewer things, but do them better. Target things that will grow sales and are necessary to keep sending the message we are here. Continue marketing, but in a smart way with less resources. Value and innovation are crucial during these hard times. Clients can no longer ride the market in order to be successful; we have to steal it from the competition. Growth strategies should focus on taking market share and aggressive competitive activity. Meaning, continuing to market to the competition’s customers.Also, stay true to who drives business- your customers! Customer service is key during a recession, keeping a positive attitude and providing an infectious welcoming environment will have an impact. Retailers like Nordstrom have survived The Great Depression, economic downturns of the ‘70s and ‘80s all the while consistently offering the best customer service. Consumers remain loyal to those who treat them the best and provide the most satisfying shopping experience.
Keep your sales team motivated, morale up, and create a positive selling environment and customers will notice. Locally owned and operated retailers have an advantage over big box stores- they have the opportunity to build relationships within the community. Become apart of your customer’s lives by keeping a dialogue going and don’t stop moving forward. In 2009 promote value and ‘values’ like sustainable and socially responsible living in our current environment. Appealing to both the customer and citizen in people will show that you understand your customer’s situation and the impact retail choices have on their lives.
We wish our client’s and their teams all the best in sales, life and health in 2009!
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