However, many people seem to forget that although it is wonderful having all this technology to market ourselves they still forget the basics to support this within there own business.
How many times have you been in to a department store and never been approached by an assistant within 10 minutes of arriving? How many times has an assistant said "can I help you" and you have just said "no" and they have just walked away? How many times have you been told "it is cheaper from X" and you have walked away mumbling "go and buy it there then" and not tried to win that customer round? Sound familiar?
The "well known" brands in my industry are very clever at marketing. They have slick adverts, nice in-store Point of sale (P.O.S.) products and spend £1000's on exhibitions. These are all very important for the success of their business, but it also assists to seduce you to take their brand and sell it even though X on the internet is permanently giving 20% discount. But you keep persevering, saying to yourself, "I need this brand, people come in and ask for it so I must have it"
STOP NOW! it will kill your business! what makes your business survive? what helps you pay the bills, staff wages, rent, rates and utilities? IT IS REVENUE AND PROFIT!
If you continue to sell products at discounted prices you are reducing revenue, making less profit and devaluing not only the quality of the brand but also your business. Do you want to be known as the shop in the Town that sells "cheap" fabric! Wouldn't it be far better to STOP discounting, protect your margins become profitable and be known for your quality and service which in turn will attract a different type of clientèle.
Now, I know some of you are reading this and saying "it's not that easy" or "it's ok for you to say." Nowhere have I mentioned it is easy, nowhere have I said you will get a sale everytime, but, why has this particular person come to your shop, what made them choose you. Now one of the reasons is that they may have seen a "big" brand in one of the glossies which means it has served it's purpose for you, but now you have to start converting them away from that.
Don't try and compete with X, you are better than that! Wouldn't it be far better for you to engage with this customer, discuss their requirements in more detail, explain why you don't discount like X up the road, the service you can give and convert them from what they originally came in for! Explain the reasons why X is discounting, what service if any they are offering, and do they really want the same as what most of the UK population has in their home, which may include their neighbour!
Don't be frightened to try and convert your customer to an alternative. If after all this they are still determined to buy what they came in for then sell it don't lose the order! But you owe it to yourself to have at least tried and have the satisfaction of knowing you did your best and you have a customer that will refer you and come back to you in the future.
Two things you need to do:
1. Reduce the number of "big" brand books hangers from your display. You don't use them all and you probably never will!
2. This will then free up space to invest in brands such as Simta, Boyle & Butler, Emily McGuinness and Richmond Saville which can compete with the "big" brands and sell at full margin.
Never heard of these brands? Neither will have your customer!
John Northwood
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