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Competing with the Retail Giants

Guest post by: Bob Nelson

Article Overview: Whether you call them power centers, factory outlets, off-price retailers, or mass merchandisers, shoppers perceive that they all deliver roughly the same thing: so-called good merchandise, one-stop shopping convenience, and a chance for customers to save a few bucks. They are popping up all over and their cash registers are ringing.

Competing with the Retail Giants

Not only are giant retailers growing, they are welcomed with open arms by the communities that will be forever changed by the "new intrusion"... the national discounter. With their huge success, independent retailers must be ready and willing to deal with this change of traditional retailing practices.

The more information you have about the way the giant stores operate, the easier it will be for you to implement new strategies to compete and stay ahead of the competition. It is important to remember that every store is a competitor... it's all about getting the consumers "spendable" dollar. Regardless of the services or products offered, the more money your customers spend at other places, the less they have left to spend with you.

Your customers buy because of a self-serving benefit that your products or service provides. It is called -- WIIFM (What's in it for me?) It's sad to say, but people don't care why you are in business, people don't care if you need to make payroll, people don't care if you are the most educated and popular person in town. They only buy from you because of a benefit or result.

- Be Prepared to Make Changes

- Identify Unfilled Market Niches

- Display Warmth of a Smaller Store

- Improve Your Level of Customer Service

- Utilize the Latest Business Technology

- Develop a Short and Long Term Business Plan

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Article Tags: Business Strategy, How to competite, Retail Consulting



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