Strategies for a Changing Retail World!

1.A Very Different Economy 2.Consumer Spending 3.Fierce Competition 4.Profitability Challenges for Music Retailers

Change!

5.A Motivated Staff 6.Reaching and Moving Consumers to Action 7.Past Success Challenges for Music Retailers

The Lack of Desire or Inability to Change!

“It is not the strongest of the species that survive, nor the most intelligent, but the ones most responsive to change.” –CHARLES DARWIN

What Needs to Change in Your Business?

Strategy!

Successful Retailers… …Constantly Analyze, Evaluate and Improve Every Policy, System, Procedure, and Business Activity that Impacts Store Performance and the Relationship with Customers.

Performance Improvement

Performance Improvement Tools Traffic Count Conversion Rate Number of Daily Transactions Average Sale Amount Average Number of Items Pricing Strategy

Inventory Management Turn Rates Margin Evaluation Merchandise Presentation Constant Sales and Skill Training Special Events Performance Improvement Tools

The Secret!

What Are We Going to Do Today to Increase Sales, Maximize Profits and Better Serve Our Customers?

Constant Improvement! STRATEGY NUMBER ONE

Constant Improvement Focus on Policies, Systems, Procedures and Business Activities Know Everything about Your Customers Under Promise and Over Deliver Improve Vendor and Customer Relationships

…Do Everything Possible to Distinguish Their Store, Merchandise, Marketing and Service from the Competition. Successful Retailers…

Overwhelm Your Customers with Service Explore Compatible Partnerships Expand Your Reach with a Web Site that Customers Must Come Back to Again and Again Constant Improvement

Distinguish Your Store! STRATEGY NUMBER TWO

What Are You Doing to Distinguish Your Music Store?

Distinguish Your Selection! STRATEGY NUMBER THREE

Distinguish Your Marketing! STRATEGY NUMBER FOUR

Everything you do to attract customers, get them in the door, and keep them coming back again and again. Marketing

Three Ways to Grow Your Business with Distinguishable Marketing!

#1 Get More New Customers Marketing Plan Reduce the Risk Maximize Referrals

#2 Sell More to Every Customer Salesmanship Displays and Merchandising Special Events and Promotions Complete Sales Your Web Site

#3 Get Customers to Come Back Again and Again Customer Relationship Management Targeted Offers Using Your and Postal Mail Database

Distinguish Your Staff! STRATEGY NUMBER FIVE

Distinguish Your Service! STRATEGY NUMBER SIX

Successful Retailers… …Constantly Analyze, Evaluate and Improve Every Policy, System, Procedure, and Business Activity that Impacts Store Performance and the Relationship with Customers.

Five Things Retailers Should STOP Doing

STOP Believing Everything You Hear and Read #1

STOP Ignoring the Obvious #2

STOP Looking Backward #3

STOP Blaming the Economy and the Competition #4

STOP Thinking of Marketing & Advertising as an Expense #5

Five Things Retailers Should START Doing

START Being True to Your Principles #1

START Taking a Critical Look at Every Expense #2

1.Get more customers through your doors 2.Better serve your customers 3.Support your employees 4.Directly help grow and improve your business If It Doesn’t…

START Supporting Your People #3

START Fixing What’s Broken #4

START Getting Much Closer to Your Customers #5

“If you are driving a company down the freeway, and you see your competitor whiz by you, you can be sure the customer is in the car with them. Probably even driving.” —GARY HOOVER