Open a New Branch of Your Business – Some Early Thoughts
Are you thinking that you might open a new branch of your business? I’m going to start with an assumption: You probably have two retail stores. You might not even know it, but your online website is your second retail store. I recently met a business owner, with a physical retail store, who wanted to open a second location. This is a really big commitment and can quickly drain your funds. Therefore, it is paramount that you’re getting the most out of your current retail stores, both online and offline, before you open a new branch of your business. I wanted to share some knowledge with you and help you in getting the most out of your retail stores.
How Can I Grow My Retail Business?
I am going to separate the two stores, as they should be treated as separate entities. Firstly, let’s look at the storefront of your physical location: In 2012, FedEx conducted a survey which found that 76% of American consumers will enter a shop they’ve never been in before, purely because of the sign. This is because your shop signage represents what your business is and the quality of it. If you aren’t willing to spend money to get an attractive sign, why should the shoppers be willing to spend money in your store? The thing is, your storefront is a powerful marketing tactic: 75% of consumers admitted that they have told friends about a store because of the signage. That’s free advertising!
Similarly, the homepage of your online store is essentially your storefront. Does it immediately grab the visitor’s attention? Does it provide clear detail on what you sell? Consumers go through several stages of thought before committing to a purchase. One of the earliest stages is a match of need: Do you sell what the customer is looking for? Get this across straight away so they can move onto the next stage, which is very important: Image match. In other words, does your company vision and ethics line up with the consumer? Get ahead of your competition by defining a unique-selling-point and integrating that across the entire customer journey. For example, are your products made from ethically sourced materials? Give it some thought and then align that unique-selling-point with your branding and marketing.
It’s time to look ahead and think about how you’re going to be growing your business in the future. Before you open a new branch of your business, just ask yourself: Am I really getting the most out of my current retail stores, both online and offline?
If the answer is ‘No’, click the button below to get in contact and book a complimentary Strategy Session with me. We can work together to help you regain clarity and focus.
