create your own retail zone lynda collier. create your own retail zone lynda collier
TRANSCRIPT
Create Your Own Retail Zone
Lynda Collier
Create Your Own Retail Zone
Lynda Collier
What is a Retail Zone?
An area in your store that is distinguished from your
core business– DME– Breast Health– Lingerie Shop– Orthotic and Prosthetic
What is a Retail Zone?
A grouping of products that compliment your core
business– Compression Garments– Hats and head wear– Wigs – Skin Care
Business example: Breast Health Retailer
• One fitter sees 5 people per day and each of the women is in need of a Juzo compression sleeve.
• At $70 per sleeve you are generating $350 additional dollars per day / $2,100 per week / $8,400 per month.
• If half of this is profit, this product alone is HUGE by year end at $50,400...and this is a cash sale!
• That sleeve alone can pay a fitter for a year!
What is a Retail Zone?
Products for impulse buying– Jewelry– Hand bags– Cosmetics– Seasonal Items
• Pink ribbon items• Holiday items• Spring and fall items
Business Case: Juzo’s Pink Silver Sole Socks
• Of the 20 people that browse through your store each day, 7 of them purchase a pair of socks each day during the month of October.
• At $15 per pair you generate $105.00 on the first day/ $630.00 in the first week/ $2,520.00 in the month of October
• If you continue to sell 10 pairs a week for the rest of the year, your profit is $3,410.00
Benefits of a Retail Zone
• Increases traffic, sales and profit opportunities
• Customer satisfaction• Gains trust & builds loyalty
– Increases sales and profit– Repeat business
Making your Retail Zone Successful
• Well designed areas– Well lit and
easily accessible
– Neat / clean / organized
– Keep it freshly merchandised
Making your Retail Zone Successful
• Keep it freshly merchandised– New products always draws customer interest
• Mix product with posters and displays to attract attention and always allow the consumer to touch and feel the product
Making your Retail Zone Successful
• Courteous and knowledgeable staff– Staff must have training on each product in
order to sell with confidence• Presentable and professional
– Need to be able to recognize sales staff• Business today demands new and improved
solutions
Making your Retail Zone Successful
• Repeat business is key to driving traffic into your store• Gather email addresses and create a monthly
newsletter highlighting special events, promotions and sales
• Start a Facebook page• Offer repeat customers special discounts and
incentives to get them back into your store• Consider a friends and family day so that your
repeat customers can introduce new customers to your products and services
Zone Presentation
• User friendly• Neat / clean /
orderly• Organized by type /
complementary of each other
• Colors draw attention to the products
Types of Specialty Merchandise
• Seasonal items from existing vendors– Pink ribbon socks, seasonal
colors, holiday items, swimwear
• Hats & head covers– Seasonal– Special items for chemo
patients
• Hair care products – Human & Synthetic
Types of Specialty Merchandise
• Skin Care• Cosmetics
– Both of these can be a large revenue producers
– Decide if your store can handle a full line or specialty items • Think impulse buys – lip gloss, nail polish,
mascara
Types of Specialty Merchandise
• Fashion wear– matching sets,
impulse items• Swimwear• Hand bags• Jewelry• Wigs• Pricing strategy
Identifying Your Niche
• A niche is something, as a position or activity for which one is particularly suited
• Sticking to what you do best and becoming an expert
• Learn from networking – what works in similar businesses
• You will be known by your good reputation, quality of products and excellent service
Know Your Customers
Who do you serve?• Clients• Caregivers• Family and friends• Community / walk-ins
Your Customers are Crucial to your Success
• Listen to your customers– They need to feel important to you
because they are– Gains their trust
• Customer Referrals– Not only will they recommend you but
they will stay loyal– Word of mouth and personal
recommendation is the least costly marketing tool
Plans for Success
• Staff members trained and retrained– Most vendors will be happy to share the
qualities of their products• Reward your team members for sales• Superior Service
– This is a must
“Excitement is money in your register daily!”
Plans for Success
• Control your risk– Don’t over buy – proceed with caution in the
beginning• Quality products
– Ask for referrals, talk to your peers about what works for them
Plans for Success
Be open to doing things a little different
• Knowledge leads to great sales – allows staff to point out the positives – personalized service
• Buy products you know are good• If retail is new to you – be open to
doing things a little different• 10% reward for all retail sales works • People who succeed in business
are usually excited about what they do