Competitors Ideas Enhance Your Business

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Sunday, May 23, 2010

Business has been pretty good lately, you're exceeding last years figures by a small percentage. The new ideas you tried seem to be working out pretty well. Customer counts are up, yet not as high as you would like. New ideas are always needed to pull the attention of customers to your business, now where to get more new ideas, is the question. Pay a visit to the competition, perhaps their ideas can work for you.

First have an idea of what to look for. Think like a customer on a shopping trip, and look at what they see, hear, feel, and smell when they are visiting a store. Those four senses govern every response we have, positive or negative.

*Does the store have a welcoming appearance? - With a well lit exterior/interior, not cluttered or dirty, did an employee welcome you as you entered, offer to help.

*Is the store clean? - From the parking lot to the interior, clean, greeted by a fresh aroma upon entering, merchandise organized, free of dust, shopping carts clean and working, employee’s appearance neat.

* How is their merchandising? - Is the needed product in stock is it where you can reach it, does the placement of merchandise compliment the other products, are promotions advertised visible, a good selection of product, competitively priced.

*How is merchandise tracked? - Do they use a point of sale system, is all merchandise clearly coded, are they using it to track customer preferences and local trends.

Now take all those questions and apply them to your store. Most successful marketing starts with the information you have stored in your computer. Utilize it to gain leverage with your merchandising market. You can see where the preferences are, and adjust your inventory to suit the customers in your area.

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