New Ways to Add Much Needed Revenue to Your Retail Store
Dec 16, 2011
What Are You Doing To Seek Out New Profit Centers?
Austin, Texas: I recently read an article detailing how grocers are adding sit down restaurants in their supermarkets as a way of adding revenue and improving ROI.
This is a great example of taking some of the positives of your major competition and configuring it to fit your own sales model.
Instead of rolling over and losing 100% of the eat-in business, more and more grocery stores are enticing a segment of this population with their own restaurant section.
Are you continuously looking for opportunties to expand your sales opportunities?
Take a few minutes and write down the main benefits of your major competition.
Don’t just think of intra-industry competitors. Think alternative options.
Full service car washes vs. drive-thru convenience stores.
Athlethic clothing store vs. fitness center with a retail store.
Vitamin shop vs. that same fitness center with a retail section of protein shakes, bars and vitamin supplements.
Coffee shop vs. convenience store , sandwich shop or donut shop.
Once you can visualize the types of competition that is siphoning off some of your business, you can be more pro-active in winning some of it back.
Talk to your customers. Ask them if they would support your new endeavor.
Be creative in your ideas.
Think out-of-the box. Maybe very much outside of the box.
As the saying goes, if you can’t beat them, join them.