Gaining a competitive edge in specialty retail
I hear it almost every day…”Wal-Mart is killing my business.” But the truth is that specialty retailers – whether large or small – can complete and can compete effectively. The key is differentiating your business so that you do not compete on price alone.
The best place to do this is by providing a quality retail customer experience and Wal-Mart is making it easier….A recent news item from Reuters tells us that Wal-Mart is adding more self-checkout lanes in an effort to reduce costs. Of course that means that what many customers already view as a poor checkout experience may, in fact, get worse. Because of Wal-Mart’s “price-first” business model they have to deemphasize the one thing that can help specialty retailers thrive…People!
The moral of the story is that by investing in your team members whether it is by providing customer service training, better schedules, stronger feedback, or competitive wages you can and will compete with the big box retailers.
Do you want to learn more about how to make your retail business more effective and competitive? Contact us for a free one-hour consultation!
- David Goodwin is the Principal of the Retail Advocacy Group. As a 30 year veteran of the retail industry he has hired, trained, and performance managed thousands of retail sales representatives and retail managers. You can learn more about instructor-led, e-learning, and other training solutions for retailers at www.retailertrainingservices.com.