Strategies for a ChangingRetail World!

Strategies for a ChangingRetail World!

1. A Very Different Economy2. Consumer Spending3. Fierce Competition4. Profitability

Challenges for Music Retailers

Change!

5. A Motivated Staff6. Reaching and Moving

Consumers to Action7. Past Success

Challenges for Music Retailers

The Lack of Desire or

Inability to Change!

“It is not the strongest of the species that survive, nor the most intelligent, but theones most responsiveto change.”

–CHARLES DARWIN

What Needs to Change in

Your Business?

Strategy!

Successful Retailers……Constantly Analyze, Evaluate

and Improve Every Policy, System, Procedure, and Business

Activity that Impacts Store Performance and the

Relationship with Customers.

Performance

Improvement

Performance Improvement Tools• Traffic Count

• Conversion Rate• Number of Daily Transactions• Average Sale Amount• Average Number of Items• Pricing Strategy

• Inventory Management• Turn Rates• Margin Evaluation• Merchandise Presentation• Constant Sales and Skill Training• Special Events

Performance Improvement Tools

The Secret!

What Are We Going to Do Today to Increase

Sales, Maximize Profits and Better Serve Our

Customers?

Constant Improvement

!

STRATEGY NUMBER ONE

Constant Improvement• Focus on Policies, Systems,

Procedures and Business Activities• Know Everything about Your

Customers• Under Promise and Over Deliver• Improve Vendor and Customer

Relationships

…Do Everything Possible to Distinguish Their Store, Merchandise, Marketing

and Service from the Competition.

Successful Retailers…

• Overwhelm Your Customers withService

• Explore Compatible Partnerships

• Expand Your Reach with a Web Sitethat Customers Must Come Back toAgain and Again

Constant Improvement

Distinguish Your Store!

STRATEGY NUMBER TWO

What Are You Doing to

Distinguish Your Music Store?

Distinguish Your

Selection!

STRATEGY NUMBER THREE

DistinguishYour

Marketing!

STRATEGY NUMBER FOUR

Everything you do to attract customers, get them in the door, and

keep them coming back again and again.

Marketing

Three Ways to Grow Your

Business with Distinguishable

Marketing!

#1 Get More New Customers

• Marketing Plan• Reduce the Risk• Maximize Referrals

#2 Sell More to Every Customer

• Salesmanship• Displays and Merchandising• Special Events and Promotions• Complete Sales• Your Web Site

#3 Get Customers toCome Back Again and

Again• Customer Relationship

Management• Targeted Offers Using Your

Email and Postal Mail Database

Distinguish Your Staff!

STRATEGY NUMBER FIVE

Distinguish Your

Service!

STRATEGY NUMBER SIX

Successful Retailers……Constantly Analyze, Evaluate

and Improve Every Policy, System, Procedure, and Business

Activity that Impacts Store Performance and the

Relationship with Customers.

Five Things Retailers Should

STOP Doing

STOP Believing Everything You Hear and Read

#1

STOP Ignoringthe Obvious

#2

STOP Looking Backward

#3

STOP Blaming the Economy and the

Competition

#4

STOP Thinking of Marketing &

Advertising as an Expense

#5

Five Things Retailers Should

START Doing

START Being True to Your

Principles

#1

START Taking a Critical Look at Every Expense

#2

1.Get more customers through your doors

2.Better serve your customers3.Support your employees4.Directly help grow and improve

your business

If It Doesn’t…

START Supporting Your People

#3

START Fixing What’s Broken

#4

START Getting Much Closer to Your Customers

#5

“If you are driving a company down the

freeway, and you see your competitor whiz

by you, you canbe sure the customer is

in the car with them.Probably even driving.”

—GARY HOOVER