When I ask liquidators what the biggest mistake they see furniture and mattress retailers make, this is what they tell me. Identifying these areas and strengthening them could possibly make your store more profitable. Enjoy!
1) Don’t Advertise Effectively- They don’t advertise consistently. They don’t communicate the right message. They don’t choose the right media. They don’t track their results. They don’t adapt soon enough.
2) Margin is Too Low- Many retailers do not charge enough for their products. Understanding what margin you need as a retailer is critical. If a retailer doesn’t charge a high enough price for the merchandise they won’t be able to capture enough advertising dollars to aggressively promote their store.
3) Don’t Merchandise Properly- Dealers often duplicate similar looks and feels, which confuses both the RSAs and the consumer. They often miss some bestselling looks and feels and sometimes they miss entire categories.
4) Salespeople Don’t Close- Most stores that are in financial trouble are not closing enough of the too few customers that are coming through the door. Here is a helpful article on the secrets to closing more sales. http://peteprimeau.com/the-closing-secrets-of-the-top-furniture-mattress-salespeople/
5) Salespeople Miss Opportunities- While it is certainly important to close as many sales as possible. It is vital that the average ticket of each transaction is maximized. When stores are struggling we often find there are salespeople who are not maximizing each customer transaction. Here are three articles that will help your salespeople improve their average ticket through better needs analysis.
Stay tuned to to the next several articles as I explore each of these areas in more depth.
Action Step- What are the biggest mistakes you make? Please share your wisdom with us! Your feedback is critical to this blog’s success. Please post your comments and questions. I answer them all. Please visit http://www.facebook.com/PrimeauFurnitureSales and Like us! Our like page has the latest breaking news in the industry as well as product information, inspiring videos, motivational quotes, and selling tips!
Articles? Please email me any ideas for articles that you want me to write. Have you written an article on sales, goal setting, or time management? I’ll be glad to publish them in my ezine and on my website! Please email them to me at firstname.lastname@example.org.
Wishing You Success,