Congratulations! You’ve decided to launch a boutique.
Deciding on a Strategy
Is there a strategy that is just designed for retail and where no other industry can it use? The short answer, no. A marketing strategy is a road map, helping you decide which direction to take, whether it will be to enter a niche, penetrate a market, create differentiation and so on.
And, any of these strategies can be used for your boutique.
Before you decide, include these important factors during your planning stage: your competition, location, product choice, and the technology available to you.
A properly developed marketing plan can accomplish a lot for a relatively small amount of time and effort. It stimulates thinking and can help you better use limited resources. And, today’s successful retailers compete using more than one strategy and more importantly, being on all sales channels.
This should be developed based on what your competitors are carrying, trends and what your target audience wants as well as items that will make you unique. Category development should also be developed as impulse, trends and staple items.
Now that you’ve decided on your marketing strategy for your boutique, your next step is to plan out your sales channels and today’s that means using all of them, from the actual store, website, catalogue
A good loyalty program takes into consideration your customer and whether the financial investment of a loyalty program fits the purchase frequency and size of transaction. If you’ve decided to implement one, then your loyalty program needs to start with the positioning of your program. Most programs don’t have one, and that’s why so many programs look and act the same.
Retail is always 6 months ahead than any other industry. You’ll need to plan and budget for the holidays, new stock arrivals, street festivals and other important events many months prior to these dates. You will to stock extra cash for advertising, so keep your finances up-to-date.
Too many small boutiques skip out on training staff and, as a result lose sales. From staff complaining about management behind the cash without a care for the shopper in the store to selling your credit card ‘at the cash’, timing, shopping behaviour and customer experience play important roles in helping you make more sales.
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