As a small business owner, the beginning of a new year gives you a chance to reflect on your company’s successes in 2016 and what areas could use some improvement going forward.
Once the celebrations wind down, pick up a pen and write down some areas you hope your business will improve in in 2017. Below are a few resolutions to add to your list, including a few that will definitely improve your bottom line in 2017:
Follow Up with Dormant Customers
There’s an age-old business adage that states that about 80% of your sales typically comes from about 20% of your customers. This still holds true for most retailers, making it that much more important to nurture your regular customers and encourage new visits from those customers you haven’t seen in a bit.
To start things right this year, make a resolution to go through your records to identify customers that haven’t visited in a while. Reach out to them via email/newsletter or phone call with an opportunity reserved for your most loyal of customers.
Experiment with New Marketing Approaches
Another resolution should involve marketing and outreach. If you have fallen behind in social media updates, designate a member of your staff to handle it as to ensure consistency.
Test your marketing by providing coupons with different types of offers to different segments of your customers, then compare the results.
Also, consider trying something new, such as making videos or starting an incentivized customer rewards program.
Open a Pop up Shop in the New Year
Your list of resolutions should include a start date for when you will expand your business beyond your current location.
Before investing in a permanent brick and mortar, test out various retail environments with a pop-up shop.
With a temporary retail location, you can expose your brand to new shoppers while seeing if this new retail environment is a match for your product and shopper demographic. Your pop up will also breathe new life into your brand, allowing you to experiment with different merchandising displays and promotions.
The team at Westfield POP wants to wish everyone a Happy New Year! Here’s hoping for a productive, profitable year for you and your retail business. If you are serious about reaching out to new customers and expanding your business in 2017, Westfield POP has a location and space that rights for you. Consult with our knowledgeable leasing professionals and get started with Westfield POP today.