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    7 Powerful Ways to Boost Retail Profits....In Any Economic Climate: The New Rules a Successful, Profitable Business Requires Skill, Planning & Strategy
    7 Powerful Ways to Boost Retail Profits....In Any Economic Climate: The New Rules a Successful, Profitable Business Requires Skill, Planning & Strategy
    7 Powerful Ways to Boost Retail Profits....In Any Economic Climate: The New Rules a Successful, Profitable Business Requires Skill, Planning & Strategy
    Ebook159 pages1 hour

    7 Powerful Ways to Boost Retail Profits....In Any Economic Climate: The New Rules a Successful, Profitable Business Requires Skill, Planning & Strategy

    By Nancy Georges

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    About this ebook

    Nancy, The Retail Miss Fix-it, is a retail strategist and the brains behind Magnolia Solutions, a one stop shop offering retailers, brands, businesses and manufacturers a dedicated consultancy service designed to provide them with sound strategies and solutions to adapt their businesses for the new world.

    With more than 20 years hands on experience ranging from in-store management, customer service, marketing, training, promotions & events, product development, manufacturing and wholesaling Nancy wrote 7 Powerful Ways To Boost Retail Profifi ts, In Any Economic Climate to help retailers identify and develop the foundation needed to guarantee a profi table business.

    Working with retailers, wholesalers, brands, manufacturers & professionals to navigate the fast-paced, ever changing marketplace. Nancy strategically integrates and implements sound marketing solutions and retail practices via offline reality, websites, e-commerce and social media, arming them with the information and support they need to adapt and navigate their way through the new climate.

    LanguageEnglish
    PublisherBalboa Press AU
    Release dateJul 20, 2012
    ISBN9781452503448
    7 Powerful Ways to Boost Retail Profits....In Any Economic Climate: The New Rules a Successful, Profitable Business Requires Skill, Planning & Strategy
    Author

    Nancy Georges

    Nancy is the organiser and co-founder of Social Media Women and a respected contributor to trade magazines and websites including Marketing Magazine, Dynamic Business & Giftrap. She is a speaker at industry conferences and events, covering a variety of topics, including Retail Essentials, Customer Service, Consumer Behaviour, Shopper Marketing, Websites & E-Commerce and Social Media & Marketing Tools. Education and information are the focus of Nancy’s work with her clients and at seminars and workshops. Connect with Nancy @ www.magnoliasolutions.com.au

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      Book preview

      7 Powerful Ways to Boost Retail Profits....In Any Economic Climate - Nancy Georges

      7 Powerful Ways to Boost Retail Profits

      ….in any economic climate

      The New Rules

      A successful, profitable business requires skill, planning & strategy

      Image34048.JPG

      By

      Nancy Georges

      The Retail Miss Fix-it

      Copyright © 2011 Nancy Georges

      All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the publisher except in the case of brief quotations embodied in critical articles and reviews.

      Published by Nancy Georges, The Retail Miss Fix-It @ Magnolia Solutions, in conjunction with Balboa Press, a Division of Hay House.

      Balboa Press books may be ordered through booksellers or by contacting:

      Balboa Press

      A Division of Hay House

      1663 Liberty Drive

      Bloomington, IN 47403

      www.balboapress.com

      1-(877) 407-4847

      ISBN: 978-1-4525-0343-1 (sc)

      ISBN: 978-1-4525-0344-8 (e)

      Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

      Balboa Press rev. date: 7/18/2012

      Contents

      7 Powerful Ways to Boost Retail Profits ….in any economic climate

      1 Marketing

      2 Systems, Procedures & Policies

      3 Staff, Training & Leadership

      4 Customers & Customer Service

      6 Visual Communication

      7 ONLINE: Website, E-Commerce, Social Media, ‘Virtual Store’

      This Book is dedicated to

      Magda Georges & Robert Georges.

      Thank You for your undying support & belief.

      I also dedicate this book to all the Retailers

      who are hanging in there & striving to make

      their business better in these difficult times.

      Let’s put the MAGIC back in retail!!

      7 Powerful Ways to Boost Retail Profits

      ….in any economic climate

      The New Rules

      A successful, profitable business requires skill, planning & strategy

      Introduction

      For any business to evolve, the owner must take a step back and view the business objectively, with new eyes, in order to assess it and make the right decisions for the business’ longevity.

      I ask that you take a step back when reading this book and ask yourself what you can take away and implement, to drive your business forward in the new world we all operate in today. Acknowledge that nothing is set in stone and that changes may need to be made, some of them big, but that ultimately they are necessary for the business to survive long term.

      When reading something and find the thought, I knew that, pop into your head, ask yourself "Am I actually doing that?". We all know a lot, but it is the ‘doing’ that impacts the business.

      This book has been written to inform the reader and make implementation easy.

      At the end of each chapter is:

      • Practical Example-to help illustrate the use of the key tool

      • Takeaway-key concept of the tool

      • Tip-to help in implementing the key tool

      • My To-Do List-space to note the things that resonate from that chapter to apply in the business

      Retail is an age-old profession with new-age behaviour!

      Retail is one of the hardest businesses to master. It is constantly changing. Throughout the book, I refer to ‘the business’ and ‘the store’, they are interchangeable, a store is a business and must be profitable.

      The success formula is impossible to quantify as it is dependant on so many factors:

      • location

      • customers

      • selling skills

      • competition

      • staff

      • product mix

      • strategies

      • know how

      • marketing ability

      Today’s market place is hard to navigate. Technology has enabled customers to be savvier than ever and demand more from their retail experience.

      The internet and subsequent technology has created increased competition for all retailers. This competition is ‘borderless’ and it is impossible to track all the competition in this modern connected age. Retailers have to be on their toes and ensure that they are adopting best the possible practices so that they can standout and survive in the contemporary marketplace.

      Online retailers are included here with ‘retailers’, even though they have a few operational differences and constraints. They still have to understand the market and connect with it.

      Great retail is an art form-it is fun and exciting for customers and profitable and rewarding for the retailer. Some retailers turn their hobby into a business, forgetting that it is exactly that-a business. The financial returns must equal the personal rewards otherwise it is called a hobby. When retail is executed well, it is magic and addictive to the customer. Like any addiction, the customer will have cravings and regularly visit the store.

      The current economic climate has meant that retail has changed forever. Consumers have curbed their spending, in fact they feel that excessive consumption is a bad thing. The years of spending and indulgence are over. Consumers will need to be more convinced to spend their money like never before. The move is from mindLESS spending to mindFUL spending.

      There is no definitive recipe to success. It’s one thing to have the list of ingredients, the skill is in knowing the technique to prepare each ingredient and how to combine them in order to create a masterpiece. This is where the powerful new tools and sound retail practices come into play. The business must create a strategy that takes into account the realistic resources of the business and where it ultimately wants to be and then plot the road it must take to get there.

      Many retailers don’t focus on profit as much as they should. Cash flow is not profit. A business cannot grow with cash flow. In order for it to grow and survive, it needs money that the business does not need to function day to day.

      This book has been written as a tool for independent retailers, although the principles can be applied to all types of retail, who have recognised the change in the market and want to ensure their business’ longevity and profitability.

      I am not going to bombard you with statistics and doom and gloom. What I want to provide you with are tools that will impact your business in a positive way and give you the successful retail business you want.

      We will explore the 7 most important elements of a good retail business, that once established, form a solid foundation for the business to grow.

      Throughout the book you will see QR Codes like this (right), read more about them on page 102. I use the Optiscan App, on iPhone & iPad, to read them.

      Click on them to see more detail or to quickly link to content online from the book.

      At the end of the book, there are links and QR Codes, like the one below, for an Exclusive Access online page for each topic. Each page will contain some information relevant to the topic.

      Image34057.JPGImage34065.JPG

      About Nancy

      Image34072.JPG

      Nancy Georges is a retail strategist, with over 20 years experience, and founder of both Magnolia Solutions and Paper Magnolia. Nancy’s career began in retail, as a Grace Bros Management Cadet, then wholesale and manufacturing in Marketing Manager & Product Manager roles for a wide range of retail environments and product categories.

      Nancy established Magnolia Solutions in 2008, in response to an increasing demand from retailers for marketing support. She is now working with them on all aspects of their business to increase profitability and give them the lifestyle they seek. Identifying the need for support & resources for independent retailers; she developed programs and strategies that were realistic and achievable, based on her practical experience within the retail industry.

      Nancy founded Paper Magnolia in 2004, initially as an importer of high quality products, then developed her own

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