fbpx Retailers need to understand their customers on an emotional level and realize that today’s average consumer expects a highly-personalized and easily accessible shopping experience. Shoppers expect to find their favorite stores online, on an app, on social media, and of course, in a physical location. According to a study from IBM and Econsultancy, there is a large gap between what consumers expect and what brands are delivering. Consumers believe the reason for this discrepancy is because their favorite brands do not understand them as individuals. One of the most important things retailers can do to meet the needs of their consumers is to deliver excellent customer service across all of their channels. Make sure your employees are friendly and greet every customer [learn how to enhance customer experience here], your ecommerce site is easy to use, and you’re posting regularly on social media. Exceptional customer experience is going to be what sets successful brands and stores apart from everyone else. So, the big question is, how are retailers supposed to know what their customers want? The answer is simple: analytics. Data and analytics provide visibility across all engagement channels to better understand customer buying patterns, what products are performing well, when to mark down slow-selling products, and real-time inventory data. Data and analytics allow merchants to make educated decisions about what is working and what is not working, and make adjustments accordingly. According to the IBM Holiday Readiness Report, this upcoming holiday shopping season is expected to be bigger than ever before. Growth in ecommerce sales on US retail websites has grown more than 10% each quarter over the past year. Retailers must use real-time data to keep up with their consumers’ wants and needs in order to be successful this holiday shopping season. (Retailing Today) To learn more about the importance of data, and how to track and analyze your data, check out this ebook. Small Business Saturday is just around the corner, and you’ll want to make sure you’re ready for the big day! There are plenty of things you can be doing to prepare for the event. For instance, you can be learning from other businesses that have previously taken part in SBS, rally the rest of your neighborhood to get excited, or you can start marketing to your customers. If your store is participating in SBS, you’ll want to make sure that you’re getting the word out to encourage people to visit your store on November 26th. Here are some marketing tips for you to prepare for SBS:

1. Create a mailing list and send Save-the-Date cards to all of your nearby customers

Make sure to include your address, the hours you’ll be open, and any special offers or fun events you’ll be having.

2. Create signage for your store to let everyone know you’ll be participating in SBS

Even your foot traffic will know you’ll be celebrating!

3. Decide what your special offers will be, and let the world know about them!

Update your website with your special offers and promotions. Share your offers on social media platforms and use #ShopSmall, #ShopLocal, #SmallBizSaturday, etc. on Twitter. When you have customers visiting your store, tell them what they can expect from you on SBS.

4. Create email marketing campaigns

Email your customer base and let them know that you’ll be celebrating SBS on November 26th and let them know the special offers you’ll be having. If you send them multiple emails, each with different offers, you’ll be sure to catch their eye!

5. If you have the budget, use paid promotions

Target your audience through special PPC ads, paid social media posts, email efforts, or getting on Groupon, LivingSocial, Gilt, or a similar deal site. You can find additional tips and even some free materials for SBS here! So you’ve been in business for a couple of years and your store is doing well, but is it time for you to grow your business? The majority of small businesses believe that they can double their sales within five years and do so with a relatively small number of issues, according to a survey from the National Federation of Independent Businesses. Are you ready to grow your business? Here’s what you can do: Open another location: Just be sure to make sure that you’ve had steady growth over the past few years and that you wouldn’t be competing against yourself. Form an alliance: Partner up with other stores that have a similar customer base as you so you can help each other make more money. Diversify: Get creative and bring your store to the next level by offering a new or unique product or feature. For example, if you’re a running store, offer some community exercise classes. Target other markets: Are there other markets that might benefit from your goods or services? Could you introduce something new in your store to cater to a different market? Create online presence: If you don’t already have a website, it is time to create one. Giving your customers an additional space to shop at your store can only help, not hurt, your business. Use data to make smarter decisions: Identify the numbers and data that matter to you and use those. You never know what information you have today that you can use to make decisions in the future. See what your competitors are doing: Your competitors must be doing something right to succeed, so figure out what it is, and do it better! Click here to learn how RICS Software can help you grow your business! I had dinner at this amazing new restaurant last weekend. The food was phenomenal, the hand crafted cocktails were refreshing and the atmosphere was the perfect mix of upbeat yet relaxed. My friend Jenn gave me a great recommendation! When we sat down the server asked how we heard about them and I told them a friend of mine had been there and recommended I try it. After our meal, the server brought us complimentary, handmade truffles. It is part of their “referral program.” If someone comes in based on a recommendation, they reward the new customers with a sweet treat as a thank you for trying the restaurant. It is a different take on a referral program, but it works – I not only told my friend who recommended the place, I also excitedly told another friend about it who had not been. All of us were impressed. Referral programs benefit all of us. Not only is it a great way to get new customers in the door to try your product and services, it is also a great way to thank current customers for being loyal. And nothing speaks more to a person than when someone is confident enough in a brand to recommend them to someone else. But it doesn’t stop there. There are other benefits of a referral program that a brand can enjoy: And the more customers you have, the more revenue you will generate, which you can invest in your business, which leads to better products and services….. Do you see where this is going? A referral program is not a stand alone tactic. It is an ongoing, cyclical strategy to increase traffic in your door, increase sales and ultimately increase the value of your product and services. Once the customer is in the door and spending money, the journey doesn’t stop there. You have to think ahead to what you will do with that additional money and how it can propel your business forward. Speaking of referral programs, do you know someone who could benefit from RICS’ product and services? If so, check out our referral program and you could gain two things if they sign on as a client: $200 and more money invested to make our product faster, stronger and more reliable.  It is a win-win all the way around. In 2014, about 88 million people shopped at small businesses on the Saturday after Thanksgiving, which is about 15% more than the number of shoppers in 2013. Has your business started to prepare for Small Business Saturday? Read the RICS blog series about Small Business Saturday to learn more about how to prepare your store for the big day. This post will focus on rallying the neighborhood to get everyone involved. By rallying your neighborhood, you can create more awareness about Small Business Saturday and attract as many customers as possible! Some ideas for bringing the community together on this Saturday in November are to host an event by throwing a block party, having a concert, or a special breakfast. This will give your neighbors a little extra incentive to come out and shop local. Make it easy for people to get to your event so it’s not a hassle or inconvenience. You should also decorate and show your spirit around town with Small Business Saturday decorations. Involve local businesses and invite them to be apart of your event. Lastly, don’t forget to promote your event. Spread the word on social media, contact the press, and invite a local radio station to come to your event. To learn more about rallying your neighborhood or becoming a neighborhood champion, which means you are responsible for organizing these events or activities, click here. Another great way to get your neighbors involved is to partner with other small businesses to make the most out of your time and money. Businesses can help each other promote their stores, co-host events, and offer discounts for shoppers of the other partner, allowing both businesses to reach a wider variety of audiences while increasing awareness of both of the stores. For instance, if you own a small gift shop, and your next door neighbor owns a paper store, you could provide your customer discounts to get their gift wrapped at your neighbors store, and vice versa. Instead of competing with your neighbors, you are collaborating so everybody wins! Looking for more ways to succeed on Small Business Saturday? Check out last month’s post to learn about the history of SBS, how to incorporate SBS into your holiday marketing campaigns, and learning from businesses that previously took part in SBS. Studies show that millennials would be willing to pay for loyalty programs if their favorite stores offered them. According to a recent survey by LoyaltyOne, 65% of American consumers believe that relevant customer rewards are worth paying for. Many think that fee-based loyalty programs offer better rewards, and therefore, are worthwhile. If consumers are required to pay an upfront fee in order to join a loyalty program, then they are more likely to shop from that place to make the most of their investment and reap the benefits. Sounds like a win-win for the retailers! Some of the most valued rewards include free shipping and special discounts. As loyalty programs are becoming increasingly popular, it is important for retailers to keep in mind that millennials hold greater buying power than ever before. Since they are the ones interested in fee-based loyalty programs, you should take advantage of that! Target millennials and offer paid loyalty programs that will motivate your customers to shop at your store and reward them for their purchases. Overall, loyalty programs help retain customers, increase customer spending, and establish a positive word of mouth. With RICS, you can use the frequent buyer discount methods as the reward for the customers that are paying for your loyalty program. It doesn’t hurt to give fee-based loyalty programs a shot and see if the millennials show interest! Here are five frequent buyer methods that are available within RICS: • Method 1: Buy quantity and get dollars equal to the average price of items purchased • Method 2: Buy dollars and get dollars off • Method 3: Flat percent discount • Method 4: Buy quantity and get a percent off next item purchased • Method 5: Buy dollars and get a percent off next item purchased I know what you’re thinking: “Small Business Saturday is in November and it is only August. Let’s at least wait until Pumpkin Spice Lattes are available at the local coffee shop!” But did you know that the sooner you prepare for SBS to create awareness about your store, the more money consumers will spend? Welcome to the RICS monthly blog series: “Small Business Saturday: What to Do Now to Prepare,” where we’ll post tips and facts about SBS to make sure your small business is ready for November 28th. Before we jump into our tips, let’s go over the brief history of Small Business Saturday. Small Business Saturday started on November 27, 2010 to encourage holiday shoppers to spend their dollars at small, local businesses, rather than at big box retail and e-commerce stores on Black Friday and Cyber Monday. In 2011, Small Business Saturday became officially recognized by the U.S. Senate after governors, mayors, senators, and even President Obama, all voiced their support and approval for the day. In 2012, American Express helped encourage small business owners to advertise and promote their stores, which led to an estimated $5.5 billion spent at small independent businesses on that day. 2013 brought a 3.6% increase in sales compared to the previous year, with $5.7 billion spent on Small Business Saturday. The sales and popularity continued to grow in 2014 with 88 million consumers spending an average of $162 per person. So what does all of this mean? “More Americans recognize the direct link between shopping locally and stronger communities and that’s an extremely positive result,” said NFIB President and CEO Dan Danner. It also means that you definitely won’t want to miss out on this amazing opportunity to increase sales and interact with the local community. To learn more, you can check out the official website, brought to you by American Express.

Here is what you can be doing now to prepare for Small Business Saturday:

Incorporate Small Business Saturday into Your Bigger Holiday Marketing Campaign If you have already started thinking about the holidays, don’t forget about Small Business Saturday. You should make sure to include this day into your holiday plans and marketing campaign. When thinking about your business goals during the holidays, think about how Small Business Saturday can help you achieve those. Take advantage of your increased traffic on November 28th and get those customers to come back in before the holidays are over! RICS Tip: Collect new customer information in RICS and reach out to them about special offers and news. Learn from Businesses That Previously Took Part If this is your first time participating in Small Business Saturday, talk to other small businesses near you to learn about their experiences and any advice they might have. Businesses that have previously taken part in this day will be able to offer you helpful insight. If you are already part of the “Shop Small” movement and want to help promote Small Business Saturday, reach out to small businesses who may not have much information about this day. Help to spread the word and create buzz about SBS! Tune in next month for more about Small Business Saturday and what you should to do prepare for it. Meanwhile, check out our ebook to learn how to motivate your employees.   When you own or manage a small business you have to be on your toes at all times. It’s go-time from the time you get in, to the time you leave (and sometimes at home after you thought you were done for the day). Orders coming in, sales coming up, employees with questions, and bills to be paid. Being “on” can be exhausting, and though it may be counter-intuitive, slowing down can really grow your business. Take a breath, take a step back, and look at your store(s) from a new perspective… Run a report you haven’t run in a while. RICS has some great reports to run when you’re in the analytical mood. What’s the old saying? “Retail is detail?” Well, you know where the detail is: Product, Price, Place, and Promotion. Let’s run a report on Product:
The Best Sellers Report includes the best or worst selling SKUs ranked by quantity sold, dollars sold, dollars profit, ROI%, Turns, On Hand Inventory Value, or sell-thru percentage. Run this report zeroing in on Worst Sellers and you may see a product that’s marked up too high, not featured enough in it’s section, or has aged out of style.
What about Price?
Pick a class to filter by in your Price List Report and take a closer look. Are there items that you can create signage to demonstrate value to potential customers? Your price versus the competition perhaps? Or, your price combined with a Frequent Buyer Program = Value!
If you have more than one store you can really get into the nitty gritty and make some strategic moves. You see on the Bestseller Report that Shoe A is flying off the shelves at Store 100, but at Store 200, they’re not moving the product. Is it worth Transfer some stock from one Place to another? Maybe you have a salesperson who is really good at promoting and selling that particular shoe. Find out with the Salesperson Summary and filter by that SKU. Find out how that employee is promoting the shoe and get others to do the same. RICS is a data powerhouse, and the reports available can really help you make good business decisions. So, slow down! Grab a glass of lemonade, sit back and explore RICS Reports. Want to learn more about how you can use RICS to grow your business? Click here to schedule a demo.

Looking for how to set up your Tax Free Weekend with RICS?

If you’re planning on buying back to school supplies or clothing under $100 in certain states, you should plan on doing it over a tax free weekend. Why? Because you won’t have to pay sales tax! New York was the first state to institute a tax free weekend in 1996. Since then, other states have adopted the practice with different specifications and limitations. Common items a state deems as tax free during the Sales Tax Holiday include: Clothing under $100 School supplies Computers under $1000 If you’re a retailer selling any of these items, take advantage of this opportunity. Customers are incentivized to flock to your store during this period of time to save money; give them a reason to stay and spend more. Create vibrant signage, advertise promotions, and staff your store appropriately in order to encourage customers to enter your store and stay there. If you’re a business owner and not enthusiastic about your business, how can you convince the people who work for you to immerse themselves in their work? When managing your store, you must lead by example and create the expectation that your actions set the standard. A great way to do this is through an employee mentorship program. So how provide the right mentorship to cultivate your employees’ talents?

Here are 3 tips to improve your employee mentorship program:

  1. Be a better manager. Management can be tricky for business owners. You didn’t start a business because you were really passionate about managing people. But that doesn’t mean you can’t be a great people manager. Get excited about new initiatives and motivate yourself to constantly improve your business. If you demonstrate a solid work ethic, you will provide your employees with an ideal role model.
  2. Implement inner-employee training. Don’t have the time to personally nurture the growth of each of your employees? Your top salespeople can be the best resource for training your new or under-performing employees. Implement a program that enables a mentoring relationship between your employees and promote sharing of best practices. Inner-employee training not only strengthens your salespeople in their roles, but it also encourages employees to interact and build relationships. Employees who care about the people they work with are more apt to work harder to meet goals and keep the team morale high.
  3. Set goals. When you are mentoring employees, you’re able to implement goal setting programs to help employees ramp up. Mentors can set up goals that reflect the new employee’s position along with give the support employees need to meet and eventually exceed their goals. It also allows individuals to see where their strengths are and where they are falling short. Goal setting is a perfect way to encourage and motivate employees through the training process.
Your employees are a vital component of your business’s success. People are happier and more productive when they feel fully trained and they work in a pleasant environment so do your best to make this happen within your business. The month of May in Indianapolis is a crowd drawing, heart pumping and exhilarating time for race fans. And I’m not talking about the fans looking to cheer on Ed Carpenter in our world famous 500 mile race. I’m talking about the fans who hit the ground running every May, literally. With the world’s largest mini marathon and other fun running events around the month of May, Indianapolis draws one of the biggest running crowds every year for the chance to run the streets of Indianapolis. Which means, expos are full of people looking to purchase last minute apparel and shoes for their big run around the circle city! So how do you make sure you’re ready to open up shop and help visitors to our city find (and purchase) the perfect gear to help them complete their race with confidence? Check out these three tips for making your mobile sales more efficient and friendly this year: Use a 1:1 Approach If you can, position a sales associate with mobile POS at each merchandise table. This enables you to interact with customers more and allows customers to avoid waiting in line to make a purchase. Sometimes lines give people the perfect amount of time to talk themselves out of a purchase that might not seem necessary. Line Busting If you don’t have the manpower to cover each merchandise table at your pop up store, make sure you have a floater equipped with a mobile POS device to help keep the line short. Expos are filled with tons of booths with tons of products, if a customer sees a shorter line at another booth you may risk losing a sale. Have your associate keep an eye on when the line gets too long so he or she is able to swoop in and keep the waiting short for your customers. Be Attentive Just like in your store, you want to be sure you’re able to give the right amount of attention to each of your customers at an event. Mobile POS devices allow you to be at a customer’s side and answer any questions as they make their purchasing decision. Once you’ve helped them decide on the perfect piece to purchase, you’ll be able to ring up the sale right there. Even if they are from out of town, the chances of them returning to your booth next year are higher if they remember your team as being helpful and knowledgeable with the products. While the month of May might already be upon us, these tips are perfect to implement any time of the year at any event! Don’t let a late start to race month keep you from crushing mobile sales the rest of the year. To learn more mobile POS tricks of the trade, download our 3 Ways to Use Mobile POS ebook. You may ask yourself, “what is the difference between working in your business and working on your business?” When you work in your business you are typically filling a role or position in the daily activities of the business operation, i.e. cashier, sales person, accountant, buyer, etc. You fill your day with activities that are position-focused. Working on your business is when you are able to look at the big picture and remove yourself from the day-to-day operations and focus on the business as a whole. When you work on your business, you are analyzing past performance and identifying trends and evaluating new strategies to help the business run more efficiently. You are able to investigate ways to lower costs and increase revenue. You are able to do the things that allow you to build a sustainable business. There are things you can do to help you work on the business more: Technology like a POS and inventory control system can substantially increase your ability to analyze your business performance and make better decisions. Check out our resource How to Choose a POS for more information about using technology to your advantage. Start today and work on your business more than you work in your business. You will be amazed with the results and how much you can effect positive change.

There’s more to managing a specialty running store than basic retail knowledge. If you’re thinking about opening a running store, or own one and want to take it to the next level, check out our 3 tips for success.

Although online shopping is becoming increasingly popular, customers are continuing to shop at brick and mortar stores at a steady rate. Yes, online shopping has its benefits: it’s easy, it’s convenient, and sometimes it’s less expensive. But you lose the face-to-face customer experience that you can only find when shopping in the store. Often, it is the positive interactions with salespeople that keep customers coming back to your store for more purchases. These happy customers are also likely to talk about and recommend your store to their friends. Are you looking for more ways to enhance your customers experience in your store? Read on.

1. Make a great first impression.

It is always a nice feeling when someone acknowledges your presence. A simple “hello” or “welcome” usually does the trick.

2. Get to know your customers.

Ask them questions: Can I help you find something? If the answer is no, then skip to #3. If the response is yes, get answers: Is it for you, or someone else? Is it for a specific occasion? Make sure you can help them find what they are looking for.

3. Understand some people just want to look around.

Be okay with that, but let them know you’re there to help.

4. Offer to help.

It can be difficult to know how something is supposed to be worn or used. Make sure you are assisting your customers if they are having difficulties with trying something.

5. Provide a consultation or a recommendation.

People don’t always know what shoe would be the best for their lifestyle, or if they are wearing the right size. Customers appreciate receiving honest advice from a salesperson before making a purchase decision.

6. Implement frequent buyer plans.

This keeps customers coming back into your store and incentivizes them to continue making purchases.

7. Have a referral program.

This is the ultimate gift that keeps on giving! Person A tells friend B to go to store C. A gets a reward, B gets a discount, and C gets a new customer!

8. Give out free samples.

Because who doesn’t love free stuff?   One of the easiest things to remember is the Golden Rule: treat others as you would like to be treated. Or, think of great experiences you’ve had in another store and reflect those in your own store. If your store is on point with its customer experience, then you’ll likely be better off than your competitors. Looking for more advice? Check out our guide: 3 Simple Concepts to Enhance In-Store Experience.