Well here we are. The economy is spiraling downward. No-one seems to know when we will hit bottom. Less people are going shopping. Customers aren’t spending money even when they do come into your store. Things are looking bleak indeed. Is that the picture you are painting for yourself? Well, that doesn’t necessarily need to be the case for your business. When opening a dollar store you had a marketing plan. Now is the time to dust off that plan, and move into overdrive. Now is the time to do everything possible to cut costs while increasing traffic and sales for your store. In this article I will cover 4 tips to grow sales in a down economy when opening a dollar store.
1. Start by identifying your slowest selling merchandise. There are two things to do with that merchandise. The first is to identify why you thought it would sell, yet your customers decided not to buy. This is a very important lesson, as in today’s marketplace you simply cannot afford to make the same mistake again. The second thing to do with that merchandise is to turn it into cash. There are many creative ways to accomplish that feat.
The easiest method for liquidating slow selling merchandise is to place it on sale. There are two options here. First you can reduce the price, place appropriate close-out signage and then watch the sales happen. The second way is to make the close-out merchandise even more visible to your shoppers.
2. Buy for less and pass the savings on to your customers. Sure the costs of almost everything are going up, but there are also many suppliers just waiting to make a sale. Start negotiating. See if you can’t work a lower price on the items your routinely purchase. Always ask for free freight – even if you need to order a little extra merchandise to receive the concession. Start looking for close-out companies. In this environment there is always overstock, closeout, and previous model merchandise available to those who investigate. Maximizing profits when opening a dollar store requires that you be willing to search and investigate to find the best deals. Now is the time to start looking.
3. Get aggressive with your marketing. This is not the time to sit and wait for shoppers to discover your store. A few advertising dollars can make a huge difference in your sales. Look for less expensive strategies like having an employee carry a sign at a busy intersection. Be sure there’s an arrow pointing to your store. The marketing options are limited only by your creativity.
4. Celebrate the seasons. Sure it’s easy to become negative when all you hear is negative information. Turn off the television and the radio and make your own news. Opening a dollar store business should be fun. There are many holidays during the beginning of the year. Pick a holiday, or another reason to celebrate every month. Get focused on the fun, excitement and profits that can come from a well-managed event.
To your dollar store business success!