It’s no secret things are predicted to get worse before they get better for our economy. Unemployment figures are predicted to continue rising as we head towards mid year, credit card companies are lowering limits and consumers are worried.
But, it’s not all glom and doom for small retailers.
By the very nature of being small, we have a competitive edge. By watching our inventory, buying inventory that our best customers want and offering value, we’ll not only survive, we’ll thrive.
Here is a list of simple things you can focus on to keep your customers and continue to grow.
Save your customers time – buyers will pay more if they understand it will save them time. We’re in a perfect position (we save time because no driving to buy).
Help customers stretch their budget dollars – tell buyers how your product will save them money. (quality will last longer, your product takes less energy, package your items into value packs so you can offer a better discount on more).
People still love luxury – if you sell on eBay this is perfect. Remind your customers that while they may not be able to afford new in package, your product is still high quality. Even if it is used. Example, let’s say you find a high quality cashmere sweeter at a garage sale – remind your buyer they can afford this simple luxury because it’s not full price. (PS- I’m sure eBay will be aggressively pushing Bill Me Later options this year, so higher value luxury items will be perfect candidates – remind buyers they can have the cashmere sweater for “less than XYZ a month”).
Entertainment – collectibles are still going to sell, people love entertainment. If it’s more expensive remind buyers about Bill Me Later. Try to create a buzz by using newsletters and include stories (history or how you came to own it, or any other tidbit that’s interesting to your buyers) in your description.
Add Value – include information about your products. Money saving tips, recipes to stretch buyers dollars – perhaps even an eBook or podcast. Both can be created easily using free tools available to all (stretching your marketing dollars).