Knowing your customer’s buying motivations are key to succeeding in all business, especially in today’s tough retail store market.
So often I see small business owners marketing features and products that they “think” their customers want – which in fact they don’t. Before you select your products, layout your store and advertise your sales KNOW your customer’s preferences.
Case in point is a recent case study about convenience stores buyers the most important factors that fueled their selection of retail outlet. While the most convenient location is #1, as expected, the other top buying motivations were telling:
- Price and value of products
- Merchandise selection
- Overall Value
>Availability of branded products as amongst the least important.
Armed with this knowledge I advised store owners on Fit Small Business to:
Get Return Customers with Value Pricing and Wide Selection
This recent convenience store customer survey revealed that price and a wide selection of merchandise are among the top decision factors of which convenience store they visit — six times more important than brand loyalty. Instead of investing deeply with expensive major brand merchandise, spread out your inventory dollars to include a wider selection of more items, especially food and grocery, which increased 10 percent last year as compared to the declining restaurant market. Feature lower prices by buying secondary and local brands as opposed to top-name brands to reduce your costs, allowing you to sell at lower prices — especially important for frequently purchased items like milk, bread, and eggs.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.