There are three simple things you need to be doing as a retailer during tough times.
Pretend every customer is a budget-conscious mom – they still need to buy things and they’re willing to. But they’re looking for a deal around every corner. And retailers are giving it to them, so you have to provide value as well.
Go back to basics – get rid of the fancy newfangled stuff that isn’t moving and get back to your core competency, whatever it is.
Feature price (value) over style – again, it’s about the deal. Old Navy is known for value, yet they decided to pursue young twenty-somethings with fashionable clothes in smart ads. Great campaign, wrong time. The line tanked and Old Navy went back to selling basics.
THE REAL WORLD RETAILING TAKEAWAY
Don’t take uncalculated risks right now as you’ll only end up hurting your business.
I’m always an advocate of risk-taking. But unless you’re flush with cash and your business is on roll, hold back and do what you do best. Go back to basics and offer value.
Your customers will recognize and appreciate the fact that you’re helping ease their financial, even for a bit.