Hello , Firstly, we would like to thank the community member who shared this dilemma with us. We understand that times can be challenging, and reaching out for advice takes courage. Here are some strategies that can help both the community member in the dilemma and any other readers who may be in a similar situation: - Diversify Your Product Offering: Expanding your product range to include more affordable or regular use items can attract a wider audience. Accessories, basic skincare products, or even smaller perfume samples could complement your existing offerings and appeal to customers with varying budgets. If you would like more clarity on which products to include consider conducting a brief survey so as to collect feedback from your current customer base. In addition you can ask your sales person if they have noticed any frequent (and repeated) customer requests, statements or opinions.
- Focus on Online Sales and Social Media: Strengthening your online presence is crucial . If you're not currently on an e-commerce platform, leveraging social media channels can help showcase your products and engage with customers. Offering special promotions or discounts to your social media followers can drive sales. When it comes to marketing on social media we recommend using TikTok since the TikTok algorithm is more likely to share your content with a fresh audience.
- Explore Partnerships: Collaborating with other businesses in your area (e.g. Nairobi County), such as spas, salons, or boutique stores, can expand your reach and generate additional revenue streams. For example you can propose a revenue share model and stock some of your perfumes at their locations. Furthermore, partnering with complementary businesses can help you reach new customers and generate additional revenue streams. For example, partnering with online gifting companies to include some of your items in their hampers could expose you to a wider audience. In addition consider offering joint promotions to attract more foot traffic, for example, collaborate with a nearby clothing store for a 'Fashionably Fragrant' event, where customers receive discounts on perfumes when they make a purchase at the clothing store.
- Optimize Operational Efficiency: Reviewing your business operations to streamline processes and reduce costs is essential. This could involve renegotiating your lease agreement, contracts with suppliers, or optimizing staffing levels to match current demand. Every cost-saving measure can make a difference in improving your bottom line.
- Create a Collaborative Retail Space: Utilize your physical location by offering it as a pick-up location for online orders placed by customers of complementary businesses. For instance, partner with local boutiques or online retailers to serve as a convenient pickup spot for their customers in the CBD. Alternatively, consider subletting a section of your store to compatible businesses, such as a jewelry maker or accessory designer, to create a dynamic retail environment that attracts diverse shoppers and enhances foot traffic to your store.
- Prioritize Customer Experience: Providing exceptional customer service can set you apart from competitors and retain loyal customers. Building strong relationships with your existing customer base through personalized communication, loyalty programs, and responsive support can foster repeat purchases and positive word-of-mouth.
- Close Your Physical Location: Additionally, consider the possibility of closing the physical location, if feasible, and transitioning to a remote work setup until business conditions improve. Providing your staff with notice 1-2 months in advance will give them time to prepare and seek alternative employment if necessary.
We hope these strategies provide you with valuable insights and guidance as you navigate through challenging times. Remember, resilience, creative problem solving and adaptability are key traits of successful entrepreneurs. By taking proactive steps and remaining agile in your approach, you can overcome the current challenges and emerge stronger than ever before. If you have a burning question of your own and would like to receive an answer, don't hesitate to share it with us in the Community Corner Q&A Box: https://bit.ly/CommunityCornerQandA . Best Regards,
The Range Team |
