Retailing is a difficult industry right now and there is plenty of advice out there about how to set up strategies for survival but this advice is different. Rather than come from shopping centre owners (read property developers) or academics or business advisers it comes from traders.
Here is a list of survival strategies from your QVMAC Representatives.
1. Establish a strong identity or brand. If you are in a trader category with plenty of competition, find points of difference that will enable you to stand out.
2. Make customer service a high priority and support it with customer loyalty programs. Many traders in the top end see their customers only once or twice a year but encouraging them to come back is still important.
3. Strengthen external, non-QVM, business streams – wholesale, online, other markets.
4. Seek assistance to improve your product offer – that may include advice on overseas sources of supply or different methods of merchandising your products. Trade fairs can be useful sources of information.
5. Carefully select suitable methods of marketing & promotion and utilise QVM’s larger footprint in the various forms of media including, print, online, and social media.
6. Utilise the QVM offers on marketing assistance ($500 per annum), and training courses.
A bit like our turtle in the photo, we are constantly having to find ways to achieve our goals and to combat the hurdles that business throws in front of us. We hope you found something useful in the list above.
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