In my first column, “Is it time for a change in your business strategy?” I provided retailers with basic but effective tips on generating traffic and building sales in a slowing economy. In part two of this series, I will share a few more tips for success during uncertain times.
Refresh your store.
Unfortunately, a lot of stores today are old and tired. Take a good look around your showroom—it might be time for an update. Look for ways to make enhancements that are more desirable and appealing to consumers. For example, lower site lines across the showroom floor and less clutter throughout. Maybe your store could use new flooring? Did you know most mills or distributors will help you by giving you anywhere from 20% to 50% on new flooring for your store? A nice showroom makes RSAs feel proud and encourages shoppers to stay longer.
Right-size your business.
When I walk into a store for a consultation, I often see owners doing the same thing year after year. They’re hesitant to change the way they operate, and it’s costing them money. If you’re looking to get a better handle on overhead, now might be a good time to look at how many employees you have. If you don’t want to make any personnel changes right now, then perhaps you can adjust your store hours based on changes in foot traffic. For example, instead of opening at 8 a.m. and closing at 6 p.m. or 7 p.m., you can open from 10 a.m. to 5 p.m. or 6 p.m. on most days, but have one night that you are open later, say, 8 p.m. This simple change could go a long way in saving you dollars on wages.
Get creative with your promotions.
In my visits, I see too many owners and sales reps let customers walk out of the door without obtaining contact information for the customer— even when the customer is “just looking.” One major benefit of obtaining the customer’s email address is you can send them periodic e-mails blasts or to promote special events in your store. For example, you could offer a promotion that gives the customer 20% off on all remnants for the month of August. Here’s another idea: offer to pay the sales tax on the customer’s purchase for the month of July or August, when it’s typically slower. (Think “Christmas in July” promotion.)
Offer financing.
Another way to help close the sale is to offer favorable financing terms. It’s common knowledge that the customer tends to spend more than she originally would if financing options are on the table. For instance, let’s say the customer is looking at a $3,000 purchase on 40-ounce carpet. But if the RSA or store manager calls the bank or financing company at the point of sale, the customer might qualify for $5,000 credit for a 50- or 60-ounce carpet. You can also offer a promotion that offers no interest for one year.
Shop the competition
When I visit with dealers, I’ll often ask: “Have you been to a Home Depot, Lowe’s or even another flooring store to take a look at what’s going in their flooring department?” Many times they say, “Oh no, I don’t have time for that.” Then I respond with: “What do you mean, ‘You don’t have time?’ That’s your business! Go spend 20 minutes to see what they’re selling. Maybe they’re featuring something that you don’t have in your store, like carpet tiles or certain types of area rugs.”
Harold Traister is regional vice president, northeast region, Abbey Carpet & Floor. A 65-year veteran of the floor covering industry, Traister is known for his sales acumen, mentoring and networking skills. In 2024 he earned the Al Wahnon Lifetime Achievement Award from FCNews.
