How To Capitalise On A Retail Resurgence

Posted by Jacob Goodwin in Insights - Last updated

Say it quietly, but there appears to be light at the end of the tunnel. Showrooms have reopened, customers are flocking back and with their return will come the long awaited retail resurgence.

The latest report from the Builders Merchants Building Index (BMBI) indicates a strong improvement across the board. All the signs are looking positive.

“Growth was fuelled by a bumper March, with total sales up 47% on March 2020 and 23% compared to the same month in 2019.

Sales for Kitchens & Bathrooms were up 19% on March 2020.”

BMBI

Statistics like these are incredibly encouraging. Especially for retailers who have felt the squeeze over the past 15 months.

But with this releasing of pent up demand comes a need for preparation. Retailers must be ready to handle every new enquiry effectively and efficiently.

Revenue has been scarce so having the right systems in place to provide optimum service is vital.

We’ve highlighted three key areas to invest in to ensure your business can capitalise on the retail resurgence.

Quality Engagement

Inconsistencies in process are a sure fire way to suffocate your success. You ought to know your optimal process for converting enquiries into customers so any deviation from the “norm” is likely to have a negative impact.

Having a consistent process facilitates not only a quality engagement, but also the best first impression. Customers want a trusted advisor who they can lean on for the best insight and experience; anything less and you’re on shaky ground.

Providing quality engagements, every time, drastically increases your chances of converting that initial demand into solid revenue.

As part of your preparations, outline your ideal workflow and implement it across the whole team. With everyone singing from the same hymn sheet, whoever new enquiries engage with will provide the same, high quality, introduction to your offering.

Continuing this throughout the customer journey will give you the best opportunity of beating out the competition and securing the all important “yes” when it comes to asking for the business.

Introducing your bespoke best practice workflow will ensure that whenever a potential customers interacts with you, their experience is that of a quality engagement.

Focus On Customers

Now is certainly not the time to be thinking selfishly. Not that that should ever have been the approach for an organisation serious about success.

Competition will be rife to tap into the resurging market so by putting your customers at the heart of everything you do, you can separate yourself from the pack.

Prove to your customer that you place their best interests above anything else.

Your goals should match those of your customers. By orientating your actions to maximise client enjoyment and experience, you’re already way ahead of those retailers coming in all guns blazing with their “me, me, me” tactics.

“With pent-up demand and, according to the Bank of England, an accumulated £200bn in consumer savings, activity is already fizzing.

The housing market is frenetic, and home improvements show no signs of slowing. Better bathrooms and new bathrooms have become a higher priority.”

KandBNews

Taking the above example, house buying is regarded as one of the most stressful things you can ever do in life.

Think about that when prospects in this scenario engage with you. Empathise and put them at ease that this transaction will be a breeze compared to consulting with conveyancers or navigating a long chain!

Invest time in guaranteeing the perception of your organisation is of a company that cares about its customers and doesn’t simply see pound signs walking through their newly reopened doors.

Streamline Operations

Reflect on your pre-pandemic operations for a minute.

Where were the roadblocks? What took longer than it should have done? Can you eliminate any unnecessary steps?

By stripping out the useless, time consuming operations you can prime yourself and your team to be as efficient and effective as possible.

Embrace technology as part of a digital transformation strategy that will see you soar to market leadership through innovative methods.

Look at stages in your best practice workflows that can be automated to relieve your staff of laboursome admin. The retail resurgence will see higher number of enquiries, the faster to which you can respond the higher the chances of conversion.

If you’re staff are too busy entering and re-entering data, red hot revenue is slipping through your fingertips.

“50% of buyers choose the vendor that responds first.”

Spotio

By streamlining your operations, you can focus on what matters most; providing the best solution to your customers’ needs.

The retail resurgence is, thankfully, well on its way. Put your organisation in prime position to capitalise.


Intrigued to learn more? Check out our Insights Hub to keep your business at the cutting edge.


Jacob Goodwin -

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