Current Pedorthics March-April 2016 | Vol.48, Issue 2 - Page 38

three tips to help you succeed at retail However, success stories can be found as well, and with proper planning and vision a pedorthist can have a profitable and strong retail component. the odds that they – and their friends - will seek you out in the future. Here are three tips that can help any retailer: Successful businesses know where they are and where they want to be. That information isn’t intuitive but factual and comes from key metrics that you are measuring on a consistent basis. These are the statistics like your daily revenue, profit per customer, cash on hand and so on. However, each business is unique and your key metrics could be quite different than your neighbor’s store. A retail pedorthic operation might track how many OTC insoles are sold each day or the number of pedorthic evaluations performed each week. The importance is in identifying what data points you should track and doing it on a routine basis. Besides your general operating statistics, selling statistics can be really important to give you and your sales staff daily goals. A very important metric is sales-per-hour. Tracking that number "when to call?" helps you coach weak sales associates (which could be you) and helps you plan store coverage better. Also, calculate your average transaction amount. If your average transaction was $150 but recently went down to $110, you now know you need to work on building that statistic back up. The other selling metric to consider is UPTs, or units-per-transaction. Take the number of items sold and divide it by the number of slips. Having a low UPT means that your customers aren’t being shown addons or other revenue generating accessories. Once you do identify the metrics that you feel 1. Be relevant to your customers The retail landscape is changing. It can be said that the days are gone when a business reached out to customers. Instead, customers are in the driver’s seat and they are the ones doing the reaching. While media fragmentation and societal changes make it increasingly difficult to reach potential shoppers, the age of the internet has made it very easy for customers to find you – and hundreds of other businesses just like yours. Most shops will fail if their goal is to just sell lots of products because commodities can be purchased more cheaply, more conveniently and even more quickly online. The key is to be relevant to your customers – both current and future. Focus on the solutions you provide rather than just the products you sell. Mass market advertising is becoming less effective than targeted advertising and multiple, segmentspecific social media outreaches can help tell the public what you are, why you are important and how they can reach you. Engage with your current customers after the sale – reach out to them through social media or even through thank-you cards. Try to get an understanding of what they want and bring it in for them. Being caring and responsive will make your store relevant to your customers, which will increase 2. Make measurement a routine "The key is to be relevant to your cust