Spikes in consumer demand, as we’ve seen in 2020, are a double-edged sword for a retail business. The influx of customers in a buying mood is a welcomed bit of good fortune in terms of sales revenues. By all means, strike while the iron is hot for high-ticket sales, but also recognize this unique opportunity to build other future revenue streams. The right strategic steps now, specifically those focused on recurring revenue, will position your retail business for years of stability and growth.
Capture Tomorrow’s Water Care Revenue Today
A demand spike, even a short one, puts a lot of product out into your local market, increasing the demand for water care products, and putting names on your customer list. One of the best ways to capture demand and develop loyalty is by becoming the go-to source for unique and proprietary water care solutions. These may include:
What’s most critical is that you pick one water care methodology you believe in, and set up each new customer with the same effective regimen and products, every time. Even basic chemicals can be kitted together in the right quantities for a specific time frame. Use a branded bag or box for these products. Include specific and easy-to-follow printed instructions with your store’s logo. Whatever the chosen water care approach, customers need to understand it to be yours.
Train your team to your preferred water care method as “the way we do water care” at your store(s). This will help establish your store associates as trusted water care experts and will also inspire trust with customers. When they trust both the water care method and your people most customers will never change methods, coming back for years to purchase water care products from you.
Automate, Remind, and Make it Easy to Buy
If there’s one thing challenging conditions brought on by the pandemic has taught retailers, it’s that we must make it easy and convenient for customers to buy. Create the best in-store experiences possible, but also realize that today you must offer digital commerce options as well.
If you haven’t, it’s time to develop the following digital systems:
An effective e-commerce strategy will increase, not just water care, but all aftermarket product sales and legitimize your business with younger customers who don’t differentiate between sales channels.
If you don’t happen to be an expert in web technologies get help. Agencies specializing in helping small businesses with e-commerce and marketing are popping up everywhere. They handle the initial set up, providing you with a website, content management system, and marketing automation software. Most also offer ongoing services. Outsourcing digital commerce functions to an expert may be a smart strategy until you build the capability.
E-commerce requires about as much resource as brick and mortar. Be ready to invest. You will find it necessary to dedicate resources to site maintenance, marketing, digital merchandising (copywriting & photography), and fulfillment. It’s all worth it when you begin to realize how much business the digital convenience factor helps you earn and keep.
This period in history will go down in the books for many reasons. Act now on strategies to capture the recurring revenue opportunities that come with your growing customer base. Hopefully, your future self will look back and remember 2020, not just for the historic challenges, but also as a turning point in the stability and success of your business.
For assistance in developing a branded solution for your customers, visit Bullfrog Spas.
