Throughout the course of my career, I’ve had the pleasure of working with many branded retailer groups and their brand owners to help them mutually navigate a path to success. While success may seem easier to grasp within the confines of a branded group or franchise, there are challenges unique to this model. Here are my top 10 strategies for retailers to turn these challenges into opportunities and maximize the value of this retail business model:
1. Believe in the brand: Identify and align with a brand whose values, product, and value proposition resonate with you. Without true belief, you will not have the conviction to endure in trying times.
2. Know your brand’s trajectory: Verify that the brand is heading in the direction that will mean the most for their distribution. A brand that invests in its front line is a good bet.
3. Determine where you fit in your market: Each owner within a brand may sell and operate similarly, but there are multiple factors that set each operation apart. Identify the gaps within your market you can fill by becoming familiar with the neighborhood, partnering with surrounding businesses, and getting involved in the community.
4. Collaborate with fellow owners: The owners within your network are not competitors but powerful allies. Together, you can amplify your brand and uplift one another. It may even be helpful to align on a company competitor and make them the enemy.
5. Attention to detail drives success: Pay meticulous attention to every aspect of your retail operations. From purchasing to customer experience, every detail matters and contributes to your overall success. Remember that retail execution is the retailer’s responsibility, not the brand’s.
6. Leverage and enhance brand solutions: Take full advantage of the processes and solutions provided by your brand owner. Make sure you are familiar with everything made available to you by your brand and you know how to use it. This has the potential to increase your profits by tightening your operations and make you stand out amongst other retailers.
7. Customer satisfaction is paramount: Your customers are the lifeblood of your business. Their satisfaction should always be your priority. Build lasting relationships by consistently serving and exceeding their expectations.
8. License fees: An investment with benefits: License fees are more than a cost of doing business. They have some valuable benefits. Being part of a larger network provides support and brand amplification, which increase your chances for success.
9. Location & the power of strategic placement: The age-old adage of "location, location, location" holds true. Analyze market conditions and strategically position your business to maximize its potential. If your market has shifted, so should your store.
10. Empowered employees drive success: Your employees are the face of your brand. When they are happy and serve as brand advocates, your entire business model thrives. Invest in their well-being and provide a positive work environment.
Looking for more success strategies? Book a complimentary consultation session with our team today!