Recently, competition in the retail business become tighter. Each company is aware that the retail business is not just selling products, but introduce the store brand is essential to obtain as many sales. Retail companies are racing to reinforce its brand so it is always in the customers minds.
Some things to consider in determining the strength of a retail brand is:
1. Service
Service is the main thing in a business, because the service is one of the tools to reach customer loyalty. Every company must have a concept of excellent customer service, and it must be communicated and implemented by all employees on the front lines.
2. Product
Completeness of the products determines the strength of the store brands. It's hard to keep a complete product for its store, because it deals with the issue of capital and sales turnover. However, doing an analysis of sales on a regular basis, at least the store has a product that is always sought after by customers, and all of it should always be available in stores.
3. Segmentation
Creating a customer segmentation not only can increase the strength of the brand, but it can also save costs. A specialty store that sells blu-ray products, would have been understand their market segment, which is the upper-class customers who enjoy high quality entertainment. Segmentation is also meant to show the identity and specificity of your store.
4. Promotion
How might your store will get a lot of sales if it is not known by potential customers. So, determination of effective and efficient promotion will show that the store is really exists and ready to assist customers in meeting the various needs. The use of internet media for promotion can increase brand awareness on a global scale.
Those are some things that determine the strength of a retail store. Analysis and follow up to a management decision must be made at any time by any person in the business environment in order to achieve corporate objectives.
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