Owning and operating a brick-and-mortar store can be extremely lucrative, but it’s not without its challenges. In this interview series, we’ll explore the most common mistakes business owners make when running a physical store.
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Dean Lee
Title: Head of Marketing
Company: Sealions
Linkedin: https://www.linkedin.com/in/deanleeseo/
Long customer wait times:
It’s nice to draw a crowd, but if you don’t have a system in place for handling them, excessive wait times could cost you clients. When it comes to a customer’s perception of service, waiting time either at the register or in line for assistance is crucial. Wait times should be no greater than 5 to 10 minutes, according to 75% of shops, who also see this as the main reason why they lose consumers.
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Hamza Usmani
Title: Head of content
Company: Believe Money
Linkedin: shorturl.at/CKLNO
Missing the mark on first impressions:
Visitors’ first impressions of your organization are influenced by everything, including your window displays, interior décor, and personnel uniforms. Asking yourself these three questions can help you determine whether your company is creating the correct impression.
Do clients seem to respond well as they enter your doors?
Are all of your personnel polite, accommodating, and knowledgeable?
Do you know what makes you stand out from the competition?
If you can’t check off any of these boxes, you probably aren’t making the kind of strong first impression you need to.
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Nely Mihaylova
Title: Content Executive
Company: Scooter Guide
Linkedin: https://www.linkedin.com/in/nely-mihaylova/
Not requesting online reviews:
Although word-of-mouth advertising is the least expensive strategy available, you can’t rely on it to happen naturally if you don’t already have a solid customer base. No reviews are sometimes just as detrimental to a business as bad evaluations.
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Dan Close
Title: Founder &CEO
Company: We Buy Houses in Kentucky
Linkedin: https://www.linkedin.com/in/closedaniel/
Sales or promotions are a complete failure:
You put together your product and advertise it on your Facebook page because you have this fantastic promotion concept, and then, whoosh, nothing happens. What took place? You may need to examine your offerings objectively to determine whether they truly and plainly benefit your clients. If that isn’t the problem, your sale’s lack of buzz is.
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Joanne King
Title: Director
Company: ICMP
Linkedin: –
Businesses don’t have a presence on social media:
Amazingly, there are still companies who don’t incorporate social media into their marketing strategy. It’s also ineffective to post infrequently or shout into space. Selling your goods or services online shouldn’t be your top priority. Engaging your current and potential customers first is the goal of social media marketing. In order to sell them anything, you must first get them into the store.
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William Drow
Title: Product Manager
Company: Starlinkhow
Linkedin: https://www.linkedin.com/in/william-drow-815311250/
It’s not uncommon for companies to omit a social media strategy altogether:
Incredible as it may seem, there are still companies that don’t include social media in their marketing strategy. The same goes for making infrequent posts or screaming into the void. If you want to succeed at selling a product or service online, you need to change your focus. An essential part of social media advertising is starting conversations with current and new clients. Before you can make a sale, though, you need to have them enter the store. Do something about it by maintaining a constant online presence and turning it into a two-way conversation. Distribute relevant updates, content, and tools to your clientele. Displaying your live social media feed on the TV screens and enticing people to follow you can boost the effectiveness of business social media marketing efforts.
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Sai Blackbyrn
Title: CEO at Coach Foundation
Company: Coach Foundation
Linkedin: https://www.linkedin.com/in/sai-blackbyrn/
Apathy toward your workers and retail outlets:
The largest error stores make is neglecting their stores and employees, which ultimately affects customer service. That’s how simple it is. The primary challenge confronting merchants in the present day is the general public’s disdain for their establishments. Especially now, when technology has the potential to drastically alter life as we know it. The question is, “Does it? Are there limits to how big it can be? Does someone want to roll out cutting-edge technology to just three stores so they may brag about it on their resumes and vitas? Hours spent on customer support cannot be accounted for by a time and motion study. While the time it takes to stock two aisles can be quantified, the time it takes to assist two customers cannot. One customer may not make a purchase, but may be so delighted with the employee’s effort that they will spread the word to others about the store or brand.
To not be data-driven:
They steer clear of their numerical totals. Few merchants have a firm grasp on the volume of sales required to generate a profit and cover overhead expenses, according to our research. That doesn’t make any logic at all. This looks like wishful thinking on their part. People open shops because they are excited about a subject and want to share it with the world, but they quickly learn that enthusiasm isn’t enough to keep the lights on. The question then becomes, what?
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Gary Hunter
Title: Director
Company: CompareGolfPrices.
Linkedin: https://www.linkedin.com/in/gary-hunter-b6451918/
Doing everything by yourself.
In my experience, it is rather normal for new business owners to take on all of the responsibilities themselves. Having a vision is wonderful, but going it alone is quite challenging. You can perform the duties of two or three individuals, but you cannot BE those individuals. I think it’s better to concentrate on what you’re excellent at and love doing, and then locate people who can handle the things you don’t like or that call for specialized knowledge. Whether it’s office employees, a retail manager, or an assistant, you need to recruit management to assist you. To avoid burning out, becoming resentful, losing your customer-focused attitude, and losing your vision to cynicism, you need someone who can assist you in handling so many tasks.
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Anthony Mixides
Title: Managing Director
Company: Bond Media
Linkedin: https://www.linkedin.com/in/bondmedia/
Not asking for online reviews:
Although word-of-mouth advertising is the least expensive strategy available, you can’t rely on it to happen naturally if you don’t already have a solid customer base. No reviews are sometimes just as detrimental to a business as bad evaluations.
Fix it: Ask and you shall get is a straightforward principle. You may confidently ask your consumers for a review knowing you’ll receive a fantastic testimonial if you offer the experience and service. People enjoy sharing their knowledge (and enjoying being among the first to “find” you). you may continue the loop by showing customer testimonials on digital signage inside your shop. People will be inspired to visit your establishment and submit positive feedback after reading the reviews.
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Dean Lee
Title: Head of Marketing
Company: Sealions
Linkedin: https://www.linkedin.com/in/deanleeseo/
Spending too much and too little.
I believe it costs money to start a business, and since most new business owners are on a tight budget, it’s important to prioritize your expenses. This frequently results in business owners believing that they must either pay the absolute minimum or spend money in order to make money. The issue, in my opinion, is that either can be detrimental to your company if taken too far. Understanding where you can save money and where it is most required is the key. Here are the top 5 business expenses that I particularly concentrate on: employees, real estate, capital equipment, development charges, and the cost of products sold for your inventory. Spend your money sensibly and make investments in high-quality services and goods that will pay off in the long run.
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Alex Constantinou
Title: Managing Director
Company: The Fitness Circle
Linkedin: https://www.linkedin.com/in/alex-constantinou-557873b1/
Customers lack direction and first-step knowledge:
You’re not making it simple enough for clients if you frequently have to explain the “correct” way to place their order or where they should stand. Avoid causing yourself or your clients needless frustration.
Fix it: A warm welcome from employees each time a customer enters in the door can make your problem simple to resolve. If that isn’t always possible, utilize digital signs to display an explanation video or image or to physically point the way. Look critically at what may be eliminated from your space if customers are confused when they enter to improve the experience.
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Michael Lees
Title: Chief Marketing Officer
Company: EZLEASE
Linkedin: https://www.linkedin.com/in/michaellees/
Blaming uncontrollable causes and ignoring store operations.
One of the most common mistakes that I observe entrepreneurs making is placing too much emphasis on factors that are beyond their area of influence. Amazon and the weather are two excellent examples of this phenomenon; despite the fact that neither of these factors can be controlled, business owners continue to blame them for their own performance. They should be asking themselves, rather than others. According to my observations, proprietors of businesses do not pay nearly enough attention to the daily activities of their stores. Along with a carefully considered data strategy that generates significant offers for customers, exciting, inventive, and appealing stores are the keys to success in today’s retail environment.
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Dean Lee
Title: Head of Marketing
Company: Sealions.
Linkedin: https://www.linkedin.com/in/deanleeseo/
There is no social media presence for businesses:
Amazingly, there are still companies who don’t incorporate social media into their marketing strategy. It’s also ineffective to post infrequently or shout into space. Selling your goods or services online shouldn’t be your top priority. Engaging your current and potential customers first is the goal of social media marketing. Before you can sell them anything, you must first get them into the store.
Fix it: Maintain a regular internet presence and engage in dialogue. Share relevant news, information, and resources with your audience. If you promote your live social media broadcast on your TV screens and invite people to follow you, you can get more distance out of your social media marketing.
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Paul Somerville
Title: Editor-in-Chief
Company: Electric Scooter Guide
Linkedin: https://www.linkedin.com/in/paul-somerville-2651b72
Sales or promotions are a huge failure:
You put together your product and advertise it on your Facebook page because you have this fantastic promotion concept, and then, whoosh, nothing happens. What took place? You may need to examine your offerings objectively to determine whether they truly and plainly benefit your clients. If that isn’t the problem, your sale’s lack of buzz is.
Fix it: When promoting a deal you know your clients will adore and from which you will benefit handsomely, go all out or don’t bother. In an ideal world, your customers would be aware of your sale before they even arrive. Once they get inside, hit ’em again. To advertise the event, use imaginative displays, signs, and print advertising. Make it a rare and transient product to create a sense of urgency. The chance won’t be one that customers can pass up.
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Shad Elia
Title: CEO
Company: New England Home Buyers
Linkedin: https://www.linkedin.com/company/we-buy-houses-here
Utilizing Obsolete Cash Registers:
With a computerized point of sale system, cashiers can actually make more sales in less time than they can with a conventional cash register. Additionally, even the most basic point of sale system’s reporting capabilities are superior to those of cash registers, assuming they even have any.
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Hamza Usmani
Title: Head of content
Company: SEO-Audits.io
Linkedin: https://www.linkedin.com/in/hamza-ghayas-usmani-haro-link-builder-6670691a7/
Putting Off Physical Inventory Counts for Years:
If you don’t have a precise count of your inventory, how can you be certain that you aren’t stocking too much of the underperforming items or selling too little because of a shortage? At the very least once every year, you ought to count your inventory. The biggest businesses conduct departmental cycle counts more frequently. For instance, you could want to keep better tabs on your departments with the best sales so you can place more orders for supplies before they run out.
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Tiffany Payne
Title: Head of content
Company: PharmacyOnline.co.uk
Linkedin: https://www.linkedin.com/in/tiff-payne/
Picking the wrong business partners:
The worst error you can make when beginning a retail business is this one. Your small business will fail if you choose the incorrect partner, whether you do it before you launch or after a few years. You need a business partner who is a perfect fit, either because they aren’t committed to the venture or because your aims are different from theirs. A huge time and financial commitment goes into starting a business. Stress is unavoidably brought on by it. Don’t let pressure or promises of wealth and success influence your choice of a business partner. Only a strong foundation will allow your company to expand. Initial collaborations are a crucial component of such a strong foundation.
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Joseph Puglisi
Title: CEO
Company: DatingIconic
Linkedin: https://www.linkedin.com/in/joseph-puglisi-a24b68209/
Common mistakes business owners who run a brick-and-mortar store are:
Limiting their presence to physical stores. Companies who run physical stores often make the mistake of not improving their online presence because they think it’s not as important. They believe that since their stores are physical and can easily be accessed, they don’t need to invest in their online ads.
Using manual systems/processes to manage the company. This often takes a lot more time and reduces productivity when automation/automatic tools are not used.
Using multiple communication tools to communicate with staff.
Cutting costs when hiring. When you don’t invest in quality staff, you may run a risk of a business crisis due to negligence and lack of professionalism.
A long list of waiting lines.
Disorganized arrangements of the workspace and counter.
Not reaching out to customers after patronage.
Not being attentive enough to customers and not providing an overall great customer experience. These often bring bad reviews and lead to low turnout in sales.
The bottom line is, that online presence and advertisements that are clear, concise, and meaningful would go a long way in putting your brick n mortar business out there. Online metrics tracking tools would help to identify your business’ progress. Investing in great staff with professional skills who are also willing to get better every day and provide a good customer experience would help improve your sales offline. If one falls short of these, there will be consequences that are not favorable to the company’s success.
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Adam Crossling
Title: Marketing Manager at zenzero
Company: Zenzero
Linkedin: https://www.linkedin.com/in/adam-c-785a0261/
Consumers do not understand the value of a product’s additional features:
Even if your product is fantastic and packed with useful features, it won’t sell if consumers can’t immediately appreciate how those features will improve their lives. (Your frantic efforts to convince them of the superiority of your product will just turn them off further.) Features are impressive, but benefits are what get consumers to make a purchase.
Make it right: Video can capture people’s attention by telling a narrative about your goods. Comparatively, a sales presentation won’t be as persuasive as a testimonial. The use of video to showcase the lifestyle that comes with using your product and to add actual testimonials may help sway buyers who are on the fence.
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Shakzod Khabibov
Title: Co-Founder of Natura Market
Company: Natura Market
Linkedin: https://www.linkedin.com/in/shakzod/
Instead of competing on quality, they compete on price:
One of the most frequent blunders I’ve seen is the false assumption that buyers just care about cost, rather than quality. If you provide them with the lowest option, they’ll purchase it, but they won’t come to return it since the product won’t hold up or fulfill their needs. The customer in front of you is more important than your own money or wants while making a sale.
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Shakzod Khabibov
Title: Co-Founder of Natura Market
Company: Natura market
Linkedin: https://www.linkedin.com/in/shakzod/
Instead of competing on quality, they compete on price:
One of the most frequent blunders I’ve seen is the false assumption that buyers just care about cost, rather than quality. If you provide them with the lowest option, they’ll purchase it, but they won’t come to return it since the product won’t hold up or fulfill their needs. The customer in front of you is more important than your own money or wants while making a sale.
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Megan Young
Title: Marketing Manager
Company: MCS Rental Software
Linkedin: https://www.linkedin.com/in/megan-young/
Failing To Identify Your Target Audience:
This is one of the more difficult challenges, in my opinion, because many firms make two opposite mistakes. One is not properly understanding the target market for your products. On the other hand, if your targeting is too specific, you risk isolating yourself before you even start. You can contact the people you believe will be interested in your company through targeted social media ads, but why stop at just one demographic? Sure, knowing who will enjoy your items is helpful, but don’t allow that stand in the way of the wider audience as well.
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Aimi Davis
Title: Head of Content
Company: Online Mediums
Linkedin: https://www.linkedin.com/in/aimi-davis-556155246/
Price competition against quality competition:
believing that the least price not the best is all that clients seek. If you sell them the cheapest item, they’ll buy it, but they won’t come back because it will almost always break or not live up to expectations. You should focus on the customer in front of you rather than their money or needs.
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Max Whiteside
Title: SEO & Content Lead
Company: Breaking Muscle
Linkedin: https://www.linkedin.com/in/maxwhiteside/
DOING EVERYTHING MANUALLY
A retail business has many moving elements and processes that work simultaneously, so managing it isn’t easy. Therefore, in order to succeed, every merchant needs to have the ability to manage their time effectively.
Unfortunately, manual labor is often used by merchants, which is a definite way to fail. Here, automation can be useful.
You must employ technology and systems as a retail business manager or owner if you want to optimize operations, boost productivity, cut down on errors, and maximize your time.
I hope this works for your piece. Just shoot me an email if you have any questions.
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Jonathan Merry
Title: Director
Company: CRYPTOMONDAY
Linkedin: https://www.linkedin.com/in/jonathan-merry/?originalSubdomain=uk
Having shiny object syndrome:
pursuing the newest, flashiest technology item for PR purposes as opposed to concentrating on long-term strategies to engage consumers progressively online. Understand your brand’s value proposition thoroughly to prevent this. To fully engulf your customer in your brand, develop a multi-level strategic plan. Utilize a small number of well chosen technology partners to jointly deliver solutions to market.
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Hamza Usmani
Title: Head of content
Company: SEO-Audits.io
ADVANCED VANITY METRICS
Vanity metrics are indicators that enhance your reputation but have no real bearing on the health and success of your company. Vanity metrics include things like top-line income, internet traffic, and (in some situations) social media followers.
These numbers appear appealing in isolation, but without context or when combined with other measures, they are virtually worthless.
For instance, concentrating only on top-line income while ignoring profit or business spending can make you feel insecure. Even though your sales and revenues are rising, if it costs you money to make those sales, your company is in jeopardy.
The secret to avoiding this error is to take a range of variables into account when assessing the health of your company.
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Tiffany Payne
Title: Head of content
Company: PharmacyOnline
Linkedin: https://www.linkedin.com/in/tiff-payne/
NOT AUDITING YOUR RETAIL STORES
Audits are essential to ensure that you remain aware of everything happening at your store. However, a lot of shops make the error of either not performing audits at all or not conducting them consistently.
Regular audits help ensure that operating procedures are correctly followed and that quality requirements are being met. Key performance indicators can be tracked using audit solutions that include features like personalized checklists, signatures, and images, among others.
Additionally, they may assist you in locating any problems so you can move quickly and effectively to fix them. When necessary, you can also use audit software to train your personnel.
I hope your readers find this helpful. Please feel free to reach out to me if you have any other queries.
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Dan Close
Title: Close here, Founder & CEO
Company: We Buy Houses in Kentucky
Linkedin: https://www.linkedin.com/in/closedaniel/
FAILING TO STREAMLINE COMMUNICATION AND COLLABORATION
To make sure that everyone is on the same page and can work together to reach a single objective, effective information communication between your internal and external stakeholders is crucial.
By effectively communicating, you can ensure that your team members are aware of their responsibilities, your business partners are aware of their obligations, and your suppliers are aware of what is required of them.
Inefficient communication will probably lead to turmoil. When interacting with diverse stakeholders, many shops make the rookie error of using multiple communication channels like email, phone, or text.
This undermines the possibilities of a successful partnership because it is ineffective and leaves the potential for contradictions and inconsistencies. In fact, 67% of workers think that poor communication is the main barrier to productive teamwork.
Retailers must use a standard communication platform that enables rapid connections between teams and makes it simple to share crucial documents with everyone in order to overcome this problem.
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Shad Elia
Title: CEO
Company: New England Home Buyers
Linkedin: https://www.linkedin.com/company/we-buy-houses-here
NOT INVESTING IN YOUR EMPLOYEES
It’s a common error in businesses of all sizes, but it’s especially true in industries where the focus is on the individual, like retail, to see staff spending as a cost rather than an investment.
Retail is about people, interpersonal connections, and a contagious passion for your goods or services. Any customer that enters your door will be sold on your goods or services by rock star workers. Excellent workers also don’t steal, cheat, or lie. They can identify shoplifters and will raise their hands when they notice waste, lost sales, or opportunities to save money.
As a result, investing in experienced and motivated people is a lot more profitable course of action than skimping on employment, even if it costs more upfront.
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Gerrid Smith
Title: Director of E-commerce
Company: Joy Organics
Linkedin: https://www.linkedin.com/in/gerrid-smith-1259622/
One of the most common blunders I see offline retailers make is failing to capitalize on their product’s unique selling points. Even if your product is fantastic and packed with useful features, it won’t sell if consumers can’t immediately appreciate how those features will improve their lives. Your frantic attempts to convince them how wonderful your product is will only turn them off more. People are more interested in how a product will improve or simplify their lives than in its list of features.
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Ellie Shippey
Title: E-commerce Growth Specialist
Company: EZContacts
Linkedin: https://www.linkedin.com/in/eleanor-shippey-6624a3203/
In my experience, sales and marketing initiatives are a common source of failure for entrepreneurs with physical stores. You’ve come up with a fantastic idea for a campaign, implemented it in full, advertised it on your Facebook page, and… nothing. Why did this occur? Perhaps you should examine your product or service objectively to determine if it truly provides tangible benefits to your target audience. If that isn’t the problem, then perhaps your sale isn’t getting enough attention.
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Steve Pogson
Title: Founder & E-commerce Strategy Lead
Company: FirstPier
Linkedin: https://www.linkedin.com/in/stevepogson/
NOT SELLING ON MULTIPLE CHANNELS
Online shopping and e-commerce have been around for a while. However, if the pandemic has taught us anything, it is that retailers must increase their reliance on multi-channel selling tactics rather than solely on their brick-and-mortar storefronts.
In fact, total online sales increased 44% even as overall retail sales decreased by 10.6%. This amply highlights the significance of omnichannel and eCommerce sales in the current market.
The way today’s consumers shop is greatly influenced by digital and social media. Unfortunately, a lot of businesses still don’t interact with and sell to their customers over different channels.
You need a strong digital marketing plan that goes far beyond merely having an eCommerce website if you want to stay current and competitive. Utilize social media to interact with customers, engage them in conversation, and inform them of your services.
In addition to helping you improve brand awareness among your target audience, blog postings, social media posts, and client testimonials can also help you establish trust and reputation. Use your web presence to deepen your client interactions when businesses reopen and the world slowly begins to recover from the pandemic.
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Robert Warner
Title: Head of Marketing
Company: VirtualValley
Linkedin: https://www.linkedin.com/in/robewarner/
The failure to deliver service that creates a lasting impact on the customer is, in my opinion, one of the most prevalent blunders made by store owners. Consumers have been known to be erratic. They are spoiled for choice yet suffer from a lack of focus. Even if you provide the best service or product available, clients may go elsewhere if your brand isn’t well ingrained in their brains. You are not alone if you are not providing a remarkable experience for your customers. One survey found that not providing a tailored customer experience was the most common weakness among retail leaders.
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