What’s the secret of retailing?

Flea Market

I’m going to say I really doubt if there are any secrets. You can learn a lot from watching what other people are doing. Learn the products that you sell. Study..Study..Study. Hang out with people that know your product and the industry the product is applied in. Having a huge network of contacts you can bounce ideas off of is an awesome way to build synergy in your ventures. You can save yourself a lot of money by checking books out at the library. I have found that audiobooks are excellent for educateing yourself in your product. The reason I like audiobooks is because I can work or recreate while pumping my brain with knowledge. I believe podcast are a really great way of educating yourself while keeping up with industry trends of your product.

You’ll starve to death if your customers buy once and never return!

“It costs anywhere from 5 to 8 times more to gain a new customer as opposed to retaining your customers. When you consider the cost of sales people, advertising, Internet marketing, etc. to attract new customers this becomes obvious.  68% of customers will stop using your services or fail to return if they feel unappreciated. This is the number one reason businesses lose customers. Based upon these two statistics, it is obvious your business needs to place as strong an emphasis on keeping existing customers as it does on gaining new ones.” – by Chris Philippi of zeromillion.com

Once you get those customers,  treat them good so they want to do business with you.  Companies spend thousand of dollars to get your consumer dollars.  It’s a lot cheaper to sell to your existing customer base then it is to go out and build a new customer base to sell to.

Digg it!

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