In today’s competitive retail landscape, standing out and capturing the attention of consumers has never been more challenging. The difference between stagnant sales and exponential growth can often be traced back to the strategies a business deploys. Business owners, marketing stakeholders, and decision-makers are always looking for ways to increase reach and turn leads into loyal customers.
By 2023, Statista expects 22% of worldwide retail sales to be online. This data shows that retail is changing and that staying ahead is crucial.
If you’ve ever wondered about the keys to dramatically boost your leads and sales in a short span, this article will unveil seven secrets that have the potential to revolutionize your retail business in just 30 to 45 days.
7 Secrets to Grow Your Retail Leads and Sales
In 2020, amidst the challenges of the pandemic, TOMS Shoes applied the principle of Ikigai to its business model. TOMS, which had been struggling due to increased competition, revisited its “One for One” model, which aligns with the Ikigai’s purpose. By emphasizing their purpose – that with every product you purchase, TOMS will help someone in need – they rejuvenated their brand. The result? A significant increase of 260% in online sales in just a few months, demonstrating the power of an Ikigai-aligned strategy.
“Strategic IKIGAI” Defined
Ikigai is a Japanese concept that means “a reason for being.” It encompasses the intersection of what you love, what the world needs, what you can be paid for, and what you’re good at. In a business context, Strategic Ikigai refers to aligning the business’s purpose, offerings, and operations around this intersection to achieve harmony and drive growth.
- According to a Gallup poll, businesses that align their purpose and values witness a 70% increase in employee engagement.
- Harvard Business Review states that purpose-driven businesses observed a 30% higher level of innovation.
- Forbes highlights that 58% of companies who prioritize purpose successfully experienced growth of 10% or more.
Impact To Business in 2024
IKIGAI can largely contribute to your retail businesses. Here are some of what it can do:
- Enhanced Employee Engagement: According to Gallup, when employees see the bigger purpose, their commitment and productivity often increase.
- Improved Customer Loyalty: WeForum reports that customers resonate more with brands that have a clear, meaningful purpose, leading to increased loyalty.
- Higher Brand Differentiation: A Harvard Business Review study states that in a saturated market, a clear strategic Ikigai can set a brand apart from its competitors, leading to greater market share.
Step-By-Step Action To Implement Strategic Ikigai
- Discover Your Purpose: Delve deep into what your brand truly stands for beyond profits.
- Understand Your Strengths: Recognize what you’re genuinely good at and what sets you apart.
- Identify Market Needs: Find out what the world (or your target audience) truly needs.
- Align Your Offerings: Ensure that what you offer (products/services) resonates with your Ikigai.
- Engage and Communicate: Regularly communicate your purpose internally (to employees) and externally (to customers).
- Monitor and Iterate: Keep a check on business alignment with your Ikigai and make necessary adjustments.
Embracing Strategic Ikigai can transform a retail business. It’s not just about selling products but resonating a deeper purpose with customers. In an era where consumers are looking for more meaningful connections, aligning with Ikigai can be the game-changer for exponential growth.
In the wake of the COVID-19 pandemic, Peloton, the fitness equipment company, made a bold move. They extended their standard 14-day home trial to 30 days, and with increased stay-at-home measures, this move proved fortuitous. Their subscriptions shot up by over 250%, and the company saw a massive surge in sales, illustrating the transformative power of well-timed and exceptional offers.
“Exceptional Offer” Defined
Exceptional offers in a retail business context refer to deals, promotions, or incentives provided to customers that are significantly better than the usual offerings. They are often limited-time proposals designed to create urgency, boost sales, and attract a large influx of new customers.
- As per RetailMeNot, 68% of customers say that coupons and discounts influence their purchase decisions in stores.
- VoucherCloud found that 57% of consumers only make a purchase when there’s a promotion on offer.
- According to GrowthLeap, limited-time offers can drive a 226% increase in sales.
Impact To Business in 2024
When implemented properly, this strategy can provide:
- Urgency and Immediate Sales: Limited-time exceptional offers can create a sense of urgency, leading to instant sales boosts, according to Oberlo.
- Increased Foot Traffic: A RetailDive study states that whether online or in a physical store, exclusive offers can attract a greater number of visitors, subsequently elevating brand awareness.
- Customer Acquisition: Exceptional offers, when marketed effectively, can serve as a key tool to attract first-time buyers and expand the customer base, as suggested by Shopify.
Step-By-Step Action To Implement Exceptional Offers
- Identify the Product/Service: Choose a product or service that has high demand or one you want to promote heavily.
- Market Research: Understand what your competitors offer and identify a gap.
- Craft the Offer: Make it genuinely attractive, ensuring it’s significantly better than the regular deal.
- Limit the Offer: Create urgency by making it a limited-time or limited-stock offer.
- Promote Extensively: Use all available channels – social media, email, in-store displays to broadcast the offer.
- Monitor & Gather Feedback: Understand customer response, analyze sales data, and gather feedback for future offers.
Leveraging exceptional offers isn’t just about discounts; it’s about strategically timed, well-placed deals that resonate with the customers. They can serve as powerful tools not just to drive sales, but to acquire new customers, clear inventory, or increase brand visibility.
Amidst the COVID-19 pandemic, when many Filipino businesses were struggling to adapt, BeautyMNL, a leading e-commerce beauty and wellness store in the Philippines, revamped their online sales funnel. By focusing on user experience, mobile optimization, and customer feedback integration, BeautyMNL witnessed a surge in their online sales. Their emphasis on seamless browsing, simple checkout processes, and personalized product recommendations resulted in a significant growth of over 250% in their online user conversion rate.
“Converting Funnel” Defined
A converting funnel, commonly known as a sales funnel, is a step-by-step process that companies lead customers through when purchasing products. It starts from the initial awareness stage and proceeds through interest, decision, and finally, the action (purchase) phase.
- According to Forrester, on average, between 68% and 98% of e-commerce visitors abandon their shopping carts.
- As per a study by MarketingSherpa, improving the funnel’s checkout process can increase conversion rates by up to 35%.
- WordStream found that the average conversion rate across industries is close to 2.35%. However, the top 25% are converting at 5.31% or higher.
Impact To Business in 2024
If done properly, this strategy can provide:
- Improved Sales Revenue: As per BIGContacts, a streamlined, user-friendly sales funnel can significantly enhance a company’s sales revenue by efficiently guiding potential customers to conversion.
- Higher ROI on Marketing Efforts: Neil Patel claims that an effective funnel ensures that marketing efforts aren’t wasted and potential customers are smoothly transitioned from one stage to another.
- Enhanced Customer Trust: Transparent and straightforward sales funnels that provide value at each step can build customer trust, leading to higher loyalty and repeat business, as discussed by Indeed.
Step-By-Step Action To Implement Converting Funnel
- Awareness Creation: Utilize content marketing, SEO, and targeted ads to reach potential customers.
- Capture Interest: Use lead magnets like ebooks, webinars, or newsletters to capture customer details and build interest.
- Engage and Nurture: Send out personalized emails, special offers, and valuable content to engage leads.
- Simplify Purchase Process: Reduce the number of steps in the checkout process, offer multiple payment options, and ensure site/mobile responsiveness.
- Post-Purchase Engagement: Offer post-purchase support, solicit feedback, and introduce loyalty programs.
- Monitor and Optimize: Use analytics to understand drop-offs and continually refine the funnel for better results.
The essence of a converting funnel is to ensure that potential customers don’t just remain prospects but are successfully transitioned into paying customers. It’s about providing value at every step, reducing friction, and ensuring an enjoyable buying experience.
In 2020, when many retailers were struggling due to the pandemic, Patagonia, an outdoor clothing and gear brand, continued to thrive. Not merely because of their products, but due to their authority as a sustainable and socially responsible brand. Their commitment to environmental activism and ethical sourcing has made them a respected authority in the industry. As a result, Patagonia’s e-commerce sales skyrocketed by over 240% during the pandemic months, highlighting the influence of a strong authoritative brand in challenging times.
“Respected Authority” Defined
Respected Authority refers to the earned trust and expertise that a brand or business holds in its industry. This respect is not just for the products or services they offer but for their opinions, contributions, and stance in the broader community or sector.
- According to Edelman’s Trust Barometer, 81% of consumers say they need to trust the brand to do what is right before making a purchase.
- A Nielsen Global Trust in Advertising Report found that 83% of consumers trust recommendations from people they know, emphasizing the need for businesses to establish themselves as trusted authorities.
- Forbes highlighted that in 2020, 70% of consumers said trusting a brand is more important now than in the past.
Impact To Business in 2024
Being a respected authority can provide the following benefits:
- Loyalty and Advocacy: IPSOS states that consumers are more likely to remain loyal and advocate for brands that they perceive as respected authorities.
- Pricing Power: Harvard Business Review found that brands with high trust levels can often command higher prices due to perceived value.
- Resilience in Crisis: A BCG study shows that respected brands often weather industry and economic storms better due to their deep-rooted consumer trust.
Step-By-Step Action To Implement Respected Authority
- Find Your Niche: Identify where your expertise lies and own it.
- Deliver Consistently: Ensure product and service quality is top-notch always.
- Engage with the Community: Get involved with industry gatherings, webinars, and discussion groups.
- Educate Your Audience: Discuss the latest trends, insights, and data in your field.
- Collaborate with Respected Figures: Partner with industry experts for added credibility.
- Maintain Integrity: Always be transparent, especially when mistakes happen.
- Seek Feedback and Iterate: Constantly evolve based on community and customer feedback.
Building oneself as a respected authority is a long-term investment that pays off by cementing trust with consumers, enabling premium pricing, and providing resilience during industry downtrends. In the evolving retail landscape, authority is not just a badge but a necessity for sustained growth.
Effective LEADS and SALES Strategies
In the midst of the 2020 pandemic, Gymshark, a UK-based fitness apparel & accessories brand, adapted its online strategy to cater to a growing audience confined at home and looking for home workouts. By ramping up its social media campaigns, engaging influencers, and offering virtual fitness classes, Gymshark saw a meteoric rise in its online sales. This adaptability, combined with their effective leads and sales strategies, led to a staggering growth of over 240% in online sales during the lockdown period.
“Effective Leads and Sales Strategies” Defined
Effective leads and sales strategies involve a systematic approach to capture potential customer interest, nurture these leads, and convert them into loyal customers, ensuring sustainable business growth and customer satisfaction.
- Forbes reported that businesses using lead generation strategies, specifically online, witness a 50% greater ROI compared to businesses that don’t.
- According to CSO Insights, organizations with a defined lead process experience 10% more sales.
- HubSpot states that content marketing gets three times more leads than paid search advertising.
Impact To Business in 2024
- Enhanced Customer Relationships: HubSpot highlighted that effective lead and sales strategies foster stronger bonds between businesses and customers, leading to higher customer lifetime values.
- Higher ROI: A Marketo study claims that investment in efficient leads and sales strategies generally results in increased sales and, subsequently, a better return on investment.
- Business Sustainability: According to Harvard Business Review, regular inflow of leads and their conversion ensures a stable revenue stream, making the business more resilient to market fluctuations.
Step-By-Step Action To Implement Effective Leads and Sales Strategies
- Understand Your Audience: Segment your market and understand their needs.
- Engage Across Platforms: From social media to emails, ensure you have a multi-channel approach.
- Provide Value Through Content: Use blogs, webinars, and other formats to educate and engage potential customers.
- Personalize Communications: Tailor messages based on customer behaviors and preferences.
- Use Analytics: Monitor your campaigns and optimize based on what’s working.
- Nurture Leads: Not every lead will convert immediately; invest time in nurturing relationships.
- Feedback & Iterate: Always seek feedback and be ready to adjust your strategies.
Effective leads and sales strategies are the backbone of any successful retail business. Especially in a post-2020 world, with an increasing shift to online platforms, a robust strategy is not just an option but a necessity for sustainable growth.
In the wake of the COVID-19 pandemic, Nike accelerated its digital transformation with tactical precision. Through rapid adjustments like enhancing their mobile app, boosting e-commerce presence, and virtual training sessions, they reported a 75% increase in online sales in the fourth quarter of 2020, making up 30% of total revenue—well ahead of the company’s original 2023 projections.
“Tactical Execution” Defined
Tactical execution in retail refers to the specific, deliberate actions and methods implemented to achieve short-term goals and ensure that overarching strategies are realized in tangible outcomes.
- According to a Bain & Company report, companies that excel in strategic clarity and execution have a 40% higher success rate in the execution of their strategy.
- A PwC survey found that 55% of middle managers can’t name even one of their company’s top five priorities, highlighting a gap in tactical execution.
- As per the Project Management Institute, organizations that prioritize tactical execution meet their goals 2.5 times more often and waste 13 times less money compared to others.
Impact To Business in 2024
When done right, this will result to:
- Streamlined Operations: According to a Harvard Business Review data, effective tactical execution reduces bottlenecks and inefficiencies, ensuring smoother day-to-day operations.
- Enhanced Customer Experience: Tactics that focus on improving the customer journey can directly influence customer loyalty and spending as per McKinsey & Company.
- Quick Adaptability: Deloitte states that in fast-changing retail environments, especially post-2020, businesses that execute tactics swiftly can adapt and remain competitive.
Step-By-Step Action To Implement Tactical Execution
- Review and Understand Strategy: Ensure every team member comprehends the overarching strategy.
- Breakdown Goals: Divide your strategic objectives into smaller, achievable tasks or goals.
- Allocate Resources: Designate tools, finances, and manpower based on task priority.
- Monitor Progress: Employ tracking systems or tools to measure the progress of each task.
- Adapt to Feedback: Modify tactics based on real-time feedback from teams and customers.
- Evaluate Results: After executing each tactic, analyze its effectiveness and measure against expected outcomes.
- Iterate and Improve: Using the evaluations, refine tactics for future implementation.
Precision in tactical execution is paramount for retail businesses, especially in a post-2020 world. It’s the driving force that turns strategy into sales, vision into victory. In an era where adaptability is key, mastering tactical execution offers businesses the dexterity they need to thrive.
Synergy of the TEAM
In recent years, Penshoppe, a Filipino clothing brand, experienced a robust surge in sales due to their synergized team efforts. They adapted to digital marketing trends, executed collaborative campaigns with international celebrities, and developed a responsive feedback mechanism. The synergy of their team from design, marketing to sales allowed them to capture a wider audience, resulting in an approximate 250% increase in their online and offline sales.
“TEAM Synergy” Defined
The “Synergy of the TEAM” refers to the combined efforts of a team that produce a result greater than the sum of their individual effects. In a business context, it means creating a working environment where collaboration, communication, and mutual respect facilitate optimal performance and outcomes.
- Forbes indicates that teams that foster collaboration are 5 times more likely to be high performing.
- According to ClearCompany, 86% of employees and executives cite lack of collaboration or ineffective communication for workplace failures.
- Deloitte found that companies focusing on cultivating teamwork are twice as likely to outperform their competitors.
Impact To Business in 2024
Team Synergy can provide the following benefits:
- Enhanced Productivity: According to Harvard Business Review, a synergized team can streamline processes, reduce redundancy, and boost overall productivity.
- Innovative Solutions: A McKinsey report shows that diverse and collaborative teams are more likely to produce innovative solutions to business challenges.
- Improved Employee Satisfaction and Retention: Team members in synergized environments often report higher job satisfaction, leading to reduced turnover and associated costs, as highlighted by Gallup.
Step-By-Step Action To Implement Team Synergy
- Evaluate Team Dynamics: Begin by assessing the current team dynamics and identifying areas of improvement.
- Promote Open Communication: Encourage team members to share ideas, concerns, and feedback freely.
- Set Clear Goals: Ensure everyone understands the team’s objectives and their role in achieving them.
- Invest in Team Building Activities: Regular team-building exercises can enhance trust and camaraderie.
- Encourage Diverse Thinking: Promote a culture where diverse opinions are valued and considered.
- Regular Feedback Mechanism: Implement a feedback loop where team members can give and receive constructive feedback.
- Celebrate Achievements: Recognizing and celebrating team successes fosters motivation and a sense of unity.
Synergy within a team is not just about working together; it’s about amplifying each other’s strengths, complementing weaknesses, and striving towards a common goal. It’s the “magic” that happens when collaboration translates to outstanding results. For retail businesses, this synergy can dramatically influence sales and growth trajectories.
The dynamic world of retail is a testament to the ever-evolving consumer behaviors and market trends. By understanding and implementing the seven secrets discussed, businesses can tap into the pulse of the market, effectively increasing leads and driving impressive sales. Business owners, campaign stakeholders, and decision-makers have the power to steer their retail enterprise towards success. Adaptation and strategic decision-making are paramount in the face of changing consumer behavior. The journey might be challenging, but with the right strategies in place, the rewards can be significant. Unlock the potential of your business, embrace these transformative secrets, and witness the remarkable growth in your retail venture.