Adapt Lessons from Other Retailers

Learn from other retailers, even from retailers selling product lines quite different from what you sell. In fact, some of the most useful lessons can come from the hits and misses of retailers who sell to the same sorts of markets as you, but sell those people different product lines. By quickly adapting the lessons to apply to your merchandise mix, you can gain an early-start advantage over your competitors.
     For instance, what can you learn from shoe retailers? U.S. shoe sales have been markedly strong for the past three months. October 2009 sales were almost 8% above October 2008 sales. By analyzing why, you might come up with actions like these to build your own profits, whether or not you sell shoes:

• Make it easy to be distinctive. Shoppers are yearning to express themselves. When it comes to fashion, it's relatively easy and inexpensive to make a statement with your own collection of distinctive shoes. How can you merchandise your store to help shoppers be distinctive in relatively easy, inexpensive ways?
• Remind shoppers of the practical advantages. These days, consumers are suffering from frugality fatigue. They're ready to spend money, but not a lot and only if they're convinced of practical advantages. Shoe shoppers are going for durability and for multiuse capability. What practical advantages of your indulgent products can you sincerely present to shoppers to help them reduce resistances to purchase?
• Feature the feel-good. You might not be able to top the Cinderella magic of shoes if you're selling power saws or electric toothbrushes. But you can come close. Power saws give a sense of mastery and toothbrushes, protection from decay and bad breath. What happiness will each purchase bring?

     Well, are you convinced you can profit from walking in the shoes of other retailers?