Is There a Market For Your Product?

Retail Notes:

Here's a question I received through my website today:

We started a dollar & more store almost 2 years ago, it is very hard to get the people in this community to support you. We are on the other end of town, we are lucky to have a few locals that are loyal and come in.
How do you get people in?
With out more support, you can not replenish the store with new merchandise.

This is an all too common question from small store owners. Often people open stores based on their own desires, without researching and evaluating the market need.

It is hard to get people to break their shopping habits. They don't want to go out of their way to try something new. You can't expect them to buy from you because they like you, or because the community 'should' support local businesses.

You need to be competitive. You need to have something exciting to offer them, and you need to make it easy for them to buy from you.

If you are thinking of opening a store, or have a new store that is not as busy as you would like, think about these questions:

Location: Are you far from other shopping? Are you far from where your desired customers live? Would another location be better?

Need: Why do you sell the products you carry? Is there a need for your product or service? Do you have a big enough community to support a store like yours?

Competition: If the community is not buying from your store, where are they shopping? Can they get what they need somewhere else?

Your Store: What do you offer that is unique? What market need are you meeting? Do you honestly offer something no one else does? What do you do better than the competition?

Marketing & Promotion: Do people really know about your store and what you offer? You would probably be surprised to hear how many people don't know about you. You probably don't have a big marketing budget, but you can get great publicity by becoming involved in your community. Host events in your store and invite the media, participate in community groups and fairs. Be creative.

Don't expect the community to come to you. You need to be where they are, and offer them something they want and need.