How A Struggling Clothing Retailer Quickly Increased Profits By 12% By Following One Simple Growth Strategy
If you’re struggling to maintain steady profits in your clothing retail business, you’re not alone. In this case, not only are small businesses struggling to stay afloat, but high street retailers such as Gap, Topshop and even Nordstrom are folding under the pressure with the emergence of online retailers such as Fashion Nova, Pretty Little Thing, and even independent Instagram boutiques.
It’s no secret that online marketing is the new standard, especially in the fashion industry. But if you’re already behind, is there any chance of keeping up with these giants? The answer is yes: and it may be way simpler than you think using tried and true strategies from our experienced Growth Advisors.
Whether you own a brick and mortar store or are already online, there are some simple ways to engage with your customers that will inevitably increase your profits and demand. The key factor in maintaining and increasing business may be an overlooked one: building trust. Many companies do not have a customer-centered approach to business, so being in the business of offering value will in turn demonstrate your remarkable value to the masses.
Build trust by offering what other (even bigger) companies will not do: offer a money-back guarantee, no exceptions or fine print. Make it essentially risk-free for a customer to shop with you and watch your customer satisfaction and loyalty soar. Develop your marketing strategy by using catchy language and emphasize this as part of your brand identity to increase your brand awareness.
We had success working with Amy, a struggling retail shop owner who was not breaking even month after month despite $22,500+ amount of sales per month. Her expenses were too high to generate a sustainable profit. Amy’s Growth Advisor was able to identify supplier costs as a key drain on resources and develop a strategy to help lower costs by engaging her suppliers with a marketing plan to enter a 50/50 partnership deal.
Amy was thrilled to uncover these simple hidden strategies to reduce her spending and reinvest in technology to compete with fashion giants. Based on her Growth Advisor’s suggestions, Amy lowered her supplier costs by 25% and reinvested the savings into marketing efforts, resulting in 12% increase in her profits.
These are just a few of many tactics that can be used to accelerate the growth of your business profits by maximizing value for your partners (customers and suppliers).
If you are like Amy – struggling to compete with big business, caught in the web of changing demands of consumers, or simply not making profit… set up a FREE consultation with one of our growth advisors today! It’s absolutely zero risk.
Explore some of YOUR growth opportunities to supercharge your growth with FREE access to our Profit Growth Matrix below.
INSTRUCTIONS ON HOW TO USE THE PROFIT GROWTH TOOL
In order to quickly calculate how we can help you increase profits, you will need to input 5 numbers in the white boxes below.
Step 1 – Under the “Current Marketing Efforts” section (left side), please input your current numbers for “Avg Number of Prospects/Lead Contacts Per Month” and “Avg Number of New Customers Gained Per Month”
Step 2 – Under the “Current Marketing Results” section (right side), please input your current numbers for “Avg Amount of Sales Revenue Per Customer” and “Avg Number of Sales Transactions Per Customer Per Year”
Step 3 – Last number you have to input is what % would you like your company to grow which is “Your Target Growth Rate”
If you get stuck or need help, please email us at email@example.com