Since March 2, 2020, The ROI's Co-Founders have been offering insights, strategic approaches, and online resources for independent retailers affected by the COVID-19 crisis.
These appeared first in The ROI NEWS.
So, say you have re-opened your stores. Then what? Did the customers come back?
Or, were many of those who did show up just there to say "Hello!" And "We missed you!", but not to buy? Sigh.
We are not surprised. And here's why.
Any customer must satisfy three key elements in order for a transaction to occur. Two out of three will not do; all three must be met.
No matter what you are selling, for a transaction to occur, every customer MUST have
Again, just two out of three of these won't do.
And unfortunately, only two of the three are within your ability to control.
That is driven by the source of income for your best customers, the degree of confidence and certainty they have in their own financial situation. "The economy."
Yep. Another one of those "uncontrollable variables." The sooner you recognize that, the sooner you can re-focus your energy and resources on those things you can manage.
How might you sharpen the focus on the merchandise you are selling, to better match how today's customers perceive their NEED to buy?
There are even more opportunities to adapt and adjust regarding the WILLINGNESS to buy.
You know all too well how it feels to deal with uncontrollable variables. Your customers are feeling the same way. Whatever you can do to give your shoppers a greater sense of control is likely to be very welcomed!
Like every natural disaster, whether a massive storm, earthquake, wildfire, we all are victims of COVID-19.
Not all of us have suffered being infected by the virus. But, essentially everybody has suffered losses.
Few have been spared.
As more stores are able to reopen, and more shoppers are willing to emerge, what will they encounter?
Each of us, our households, businesses and communities are in different stages of shutdown due to the coronavirus.
While we cannot speak to when this will end, we do have some ideas for dealing with the "fog of uncertainty" that hangs over us all.
YOUR GOAL: QUICKLY GET TO A FIRST DRAFT.
Face it. Sales are dropping. By how much? For how long? Nobody knows for sure.
But, you can make some assumptions, some educated guesses. Put those into the 3-in-1 Cash Flow Calculator.
These totally volatile times cause a lot of opinions and fears to be swirling around. Seeing "what if...?" can be very helpful.
All in just minutes. On your own.
The COVID-19 pandemic has certainly gained the respect of the general public.
Surveys continue to show that, while folks are eager to be able to resume moving about, they do not expect to resume their pre-pandemic discretionary shopping and dining activities anytime soon. They are awaiting effective treatments or, even better, a vaccine.
Main Street restauranteurs and retailers understand that, according to survey results reported April 27.* In fact, these owners anticipate it could take another eight months – that is, most of the year – for consumer demand to reach the so-called "New Normal."
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"