$$ HIDDEN PROFIT CENTERS
How Cleaning Products Can Be a Hidden Profit Center
T
oday’s retail market is challenging. Layers of government regulations, competition from other brick and mortar stores, huge DIY retailers, giant online sellers, and a lack of customer loyalty, all contribute to this. As small business owners, we must find unique solutions to keep our businesses afloat and, in the end, have a little leftover for ourselves.
Here are two traditional ways to get customers walking through our doors Sale pricing — putting items on sale is a time-tested way to get a customer’s attention. However today most everything is “on-sale” price rollbacks, BOGO, EDLP, or whatever fancy phrase you want to use, just doesn’t have the same effect as the old “blue light special” did. I remember people would run to see what the blue light special was back in the day. However, reducing your price on an item can also reduce margins, and today with tight margins on everything you must be careful about just how sale pricing works. Advertising — advertising is still an effective way to attract customers. With so many options it is tough to know the best way to attract your customer: TV, radio, print, mail, email, social media, Google, etc. Do your homework and learn the most effective way to attract your customer.
As small business owners, we must find unique solutions to keep our businesses afloat and, in the end, have a little leftover for ourselves.
Items like these cleaning products by StainX can all be private labeled.
34 Premier Flooring Retailer | Digital 2 2020
