Showroom & Store Managers – Retail
Key business takeaways for participants
Driving product mix and basket size
Your store managers are the first touch points with the customers for your company. They are your key drivers of sales numbers. Help them drive numbers and L2L growth by getting a deeper understanding of product mix, profitability, goal setting, upselling and cross selling concepts.
Impact of unsold inventory on P&L
Store managers across brands have a common request – give us more goods if we have to sell more. This leads to inventory pile up and reduced sell throughs. Help them improve this key metric by understanding concepts around liquidating inventory, forecasting, cost of unsold inventory, trend analysis, growth planning, etc..
Local marketing activities to drive footfall
Most store managers say they can improve store performance if they had higher footfalls. Help them tackle this issue by giving them an insight of the local marketing activities a store manager can do or suggest – like tie ups with mall management, tie ups with local popular stores, pamphlets, local media, etc.. Help them do a cost benefit analysis of different activities and schemes, and suggest the most relevant ones to drive an increase in footfall.
VM and SOP adherence
Your store managers heavily influence how your brand/company appeals to potential customers. The appearance of a store, availability of options, cleanliness, lighting, fixtures, etc.. are key influencers of driving customer walk-ins. Help your store managers appreciate and implement these concepts that otherwise appear mundane. Help them understand the impact of VM and store upkeep on walkins, demand and contribution to growth.
Customer centricity and conversion
Your store managers are the eyes and ears of your company. They can give you the most accurate pulse of the market, but most of them are caught up in daily activities, running around to fix issues, etc.. and miss out on understanding their customer requirements. Help them drive customer focus and experience by giving them an introduction to local marketing activities to drive footfall, enhance customer experience to increase conversion rates, drive customer loyalty and repeat business.
Market and competition analysis
Your store managers spend a lot of time behind the counter looking at YTD numbers, monthly sales numbers and the like. Help them read and analyse this data better and plan for actions that need to be taken to up the run-rate to achieve targets. Also, help them understand the importance of understanding the goings on in the market and competition to see how likely their performance is going to be impacted and hence, plan for necessary actions. Eg – understand the likely impact on business when competition introduces a new product at a fairly similar price point, etc..
Holistic store management and planning
Your store managers are effectively the owners of a store, responsible for numbers and smooth operation of the store. Most store managers seem to be caught up in execution issues and handling daily pressures, rather than managing a store and planning for growth. Help them de-clutter their work life by giving them an understanding of planning, forecasting, target setting, staffing, training, team management, time management, attrition handling, managing store level costs, etc.. Help them be a store owner rather than just a store manager who gets caught up in daily execution issues.