IQ Magazine Issue 20

iQ advice
relationship with their customers.
This is in stark contrast to the
faceless retail chains that rely on
the use of technology and data
capture to ‘know’ their customers.
The independent has no need
for supposed loyalty schemes and
incentives or costly marketing to
really know and understand their
customers buying behaviours,
trends and needs. They live and
experience it everyday.
This neatly leads me onto the third
advantage; flexibility and the ability
to respond to market conditions
and needs of the customer. The
phrases ‘computer says no’ or ‘I’ll
have to ask my manager or head
office’ must be scarcely heard by
the independent customer. With
decision making often limited to
one or two people, the independent
outlet is undoubtedly able to be
more responsive to both individual
customer’s needs and market
changes – much in contrast to the
larger corporate players.
Having highlighted some of the
advantages, I can perhaps be
forgiven for raising areas, especially
in the current climate, that are
probably not given much attention,
not least for the success and
sustainability of our independent
shops. Whilst I have never run a
retail outlet, I have supplied some
over the years and even worked
on the development of a couple,
mainly in clothing and jewellery
retail. In my opinion, the biggest
challenge for any retailer is simply
getting the footfall and people
through the door. As such I am
still amazed at how many still rely
on just having a window display
and their name above the door to
attract custom. Equally alarming
is the level of on-going marketing
given to those customers that do
venture in and purchase.
Furthermore, it amazes me, even
more so with the development of
the World Wide Web, how few
retailers actually seek to build
on–going relationships with their
customers. There must be many a
sale missed and profit lost from not
capturing customer contact details
and then keeping these customers
informed of products or events of
interest to them.
It has also been increasingly easy to
use a website as a relatively low cost
retail extension with the benefits of
being able to reach not only existing
customers but also those further
afield. Much of this can be done at
the quieter times in the week or on
those days when bad weather deters
even the most determined customer.
Finishing on a lighter note, perhaps
watching an episode of Open All
Hours might serve to illustrate some
good old fashioned retail techniques
perhaps we see less of or have
forgotten today - who knows?
More information
James Pinchbeck, is Marketing Partner
with Streets Chartered Accountants a
top 40 UK accountancy firm.
Email info@streetsweb.co.uk or visit
www.streetsweb.co.uk
issue 20 | page 33