Retail Renovation – the new 80/20 Rule

As the bricks and mortar retail industry is further impacted by the growth of online sales, it really is time for targets to be set.
With training and some basic tech setup, a small business owner can run their own online store. However this has to be a move toward future goals. Instead of focusing on adding vast amounts of product to the store, then responding to endless customer service enquiry, the move to eCommerce sales must be strategic.
Running your shop, taking care of customers, hiring and monitoring staff – it is a mammoth effort. The energy going into pursuing online sales has to be measured and the investment of your precious hours returned. Here are some simple and effective steps to follow
Research! Research! Research!

Before you begin, use the search bar in Instagram to see which of your brands are active online. Who is putting out plenty of content, and getting engagement? Please don’t look at the total following, click each post and see how many comments are there, and look at the brands that respond to each comment. That is your ‘hit list’.

Advocates

You will need to attract a tribe of advocates who are influential in your local area. One client had an advocate who was super available and willing to be involved, but wore a completely different style to what her shop offered. You can find these geo-targeted Influencers easily, but they MUST add value to your brand. Write another hit list!

Make it happen

You need to be adding a LOT of content to the social world to cut through the noise. Honestly, the more the better. If you are smart, you will choose to create a following around who YOU are, and embrace the sharing of your life. After all, your shop is a reflection of your DNA, and tastes, and the online world only magnifies that.

Set up the Pixel

EEEEK! I am getting all nerdy on you. Not at all. Your pixel is simply a bit of linking code that connects your Instagram and Facebook to your website. So when you start to get a bit of traffic going that way, it means you can send ads back to people who regularly visit your store. It also means you can send out ads to people with the same credentials as those who love your shop and buy from you again. Look, there’s a lot of potential here, and some of it is more advanced, so have a ‘start before you are ready’ mindset, and just set the darn thing up

Facebook & Instagram Ads

Yep, you need to spend on social ads. Into Facebook and Instagram. You need to control how far your posts are reaching, and who they are being served to. You need to learn to watch the data and understand your market. I don’t care if it’s $2 a day, it’s better to be advertising, and growing the number of people you reach, than hoping and wishing and sitting on your hands. My tips? Keep it local, and narrow down to an audience of around 3000 people to start with, so your dollar goes further, and you make a difference.

Where to from here?
So what is the new 80/20 rule? Honestly, you need to set a target that 80 percent of your revenue is coming from online sales. That world is a place you can control, and allows your Bricks and Mortar store to be a destination ‘shopping experience’ rather than your bread and butter. You will enjoy running a shop like that a whole lot more, and be cashed up enough to think of innovative ways to create a fusion store, made to drive sales online.