How Products Build Stronger Base for Retailers than Customers
April 7, 2020
Customers. Sales. Profits
These are the terms that keep buzzing inside the head of retailers every single day and night. The attention is always paid to acquiring customers, scoring sales and gaining profits. But what if the attention wasn’t ever meant for ‘What you want’ but ‘What you give’? Seems too philosophical, right? It isn’t. It is the most profitable (and practical) thing retailers never paid concern to.
The solution to achieve the first three words of the above paragraph was always there. Right from the beginning. In fact, the idea and the business itself started with the key element behind the business. Can you guess what are we talking about? Is it too late to recognize the solution that we didn’t try? Not at all. Just let’s start over.
In every business throughout the globe, customer acquisition, customer experience, customer segmentation, customer retention, customer satisfaction are a few of the key phrases that denote the statute of customers. They are considered to be the only central figure to know and target efficiently. All the strategies and marketing are directed towards customers and attracting them seems the only aim of business organizations.
It isn’t wrong to do so, right? Of course not. But unfortunately, it is just the half side of the story. To be specific, focusing on customers gives just a partial solution for the businesses. Isn’t it alarming to risk your business on just one attribute and leave the rest unattended? If you are doing this being a retailer, then your business is in utter danger.
Retail Business = Customer + Product
Any business isn’t a one-sided story. No business can run on just the basis of customers. It’s simple. If someone is important for buying from you, then how could it be that what you are selling can be unimportant? Read it again and again, and let it seep in that not only customers make the business: but products also do.
Every company, whether B2B or B2C, is based upon products. Almost every business, especially retail is compromised of two important entities: Customers and Products. Both of these are equally important to keep the retail business running, but unfortunately and somewhat foolishly, the major emphasis is always put on customers instead of products. It doesn’t mean that customers aren’t worthy enough of the emphasis but products surely deserve at least equal concern. Or should we say: a lot more concern.
Importance of Products in Retail Landscape:
Products are the primary items that lay the foundation of a business and only selling them as per their true potential can generate any revenue and profit at all. There can be no business without products and that’s why products deserve much more respect, concern and attention.
Businesses, especially retailers are always concerned about how to attract and bring customers to their store, but they neglect the true power of their products. Products are capable enough to tempt customers on their own and unknowingly they have been the sole driver of every business.
Products are not analyzed to the extent customers are because they are taken as mere things– things that don’t react or give a sign about the business trend. It is a false belief that it is only the customer that drives sales. But in reality, products have the true power to drive customers. Don’t you realize that products bring the customers to your business?
Product: The life of retail
Products have their personality and every product has the ability to draw attention. They get purchased for the only reason: the value they offer in return for money. It’s just the analysis of the true demand and the presentation of your products to appropriate customers that make the retail business run and grow.
Once we realize that Products are much more capable of driving a retail business, then only we can present and sell them as they should be. Until now, most of the retailers are generating revenue by stocking up products and gradually understanding what their customers demand. Sooner, retailers understand what their customers want and provide them with whatever their needs are.
But customers are clever. In fact, they are smart. They don’t get attached to a retailer, but to the product, to the brand, they are interested to buy. Customers are and have always been after what we, as retailers, never valued in the first place: Products.
A retailer should never forget and fix it deep in his or her mindset that: Product is the life of retail. This is the Ultimate truth– Products are single-handedly capable of driving the retail business to unthought heights.