Small Business Marketing–Potential Failure
Recently I was going through the local news (Winston Salem, NC) and found an article about a small boutique that is opening, I think today. Obviously it made news for the local newspaper and maybe even the news, I’m not sure.
The owner seems nice and has a unique approach toward her products. It also seems she is focused on giving her customers a HUGE experience when they come in. Giving that experience is a big thing and will probably contribute in a huge way to her success. That will be one of the reasons people remember her business.
The only problem that I found is the idea that having a unique idea or store will bring people in. You see, I live in the area and haven’t heard one peep about this store opening. I know my wife would have loved to go check it out. The problem is I just heard about it because I was skimming the local news on Google.
Here’s a small clip that I totally disagree with…
“I think for success in downtown, a retailer has to have a distinct product that doesn’t directly compete with large, big-box retail stores,” Thiel said. “You really want something that is unique and is likely to be seen as a specialty shopping opportunity for someone.”
First, I do agree that having a distinct product is important. That is what will set you apart from every other store that commoditizes their products. But the idea that having a unique product will directly correlate to success is ludicrous. That’s because you can have the most unique, perfect, best product out there and if no one knows about you then you won’t sell a single piece.
In this case I would have recommended that this unique store mail post cards, send invitations, and get the buzz going in the local community. I know several people that would have wanted to participate and check out this store that have no clue it’s there.
Marketing is a key component in any business, small and large, that should not be overlooked. It’s important to generate leads, bring in prospects, and get people in your door. Marketing will do that for you.
Will this store fail. I don’t know, I hope not. Winston Salem has a lot of foot traffic during the week due to all the companies in town. But I believe this store could have gotten a lot more buzz and attention for their grand opening.
Learn a lesson from this. Get the word out. Create buzz for your store, product or service. There are tons of ways to do it. Be creative.
Enjoy and prosper,
PS- If you want to plug the profit leaks in your business (every business has them) then click the link and get your Profit Leak Audit.