Updated: Nov 28, 2022
Not every business owner can add a new product or service each year, but you can consider other ways to help scale your business. Here are a few tips to grow your retail food and beverage business in 2022 without breaking the bank!
The best way to initiate business growth is by getting more people to buy your products or services. This means that you should increase the number of products or services your business offers.
However, not every business owner can add a new product or service each year. So, you may consider other ways to help scale your business.
Here are a few innovative ways to grow your retail business in 2022!
1. Focus on Your Core Product:
Keep what works while simplifying everything else. This is the best way to ensure you don’t lose your core message: by focusing on your core product. Your core product is something that people buy over and over again. Or your top-selling items within a category.
In retail, your top 20 SKUs produce 80% of your sales. This has not changed over time and will continue to stay true in retail.
By focusing on your core products your business will evolve into offering the items that compliment your core products and customers will naturally "pick up" while in your retail environment. An example of this is if your core product is wine and wine sales and a very natural and complementary add-on is a wine opener or even wine glasses or a decanter. Your customers will pick these items up all in one place and you will benefit from a few minor adjustments.
2. Build Your Brand and Scale Your Business:
A brand is what your customers see in every product, service, and touchpoint. It’s the perception of your business in the market and how your customers view you. Strive for brand awareness as it will help you achieve your marketing goals. Creating a brand begins with developing a story that people want to hear.
A good story is the most important thing to get people interested in your business. However, it’s not just the story that will make people choose you over other brands; how you deliver the story matters, too.
A recent survey found that over 50% of shoppers would shop at a local business because they felt a personal connection! They knew the business owners, and employees, or followed the business on social media.
3. Become a Thought Leader:
Thought leaders are known for their niche expertise, enabling them to stand out from their competition. You need to think about your business as a niche brand and become a thought leader in your industry. It is a very effective way to scale your business. People see you as an expert in your industry when you offer a few tips and insights on your blog and social media accounts.
When I am first asked for a "Business Consultation" by a potential customer the first thing I do is look at them on social media, Linkedin, and the internet. And guess what so are YOUR potential customers!
In a recent "true story" I was asked by a friend for some help and advice on scaling their real estate business. It only took me a few minutes to understand why they were not selling any real estate! They were a SECRET AGENT! I could not find them on social media, I could not find them on any of the major real estate sites, and there was NO evidence my friend was in the real estate business at all.
If you want to scale your retail food and beverage business in 2022 it is your job as the business owner to do everything you can to separate yourself from your competition! You will be able to do that by innovating and finding new ways to expand without hitting a wall.
The few ways above are just the tip of the iceberg as they say!
"We help retail food and beverage executives increase sales by 25%, improve customer satisfaction scores from worst to first, and double bottom line profits!"
Thank you for reading my blog! I hope you find the value you can apply to your business!
Chris Berthelson CEO/Consultant
Wise Precision Business Consulting