Retail Observer

RETAILOBSERVER.COM SEPTEMBER 2018 48 O ne of the constants I hear from members of our national buying group is that they can't afford to be in the business of just selling products. With the advent of national retailers and the Internet, living off of retail sales margins isn't what it used to be. Many of our members have re-invented themselves as retailers, and have diversified their offerings to stand above and apart from the mass- merchant mentality. Let me share a few examples of how you can go beyond traditional retail to the new you. • Think custom. Think of the difference between the off-the-rack clothes buyer and the person who expects to have the retail store's in-house tailor fine-tune their apparel. That's a custom solution that makes the retailer relevant in the consumer's mind. Think about what you sell, and how you can customize the experience. • DIY vs D4Y. Selling solutions is one of the greatest advantages of face-to-face retail selling. The do-it-yourselfer is going to shop online for the lowest price. But most shoppers aren't quite sure what they want, so they seek advice. When a customer walks into one of our dealer's showrooms and inquires about the latest 4K TV, we want to know how they will be using the TV, first and foremost. For streaming content? Better have us look at your wireless router to ensure you have the right speed. Then let's talk about whether you want a TV stand or a wall-mount fixture. Consider offering complete packaged solutions for the Do It For You (D4Y) customer. • Be the authoratative voice. A stove is a stove — right? Wrong! Educating consumers about the ins and outs of products is a great benefit that you can share across social media and on your website. That means digging a little deeper and explaining in simple terms how advanced features and technology can improve the customer's experience. And make sure your salespeople are equally well- informed – people buy from authoritative voices! • Create your own "Experience Economy". Turn your retail space into an experience. Make it fun, make it informative. One of the top retailers in the world of consumer technology is World Wide Stereo in Philadelphia. Founder Bob Cole stated, "Sometimes we fulfill products, but what we sell are experiences. Salesmen and companies who don't understand that do not survive. Even online, we're trying to sell the experience." Another world-class retailer is David Pidgeon of Starpower in Dallas who said, "Several years ago, we recognized we needed to better engage our clients within our showrooms. We attacked this from a lifestyle perspective, incorporating a new store design layout that would invite a client to envision how the products and services we sell could work in their homes. With this in mind, we developed interactive kitchens and reimagined automation controls into an interactive store experience that invites our clients to imagine what 'could be'. We then engage them in designing a solution that fits needs they didn't know they had." Finally, Dave Gilbert of New Jersey-based Hi-Fi Sales weighed in, "We incorporated an outdoor living and entertaining space inside our showroom. We partnered with a prominent local landscape company to design and build out a space that features their capabilities integrated with ours. They have use of the space for their clients, and in turn, their clients see what we can do." The bottom line is that you needn't fear change. Sit down and map out where you believe you can be the most relevant in your marketplace and to your customers. Define what solutions you can sell that provide a true value to your customers and differentiate you from the mass merchants. Become the authoritative voice. Think D4Y and provide an exciting retail experience. Become the new you. Dave Workman Consumer Electronic Trends Dave Workman is CEO and President of the ProSource Buying Group. RO THE NEW YOU World Wide Stereo, Pennsylvania Starpower, Texas Hi-Fi Sales, New Jersey

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