subject: Always Watch The Dollar Store Business Marketplace [print this page] Some practices are simply good business when you run a dollar store and every operator should follow them. These include good customer service, store cleanliness, interesting displays and a wide variety of items suitable for your clientele. The key here is the wording, "items suitable for your clientele." Not every store should carry the same items or even have the same game plan, except where it comes to making a profit.
Client bases vary and so do their needs. Competition around each dollar store is different and may provide the storeowner with a benefit or roadblock, depending on the competition. That's why each storeowner needs to be aware of all the factors affecting the store's business and make adjustments based on the facts. If you notice the neighborhood is changing from older residents to younger ones, carrying more baby items and household wares may be necessary. Of course, your core products probably won't change.
If a local chain store moves into your territory, you also have to make some changes. In this case, you have to check their prices, see what type of product they use as a loss leader and find a method of competition that targets the store's weaker area. You might have to check with all the wholesalers or even develop new relationships to find competitive products to advertise. Make certain your window displays reflect these products. If you can find a few great discounts on core items to offer your customers, you can develop not only return business, but also a competitive edge.
Increasing your advertising without increasing your budget proportionally may be another option. You can often do this by creating a Facebook page where you offer coupons and information about in store sales not shown anywhere else. The cost in this case is simply advertising the page and the coupons. To get the Facebook page started, advertise the page in your window and flyers, letting customers know there's a valuable coupon available for those who "like" your page. If you prefer, create your own webpage and use the same technique, but gather email addresses to email coupons to your clients.
Holidays offer a great opportunity to outdo your competition. Keep your dollar store stocked with holiday items early. Wrapping paper, cards, decorations and even tape and gift bags can bring return customers. Make certain you have a prominent display in the window that alerts the public to your wealth of holiday items at discounted prices.
