Four Competition Tips for Shopping Malls

25 May

Many retailers compete for business on a day-to-day basis. There is no higher level of competition then when retailers are in a shopping mall. If you are in a mall then your business will really benefit from some competition tips for shopping malls.

Here are some ways you can compete:

Provide Incentive: Try placing a greater at your door, with a product to give them when they enter. They may buy this product even though it wasn't on their list when they walked in. Also, hold event, such as outdoor festival, or a sidewalk sale, encouraging people to visit your store.

Offer Value: If your prices are a little higher, but you are offering value, customers are happy with that. When you are providing an experience that the customer can't get elsewhere, your value soars. You could provide coupons through email, or something to frequent shoppers, to help offset your higher cost.

Differentiate Products: Because you are competing with larger stores around you, you can offer exclusive new items; this may help even the odds a little. Larger stores don't do this because of the cost. If you become known as the store that offers the new products first, customers will always come to you to try out new products before they go anywhere else; these products could become some of your best sellers.

Go Social: An upbeat newsletter, regular emails with new product updates, or discounts could beat out the competition. Making your business known through social media is also an amazing way to compete. As long as your customers are constantly engaged and happy, you will beat out the competitor.

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When your business is in a shopping mall, competing with your neighbor can be a tough thing. However, using the above stated ideas will easily separate your business from the rest.

For more information on competing when your business is in a shopping mall, please contact us.