Whether you have just opened up your hardware store, or are planning to venture into this line of business, it is important to know the basics of how to achieve long-term success and maximize your profit margins so you can continue to grow your hardware store.
Depending on where you live, the demand for different kinds of hardware will tend to vary. This is based on the demographic and subsequent demand of that region as well as the overall local economic conditions. This is why it is best to first study the market as well as potential competitors to ascertain gaps and opportunities and devise a business plan that fulfills consumer needs.
In this article, we share three key strategies that are crucial for you to grow your hardware store into a raging success.
Adopt a Specialty
Hardware can refer to a wide variety of tools, equipment, and machinery. This is why the first step in setting up your store is to determine the kind of hardware you want to sell. While it is entirely possible to find dependable suppliers to enable you to stock a variety of products, you can also develop a specialty in addition to your common hardware products.
For example, in your IT equipment section, you may want to stock a niche product line or hard-to-find items such as used Cisco UCS servers in order to cater to a particular customer segment. This can allow your hardware store to offer a differentiated and unique product that is not being stocked by your competitors and can also form the basis of a potential branding and marketing strategy for your hardware store.
This does not mean that you should only stock these specialized and high-demand items. In order to increase your margins, it is prudent to also include common hardware items that are sought by both households and businesses for domestic and commercial purposes so that your store can become a one-stop shop for your customers for their hardware needs.
Invest in Marketing
Having great products and stocking high-quality hardware is just the start. You also need to factor in the cost and investment of marketing and advertising your hardware store. This potentially includes a range of marketing strategies.
Start with social media marketing by promoting your hardware store on platforms such as Facebook and Instagram. The key advantage is that your hardware store socials can attract traffic when someone searches for local hardware stores, increasing the chances of people visiting your store.
After setting up your socials, you should work toward keeping the pages active to grow your hardware store. For instance, you can stand out from the competition and increase your Instagram followers by regularly updating your feed and Stories to increase engagement and gain more customers. Similarly, you can adopt a growth strategy for your Facebook page. You also can set up Facebook Marketplace to expand your digital presence.
We also recommend making a Google My Business page to make it easier for customers to search for your business. This can lend credibility and authenticity to your business. Additionally, it makes it accessible for customers to search for your location, opening hours, and contact details. Furthermore, make sure you register and update local registries for your hardware store. This way it appears on platforms such as Yelp and Foursquare.
Lastly, always consider investing in a website even if your primary business model relies on a brick-and-mortar store. An online presence, like a professional website that is optimized for mobile use, can greatly increase your conversion rates. You can also include tutorials and guides on your website on particular hardware products, which can further increase your website’s traffic and push customers down the sales funnel.
Improve Customer Service
As a business owner, you need to pay close attention to the satisfaction of your customers and always strive to provide unparalleled customer service. This will increase customer loyalty and improve customer retention rates and also attract new customers through positive word-of-mouth marketing.
One example is providing workshops and tutorials or even home visits for a minimal fee. This means for customers who would want to avail themselves of the services of a professional. You can also offer live demonstrations in the shop for customers wanting to learn how to use the products. This is a great way to build long-lasting and meaningful relationships with your local customers. Plus, increase their knowledge about your product offerings.
Other great ways to improve customer service include hiring a professional, well-trained, and friendly staff. This ensures that your staffing capacities are always fulfilled. You can also consider offering services such as free shipping over a certain order price. Additionally, allow customers to make free exchanges and returns. Additionally, always contact your customers by phone or email regarding their satisfaction levels with your store’s products or services.
Bottom Line
Launching your hardware store is a great idea. This is considering that you can always be assured of steady demand for your products. You do need to keep in mind that your local community is bound to have competition. This is why you need to go the extra mile to differentiate your hardware store in terms of the products. Plus, the services it provides to customers. Doing so will increase your revenue and help establish your business as the go-to place for all hardware needs.
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September 13, 2022 at 01:13PM by Guest Author, Khareem Sudlow
