There may be thousands of retail business owners in your locality. And there are may be cutthroat competitions between different retailers under specific categories. So, how does one retailer win over the competitor to get more customers and enjoy a better sales volume!

The basic rule is simple. You must provide the right product at the right time to the right customer at the right price. A lot of people say that, they provide something more than the products like great customer service. However, this is only an add-on service. If your basics are not clear, these add on solutions will not help. For example, if you cannot offer the right product at the right time, do you think that the customer would come back to your store for convenience of shopping or for the friendly stuff or great customer service! You must agree to this – you have no other options.

So, what are the basics?

The right product:You have money and you can afford to open a SUV showroom and service center in your locality. But does it mean that you have started a great business and will make a lot of money in near future! Do you really think that people in your locality have enough money to buy a car! Did you do the background studies on the volume of your target market (in your location) and how much sales you can expect every month! It’s fine that you want to become an auto dealer but which would serve the purpose of your locality – two wheelers or SUVs? A lot of people start thinking about a business on the ground like “there is no SUV showroom in the locality”. Whereas, in an ideal situation, you must find out if the locality really needs a SUV showroom or not!

The Right Time: It is all about giving the people what they want and when they want it. Just think about a situation when someone opens up a Halloween Costume section in his store when the Halloween is over. The example may seem gross and funny but this is reality. You must understand the need of the time and the need of your locality – the target market. And who knows it better than the store front employees!

The Right Customer: We have already talked about this in the last two points. You may follow whichever communication channel you want, but if you don’t find the right customer in your area, it will be impossible to run the business. A lot of companies try this out in a different way. What happens if a company develops a product for which the market is not yet ready! There had been a lot of similar incidents where the company actually created an artificial need in the market and than sold the product. However, in most of the cases these were done in bigger scale.

The Right Price: This one of the most important part of any successful business. As a retailer, you often do not have much option as far as pricing is concerned. However, if you can find the right wholesale distributor or wholesale supplier,you can offer the product at the best possible price.

A good retail business is normally a great combination of all these elements. Have you cleared your basics? If your answer is yes, are you ready to roll with a successful business.