Play Offense!
Changes are happening daily!
Be Ready to Stop.Pivot.Reset.
Numbers
- Know that Cash is King now. More than ever we have to protect it
- Ask your Landlord for rent abatement for NOW – not deferral – Abatement! Then continue the conversation to see what the next month brings. We have a great email template to share about it – email clientcare@retailmavens.com if you are interested.
- Did you apply for the EIDL (Economic Injury Disaster Loan) and PPP (Paycheck Protection Program)? Applications are closed now – but it’s likely that funds will be made available again.
- Call credit cards and ask that they defer your interest so it’s not accumulating
- Call credit cards and ask that they defer your payments
- Call credit cards and ask if they can increase your credit limit
- Put a freeze on any cards that you use for auto payments to vendors
- Can you get any 0% credit cards? (Try Citi Simplicity® Card)
- Can you increase your Line of Credit?
- Enter all orders to know exactly how much is on order
- Contact your vendors. Check anticipated delivery dates and ask for discounts and extended dating from each one.
- Unemployment for the team and yourself? Differs by state
- Inventory/payroll/rent are your top 3 expenses – what else can you do here?
- Ask for help!! We are here for you every day.
Delivery of Online Sales
- Customers will spend more to get free shipping
- Look at your average sales and set the free shipping sale amount to be 1.5 to 2 times your average sale – this can and will change.
- Offer Curbside Pick Up – check your state’s regulations
- Can you offer free delivery? Check your state’s regulations
Start a Subscription Box
- This is an option for all types of stores – can be 1 to 3 boxes
- We’re offering a class for this next week – ask for more information.
Kits
- People are buying kits. Fewer decisions to make. Everything all together. What can you bundle in ‘kit’?
- Yarn Stores – Yarn tastings with a free pattern
- Quilt Stores – FQs of new fabric
- Clothing and Gift Stores – What can you bundle together?
Feeling crafty?
- Can you offer these face mask kits? Look at the first video called make your own face mask. Hospitals are directing people here.
Connect with Your People via the Internet
- Utilize services such as Zoom.us or Google Hangouts
- Do class online – do a book club online – bring your people together!
Social Media
- Post daily. Use FB/IG lives to connect with your people – they’re counting on you for inspiration and honest communication
- Sell on SM with a call to action in EACH product post
- Make sure that your product posts tell a story – not only just an image of the product. Why do you love it? A story about the owner? Tell them more about it. People engage with stories.
- Batch your Social Media posts – 10 encourage, 10 funny, 10 product with a story
We’re all in this together! We know that this is MUCH information. Your situation is unique. Retail is what we do all day every day. Let’s chat about YOUR NEXT BEST STEP – the one that gives you the greatest return for your efforts. Click here and we’ll get started.
