These top 10 strategies for survival and success in retail today apply to both large and small businesses. They are, however, particularly effective when adopted by small businesses because they neutralize some of the advantages of their giant competitors. Develop a true customer focus. The only asset with real lasting value in a business is the customer. Customers will always go to establishments where they get good value.
Customers generally go only where they receive attention and are treated with courtesy and respect.
When perceived value is not obvious, or when the level of service slips, the customer disappears, usually without a comment or complaint. A successful business must know its customers. It must know a. what customers buy. Shoppers will part with their money when they perceive more value, convenience, recognition, solutions, or security in the product or service offered than in the money they currently hold. Businesses must be open when customers buy.