With each newsagency sales benchmark study I try and provide a TO DO list for newsagents based on learnings from the data.
Here is the TO DO LIST for newsagents based on the data I have been immersed in as a result of the latest study:
- Do a full magazine relay. Every magazine off and rebuild your placement from the ground up. No excuses. I have done it. Sales will increase as a result. Call me if you need advice on this. (I will have more on this tomorrow).
- De clutter. Have products in one location and not many. Make the statement you make at each high traffic location obvious and strong.
- Get into gifts.
- Look at your external marketing campaign. Your competitors are spending between 2% and 5% of sales to drive traffic.
- Look at how much you allocate to time on the shop floor. This is where incremental growth comes from.
- Refresh stationery and get serious about promoting this department.
- Ask your card company for another performance review.
- Look carefully at your basket building strategies and ensure that you are making the most of foot traffic.
The most important competitor a newsagent has is themselves. This is why regular comparison against past performance is vital to the success of the business.