By Maddern Accountants 18/04/2011
Having successfully navigated the testing waters of retail business Janine Allis, founder of Boost Juice provided her definition of the traditional ‘five P’s’ of successful retailing.
According to Allis, they are:
People
Your people are your greatest asset and biggest liability.
Businesses that spend more time with their employees will be more successful 80 per cent of the time. Train your employees and the benefits will flow.
Position
It costs the same amount to build a site in a poor location as it does in good one.
Be patient while finding the best location.
Product
Make sure you understand the costs of your product, and ensure it is delivered in top quality and at a price agreed.
Price
Customers will pay more for quality. It is always a good strategy to have a variety of prices and some cheaper products. This will encourage new customers to try the products.
Promotion
No one goes into an empty store.
Make sure the store attracts customers. Consider giveaways and provide promotional material as a way of “getting to know us”.
Source: BRW
