It’s a well-known statement that in retail, the customer is the boss. After all, they are the ones ultimately paying the bills. But keeping up with their demands can be a challenge.
Between supply chain issues, crop failures, international conflict and other challenges, being able to keep your store stocked with everything your customers need and want is tough.
But with strategic planning and goal setting, you can navigate these occasionally difficult waters.
For some, the more relevant question may be, “How can we create more customer demand?”
In either case, I think the ideas I outline here can apply. Of course, once you’ve created demand, you’re going to have to fulfill it. If your store can live up to your end of the bargain, that’s not a bad thing. But it takes wise planning and being able to respond quickly to changing circumstances.
Stock up on customer favorites: Even with the best laid plans, there are times when you might run out of a favorite supplement. Customer demand may be exceptionally high after a talk show, news article or podcast, or there may simply be issues with the raw material. This is where end of the year and beginning of the year planning is essential.
Try to lock in deals with supplement companies and other vendors as early as possible, and if you need to, create the demand you’re seeking through social media and other advertising outlets.
Stay current with the latest research: Keeping tabs on what is happening in the world of clinical studies, new herbal formulations, and the latest diet and lifestyle science can help you and your staff have a lot to draw from when talking to customers. If your team has an opportunity to learn from webinars, informal aisle trainings and other educational programs offered by your vendors, take them! Encourage staff members who are especially interested in the science behind nutrients to share that knowledge with the rest of team, and with your customers. This engagement, backed with solid understanding of the supplements and their actions, can create a quiet demand right there in your store.
Watch trending nutrients: In addition to staying current on new research, study the big-picture market when it comes to health food trends, headlining ingredients and celebrity mentions. But bear in mind that some of that attention can be short-lived, too. With lightning-fast media attention, a popular product can be difficult to stock—and sometimes by the time it arrives the moment has already passed.
But by staying current with trade publications and setting your news feeds to focus on emerging formulas, you can get a sense of what may be ahead.
Update your social media frequently: Twenty years ago, we didn’t have a fraction of the on-demand levels of communication we have now. As long as your business had some form of website, you could coast for a little while with minimal upkeep. But those days are long gone. It is now crucial to intensively focus on your social media and outreach efforts.
Frequently add new posts to your Facebook, Instagram and other social media accounts, but don’t forget about your store’s Google listing in the process. Keeping people aware of your store through those platforms helps your store remain relevant in the eyes of your customers.
Be responsive online, too: If you keep up with customer demand, make sure any inquiries or updates (good or bad) are addressed early and often through your social media accounts and website. That kind of transparency is really a reflection of the in-person relationships you’ve cultivated over the years, and the kind of openness customers have come to expect.
Pivot your direction when necessary: Be prepared to meet customer demands and anticipate their interests, even when events don’t necessarily work in your favor. For instance, for the past couple of years, the immune support category—normally a seasonal concern—has captured public interest year-round. In this case, the ability to shift rapidly between promotions was critical to meeting customer demands.
Being in any business means being responsive and adaptable to changing circumstances, no matter what the state of the world is, or how well the economy seems to be doing on a particular day. It’s important to recognize that a retailer thrives, or doesn’t, based on how they take deliberate actions to meet customer demand and make a business successful. VR
A highly regarded leader in the natural products industry, Terry Lemerond is founder and president of EuroPharma, Inc. He also founded Enzymatic Therapy, Inc. and PhytoPharmica, Inc. and is currently co-owner of the Terry Naturally Health Food Stores in Green Bay & Suamico, WI, which recently won its eighth consecutive consumer choice award as “Best of the Bay.” With more than 50 years in the natural products industry, Lemerond has researched and developed more than 400 nutritional and botanical formulations that continue to be top-selling products in the market. Lemerond shares his wealth of experience and knowledge in health and nutrition through his educational programs, including a weekly radio show and newsletter, podcasts, webinars and personal speaking engagements. He is author of 13 books, including Seven Keys to Vibrant Health, Seven Keys to Unlimited Personal Achievement and 50+ Natural Health Secrets.
