A new era in business is bringing fresh flavor to Kohl's.
As traditional retailers struggle to keep their doors open, Kohl's executives are trying something radically different: a grocery partnership with Aldi. In March of 2018, the department store announced it would team up with Aldi to offer grocery sales in 10 of its locations.
"The key priority we have as a company is to drive traffic," Kevin Mansell, the chief executive of Kohl's said in a Thursday earnings call. "We're focused on traffic-driving retailers: Groceries, supermarket chains, they drive a lot of traffic. We're finally on a path where we're getting more [shoppers]."
In an age of online shopping, brick-and-mortar businesses have to hustle to make their company more relevant to consumers. Kohl's has experimented with lighter inventory, smaller stores, and more streamlined partnerships with companies like Under Armour and Amazon. Other retail giants have focused on adding communal spaces, demonstration areas, and workshops to encourage shoppers to linger.
Feed Your Funnel with New Customers
Ultimately, every successful business has to draw new business and keep customers coming back.
In your niche, there are probably several complementary businesses that don't compete directly with your product or service. Many of these companies have a base that could easily feed your sales funnel.
What are the mutually beneficial relationships you could build with other businesses?
While Aldi and Kohl's may seem like an unlikely match, their differences balance each other in a unique way, allowing Kohl's to gain additional foot traffic and offering Aldi to expand their market reach. For Aldi, renting space within Kohl's stores is cheaper than building stand-alone stores, and the partnership creates exposure for the lesser known German grocery chain.
As you consider new partnerships, it's also healthy to keep an eye on the competition, because an ideal way to grow your client base is to capture users who are already in need of services like yours! Examine the market tactics of businesses you compete with. What product are they offering? What are they doing that their customers like or dislike? How could you do it in a better, more personalized way?
Actively monitor what your competitors are doing in web design, service packages, or marketing techniques to feed your creativity or to counter punch with your own sales strategies. Looking to woo some of your competitor's customers? Tools like Mention or Reddit can help you monitor customer sentiment. Online reviews of your competitors are also a great place to see how your rivals are succeeding or where you can do better.
Position Yourself as the Answer
Whether you're wooing new customers or generating leads, it's important to give potential clients a good reason to try your services.
Think about what makes your ideal customer happy, sad, scared, or excited, and position yourself to bring the answers they need. "Identify those places where they are likely to be found (media, online, offline, mail, etc.) and then create messages for them," says Jeff Motter, CEO and chief marketing officer of Easy Bay Marketing Group. This may mean creating content via webinars or printed newsletters or physically networking through community events or industry conferences.
And don't forget to close the loop.
After your efforts to bring in business, remember to intentionally follow up with calls, e-mails, or samples. Many prospects and great conversations fall by the wayside because you fail to execute after a lead shows interest. As real estate sales guru Michelle Moore says, "Not following up with your prospects is the same as filling your bathtub without first putting the stopper in the drain."