Tuesday, March 10, 2009

As One Doors Closes, Another Opens for Small Businesses

Now that the Circuit City has closed its doors in the Town of Wallkill, an opportunity for smaller electronic stores has presented itself. With Circuit City going belly-up, the estimated sales opportunities for businesses nationwide is in the billions of dollars. Although all evidence points towards Best Buy and Wal-Mart as the two dominant companies that will profit from the end of Circuit City's 60 year run, your small electronics business can carve out its own share of the potential profits.

One tactic that is sure to sway consumers your way is to give them the better deal. 40% of consumers said that price was the main reason they chose Wal-Mart or Best Buy over Circuit City.

Shoppers have been changing the way they shop. They are expecting the same quality for less. This was a trend that began establishing itself well before the recession. Give them better prices on products. Offer consumers a free laptop inspection. Brainstorm to discover new ideas to bring former Circuit City customers to your doors.

It is not always easy to beat Wal-Mart on price, but you can compete on knowledge. Use your sales staff to establish your business as viable source of information on electronics. Yes, Best Buy is known for its knowledgeable staff  and their television advertisements boast this. But when the customer is in the store, does their brand promise carry through? Does the high school kid in Best Buy always have an answer for your electronic questions? Or can you always find a sales associate? 

Give yourself the advantage and make sure that your sales staff is more knowledgeable than those at Best Buy and Wal-Mart.

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