How To Leverage These Partnerships for Your Advantage
By Nicole Leinbach Hoffman
New York based independent retailer, MacKenize Farquer, knows a thing or two about operating a retail store. So much, in fact, that she now has seven locations of her store, Lockwood, that originated in the Astoria community of New York City.
“My No. 1 rule for survival is to stay visible within your community. By embedding yourself in the fabric of your local marketplace, you help make customers feel responsible for your success or failure. Additionally, it’s important to do what big-box stores either do not or cannot, such as provide free delivery on select purchases, accept every credit card, have no credit card minimums, and go to great lengths to deliver memorable, strong customer service,” she said.
As a seasoned, multiple shop owner, Farquer’s insight is something to be considered. Strong customer service, elevated shopping experiences, and community-centric habits are all critical components to her stores’ success. Keeping those three factors in mind, what do you find yourself excelling in the most? And where do you have room to improve?
For many merchants, strengthening their role within their local community is one that often falls far away from their immediate to-do lists. This happens for a variety of reasons, many of which are not always theirs to hold alone, but all of which are theirs to identify how to fix.
If you relate to this, then consider ways to boost your store’s success by leveraging community partnerships, relationships, and local initiatives.
Become Involved With Local Groups That Support Community Businesses
One of the greatest misconceptions about brick-and-mortar independent retail is that it is a solitary endeavor. Small-business owners have countless options beyond their store walls, allowing them to connect and engage with vendors, retail supporters, community leaders, and customers alike. Among these options are local community groups such as the Chamber of Commerce, Main Street Association, Downtown Business Improvement District, and more.
As you aim to boost your store’s success, prioritize working with local groups that also have your best interest in mind. There are a variety of associations to consider, with many towns and communities having preference of one over the other for assorted reasons.
Consider which associations are in your local network and then review the value you believe each offers your community and likewise local businesses. Even if you cannot get involved with each group, consider one to get started.
As part of this review process, interview current members. Ask for accomplished past goals. Understand the expectations of your role if you become a member. And get involved. You can learn from your peers while also supporting a group that has everyone’s best interest in mind.
Expand Your Network With Like-Minded Yet Non-Competitive Businesses
As a small-business owner, it often takes creative brainstorming to increase customer visibility and store sales. Thanks to the power of like-minded and non-competitive businesses, this task becomes a bit easier.
When collaborating with community groups, such as a Chamber of Commerce or Main Street Association, you become more connected to area businesses as part of the process. These businesses often have nothing to do with your specific store at all, but you often share the same audience of customers and potential customers. This is where the power of strategic partnerships truly thrives.
Leverage the connections you make in these community groups to help expand your reach of customers and in return, help another small business do the same. You can cross promote each other’s email lists, host in-store events at each other’s locations, and support each other in the unique goals and events of your own businesses. It takes a village, as the saying goes, and this holds true for small businesses for sure.
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Nicole Leinbach Hoffman is the founder of RetailMinded.com, a well-respected retail industry resource that has been recognized worldwide for its leading business insight since 2007. Her work has been featured in Forbes, Entrepreneur, Business Insider, the UK’s Telegraph, CNN, the Today show, and countless other industry resources. Additionally, she has supported American Express’s Small Business Saturday as a spokesperson and is the author of the book Retail 101: The Guide to Managing and Marketing Your Retail Business, published by McGraw-Hill. With a core concentration on small businesses and independent retailers, Leinbach welcomes you to connect via Instagram at @RetailMindedWorld and Twitter via @RetailMinded.
