5 Growth Tactics for Your Convenience Store
Running a successful convenience store is not easy and the competition in the sector is ferocious. This is why you need to do everything you can to not only stay competitive but grow your business too. The bigger your business is, the more purchasing power you’ll have, which will allow you to negotiate better deals with suppliers. Growth also brings more brand awareness, and your profits could start growing exponentially if you manage it correctly. Let’s take a look at a few things you could do to grow your convenience store business.
If you’ve built a solid brand in your community, maybe you could consider franchising. You will be able to combine your purchasing power with that of your franchisee without having to deal with managing different locations. You’ll also be able to make money upfront through licensing fees. Franchises are a very common model for convenience stores and probably the only way to build a national chain. So, consider the option right now if you haven’t already.
White Label Products
If you don’t have a store brand already, you’re probably leaving a lot of money on the table. The biggest benefit of store brands is that you can offer your customers quality products that will cost much lower than national brands. Store brands also stimulate brand awareness and allow you to get your product on other stores’ shelves.
Store brands work especially well if you own a specialty store. This is why virtually every major specialty store, whether it’s Staples, Home Depot, or Ace and Petco, have their line of products. You should be looking at the option right now and see what kind of product you could release.
Offer Curbside Pick Up and Delivery
Another thing you have to do right away if you haven’t already, is set up curbside pickup and delivery. To do this, you’ll need to set up a web portal and build channels specifically for orders. You’ll also need to review your convenience store insurance to make sure that it covers your fleet and goods being transferred during deliveries.
Offer Additional Services
You should also check if you can offer additional service to your customers. Additional services can be used to boost sales, but also to attract more people to the store. Lots of convenience stores sell gas, for instance, but don’t make money from it. They only use that to get more people through the doors and hopefully get them to buy something.
You don’t necessarily have to set up a gas station, however. If your convenience store doesn’t sell prepared food yet, you should consider the option. You could even set up a sit-down dining area if you have the space. Most major chains will have some sort of food service, and food and convenience stores go hand in hand. Your store could even become more known for the food than anything else.
You don’t necessarily need to invest in expensive equipment either. You could keep things small and have a deli section where you’ll be selling sandwiches. Everything can be kept cold, and you can make food using some of the products you sell so you can showcase them.
Even setting up a slushie or coffee station could bring in a lot of unexpected profits for a minimal investment. So, if you don’t at least have a spot where people can pick up food they can eat on the go, you need to set one up right away.
Be Aggressive on Promotions
Offering great discounts is a good way to keep your current customers loyal and bring in new ones. Try offering price promotions like “Get 2 for $X”. This will push customers to spend a little bit more so they can get a discount. Food pairing discounts are also great as they allow you to introduce more products to your clientele. You also need to have a strong loyalty program and give members points they can use to get discounts or free products. Make these rewards accessible as well. If you are unsure what your customers want don’t be afraid to take surveys through a trusted survey dashboard. This will save you a lot of time and wasted energy.
These are all things all convenience stores can do to boost growth. Use as many tactics as you can and don’t be afraid to give a little so you can get more back.