Monthly Panmure Business Association Newsletter
Issue 139, September 2016
Transform your business now
Top tips insideSugarcrafts: then and now
CHRIS SUTTON - TOWN CENTRE MANAGER
Over the past ten years of working in my role as Town Centre Manager, I have witnessed a slow and steady improvement to the look and feel of our town centre. Panmure is an area on the move and it is my belief, that over the next few years we will witness a rapid increase of solid businesses emerging in Panmure in order to service the growing population. My view is that the growth in new residents will bring a bigger dollar spend to our transforming town centre.
Obviously, some changes we have no influence over, such as decisions made off shore to close a banking service, the gravitation of clothing chains to be inside a shopping mall, and the increased use of the internet to find information and to purchase goods online. We will need to make the most of our assets as a town centre as we will never be a mall or a carbon copy of another suburb. We need to promote the compelling reasons to come to Panmure and spend, such as our wide array of tastes on offer and affordable health care.
What I do know is that over the past four months, we have featured 24 business people making changes to their business services or products, those who have invested in or refurbished their premises, their shop windows, their staff and their online presence. Congratulations to all those proactive business people, your efforts will ensure that our business community continues to grow and be relevant for our customers.
In this edition we feature an article on how to grow your business, written by Renu, our PBA Marketing, Promotions and Events person, who has 15 years marketing experience and has run several successful businesses. Its worth a read; who knows it may just spark something in you to boost your business sales or brand identity.
On another note, literally, I picked up a $10 bill in Panmure and was able to use the CCTV cameras to return the money to its owner quickly. He was already on his way to the train station, ironically to attend a budgeting course. He was most delighted and pleasantly surprised to get the money back which he hadnt even realised hed dropped. Its good to put the cameras to some other use other than just criminal incidents.
If your business lies within the Panmure Mainstreet area (Queens Road, Ellerslie/Panmure Highway and adjacent side streets) you are automatically a Member of Panmure Business Association and are paying .02c in the dollar of your general rates towards funding the Association. How the combined money is spent is determined by elected board members, any of
whom would be happy to talk with you, tell you more about who they are, and hear your comments or suggestions.
Panmure Business Association services include: Panmure Christmas Parade & Festival, Monthly Business Newsletter, CCTV, Graffiti Removal, Security Patrol, Under Veranda Lighting,
Tastes of Panmure Promotion, Business Networking, supporting local Community Events
Sharon Stephens Tamariki Ataahua Early Learning Centre 527 1961 (Chairman)Gary Davison Salvation Army 159 Queens Road 527 7143 (VC)Douglas White Kiwibank 272 2941 (Treasurer)Alan Duncan The Loft Dance Studio 021 1722136
Greg Woodcock Akl Psychological Associates Ltd 570 6370Nicolette McDonald Unichem Pharmacy 527 7719Josephine Bartley Maungakiekie - Tmaki Local Board Representative
Window stickers provide a good impression
What is the key ingredient to getting your business to grow? The answer is you! The economic outlook and competitive landscape never stays the same. You could say that change is the only constant. So what can you do to assure yourself of business longevity in the Panmure area through any conditions, especially those outside of your control?
Well, if you take care of some basics, they will take care of you
Lets take a look at the quintessential Marketing four Ps, the building blocks if you like, of a solid business foundation. However these are not simply to set and forget; youll need to review these regularly if you want to maximise your growth potential.
WANT TO GROW yOUR bUSINESS?
Helpful tips to transform your business
1) Product offering & brandingIt might be time to review the product/service offering you have things may have got more competitive since you launched your business or since last month even!
Questions to ask yourself: Do I have a point of difference? Or am I solely
competing on price? By the way, price is a less sustainable way to operate and often results in low margin.
What is my core business? Is it clear to a passer-by what I offer? Sometimes, this may mean simplifying what you offer.
Does my brand the look of the outside of the business, name, appearance within, product offering and quality all speak the same language i.e. provides the customer with a clear consistent message about what they can expect from my business?
Do I understand my customers needs and meet those needs? Have I asked them if they found what they were looking for today?
Is there a complementary service I could offer to my current one(s) that would either increase the dollar value spent per customer or bring a broader customer base to me?
Do I have the right product mix? Not all products create strong margin so make sure you not only stock good sellers, but margin bankers too.
Pinoy Klasiks has been transformed within a week
Iris can see the importance of offering unique products
Most businesses in Panmure dont even have a basic website. Without this your business cant be found online. Its a huge opportunity
How is the stock turning over in your business? Do you even know what your top 10 sellers are and bottom 10?
Have you thought of changing your offering by adding 10% of stock as quite different new lines (taking a punt) and getting rid of 10% of your old offering?
How do customers shop your store? Have you made the most of the hot spots in your store? How about the cross sell at the point of sale (till).
Have you considered security with where you place the counter and how easy it is to keep your more valuable stock monitored/secure?
How about selling through alternative channels, such as online? Many businesses in Panmure dont even have a basic website. Without this your business cant be found online, other than through a listing with the PBA online directory. This is a huge opportunity for you and there are many free
3) Placement / distribution
2) PricingA pet peeve of mine is visiting a store and there is no price on the product. Are you guilty of this? No price equals no buy, so sort this out regularly rather than rely on customers to point this out to you.
Do you know where you sit in the price spectrum from cheap to premium? This should tie into your brand strategy. Price is perception to your customers. However, pricing your product higher than its perceived value will result in low or no stockturn or less bookings for your service. Conversely, if your pricing strategy is to undercut or offer low everyday prices youll need to keep a close eye on your
margins to ensure long term viability. It will also be vital to keep a regular watchful eye on your competitors to make sure youre still priced competitively.
If you have a differentiated product or service you can often charge more. A competitive advantage (niche) is what youll need to have if you want to command a premium price tag.
A pricing tactic often used by supermarkets that you could also consider alongside the above is to offer some loss leaders. This encourages people to come in and while in store buy higher margin products, which then offsets the loss on these products.
Williow Hair provides a beautiful price list to increase the transparency of their service offering
Health Star Pacific Trust Pharmacy makes sure that they have a price on every product
Health Queen knows their customers favourites well
Fulsun has security cameras to monitor their shop
or close to free DIY great website apps out there. You could check out Wix.com for some modern templates and easy-to-build sites. Alternatively, Wordpress is highly regarded but more complex to use. Youll also need to buy a domain name (website name). Check out freeparking.co.nz to see what names are available. Many can be purchased for under $100 per year. Remember your website doesnt have to be award winning. Start small, even if its just a little about your business and what you offer and a way to reach you or join your mailing list, thats ok too.
While youre at it free website providers offer a professional email option (usually at a cost). Its worth it though as getting a gmail email is not business like. When setting up a business email remember to keep it generic rather than using a staff members name who may not be on board forever. E.g. a contact email address could be firstname.lastname@example.org
People buy with their eyes. An attractive shop front really draws people in. Do not underestimate the power of perception from a first impression.
Hand written signage is a no-no. It screams laziness and unprofessionalism. Also get in the good habit of changing your window display at least monthly. Be sure to keep it fresh and modern, eye-catching and preferably telling people what they can get from you that no one else can offer. Its also good practice to clean the windows, doors and the entranceway to your busines