When you are involved in shopping for a gas station or a convenience store, you crave information and have many questions to ask. When you take over the property, you want to be sure that the business will make a good profit from day one. Keep in mind, though, that it’s never a good idea to settle for that scenario – here are six proven strategies for turning your new workplace into a spinning money machine, fast.
Tip one: be aggressive up front and apply pressure point marketing. When a company is under new management, it is a good time to attract new customers and ensure that your station and store become the place of choice for a large number of new people. Think of some new ideas, for example some large signs announcing a price reduction for a limited time or a free cup of coffee served at the dispenser for the first week. Establish your brand with energetic, uniformed employees handing out coupons or other incentives at each pump. Put the previous owner to shame after just a week of aggressive sales.
Tip Two: Get out there and find new customers by promoting jointly with other merchants in your area. Tour the town and see where people are shopping. For example, make a deal with the supermarket manager to distribute your coupons if reciprocal. Car washers or tire dealers are great places to co-promote. Be creative!
Tip three: start talking to your providers. Now is the time, as a new owner, to negotiate aggressively, as you have the upper hand. Everything in your store needs to be renegotiated, from coffee to sandwiches to magazines. Open the playing field by inviting other suppliers to bid. This will draw the attention of previous vendors and price cuts will follow. Make sure to set bounce privileges. That way you can sell additional products in your store, knowing that if they don’t sell, you simply return them and you don’t lose a penny.
Tip four: get your family involved. By helping you through the crucial first months of operation, you may be better able to handle future payroll expenses. In addition, trained family members would be available to intervene during vacations or illness, etc.
Tip Five: Review the logs and highlight underperforming products. You may find that some items are outselling others at a ratio of 2 to 1, or more. Swap slow-selling items for new products and displays for the first few months to test the market. While some items may sell slowly, remember not to gamble too much with your products and displays as you are trying to promote a “convenience” store and people are looking for all sorts of odds and ends. While some items just don’t sell enough, they need to be there from a general perspective. Always test to see what sells well.
Tip six: implement proven strategies to help drive sales. For example, put up a coupon display right next to pumps, or put hot-selling products in easy-to-reach places, like right next to front doors. Think about what’s popular according to the season, like soft drinks, which should be placed right inside the front door. Strategize for some of your best-selling products and earn dividends on your balance sheet.
