It’s been a tough couple of years for physical retail stores, with many factors leading to a drop in foot traffic and therefore sales. The pandemic has certainly presented big challenges in a number of ways and has encouraged more customers to shop online.
One way to fight back is to develop a high performing team. High performing teams achieve their KPI’s by focussing on customers and creating an amazing experience every time. This in store culture of performance is what online retailers can’t get close to matching. So how do you develop a high performing team?
Gallup research found that businesses that have made a strategic investment in employee development report 11% greater profitability and are twice as likely to retain their employees. Two vital statistics that every retailer needs to focus on in today’s tough environment– improving profitability and reducing staff turnover.
Furthermore, Gallup research also uncovered that close to 90% of millennials (at least 50% of the workforce) say professional development is very important to them.
This means investing in induction, training and ongoing coaching. Research tells us that team members are happier and more likely to stay and perform, if they undergo a successful induction process. Combine this with initial and ongoing training and not only do your team continue to perform, they feel like the company is investing in their future and this creates engagement and loyalty.
And the third step is training store leaders to be effective coaches. Armed with the skill of coaching, store leaders are able to follow up and keep their team on track in a positive and motivating way. This ensures each team member receives regular individualised feedback, to help them to improve while also recognising what they are doing well.
Retailers have to realise that if they want to be able to compete and stand out, they need to invest in training and developing their people before it’s too late!
Roger Simpson – CEO, The Retail Solution and Author of “The Ultimate Retail Sales Experience” With over 35 years’ industry experience, Roger Simpson is recognized as Australia’s #1 Authority on customer ROI in the retail industry and as a global expert on staff coaching, customer service, and selling skills.