Enhancing Brick-and-Mortar Appeal
To compete with online bookstores, focus on providing personalized recommendations, creating a warm and inviting ambiance, hosting events, and offering unique book selections. Should I focus on new or used books? This depends on your target market, local competition, and personal preference. Both new and used bookstores can be successful with the right strategy. Look for locations with high foot traffic, visibility, and accessibility. Research ancillary services that can add value for your clientele, and consider expanding your business into the digital world. Connect with local writing groups and organizations to foster a supportive literary community by hosting book launches and author meet-and-greets. Compete on service, not price.
Inventory and Marketing Tips
If you’ve got the basics nailed, consider these tips to help run a successful bookstore: Be creative when running promotions and gift sets to encourage new and regular customers. Promote gift vouchers at the counter and feature a “top 5 books of the month” display in your best-selling categories.
You have limited shelf space and a whole lot of books to choose from when deciding how to stock your retail space. Getting the most out of your real estate is critical. Using a POS system for inventory management will save time and money, as it will tell the store owner when to order more inventory. This feature is especially helpful for small businesses.
With so many choices out there, bookstores are looking at new ways to attract customers by improving the customer experience and providing quality assistance both online and in-store. Many stores are adding coffee shops within the store so that while the customers are looking for their favorite book, they can also enjoy a cup of coffee.
Creating a Unique Bookstore
What if your store had a hall (section) of photogenic books and paper murals/art? Make the place look really nice so that people are attracted to the way it looks.
Define your niche. Decide the type of bookstore you want to be and build your brand around this. Margins are a bookstore’s profit center. How does a bookstore make money? Your profit margin, if you’re selling new books, should be in the 40% range.
In a competitive market, making your bookstore business stand out from the rest is crucial. Bookstore clerks make an average of $12.17 per hour. Look for Passion: Hiring employees who are passionate about books can make a big difference.
Competition – You must have a clear idea of how successful (or not) your competitors are. You have to maintain your edge above your competition. Successful bookstores offer something unique to their customers.
Marketing Online
This is a special guest-post by Erica Bell from Business.com. Blogging is one online marketing strategy you should make the most of. Even if your bookstore doesn’t have a website, you can have a business blog.