Four elements of success many Workstand merchants use to grow sales in a competitive market

Two of the more common questions, especially from stores that are new to the Workstand platform, are ‘what are the keys to selling more?’ and ‘what are the really successful stores doing to grow?’. Generally speaking, a shop needs to have four elements to generate revenue.  These four elements work together, and missing just one can kill growth.

1. Products that are in demand - Shops need to have products that customers are searching for.  That can be 'the next cool gadget', the hot color way of a bike or helmet, or simply the right size.  Supplier Sync items are great, but having products in stock will lead to more sales. I would encourage stores to have a strong representation of a brand instead of 4 headlights from 4 different brands. 
   1. Watch our recent inventory tips episode for more details on stocking and merchandising strategies and tactics
2. Competitive pricing -  To have competitive pricing doesn't necessarily mean to have to beat the lowest price on the market, but at least match the lowest price.  Online shoppers are inherently looking for deals, so by not being competitive, you are removing your shop from a sales opportunity. 
   1. Understand when/where you have pricing power and when you don’t 
3. Competitive shipping - Nobody wants to pay for shipping.  If your shipping rates are not competitive, especially for an item that can be generally purchased from 20 other shops, then you will most likely lose that opportunity. Shipping rates and rules can easily be changed, so take some risk and get a good feel of what works.
   1. Leverage Supplier Fulfillment
   2. Listen to the recent episode where we discuss shipping as a marketing tool
4. Google Ads - You can have the above 3 elements covered, but without ads, your products are less likely to be seen.  However, without all 3 elements mentioned above, your ads can be ineffective.  
5. Bonus - have all of the payment options for customers, Stripe/CCs, PayPal, Financing

Finally, don’t forget the basics. Merchandising matters in the store and on the website. Keep it updated, keep it fresh, keep it seasonally relevant. Most of all, keep it accurate. Provide clear calls to action, focus on providing value and actionable information to your customers/the customers you want.

Be sure to email your questions to [e-mail]. We read all emails sent and we look forward to hearing from you.

If you're a Workstand client with questions about your subscription, email [e-mail] or call 303-527-0676 x 1. If you are not currently a Workstand client with questions about how our programs work, email [e-mail].

Find Us on LinkedIn
Ryan Atkinson, President + Co-Owner
Mark Still, Business Development

We also publish Around the Workstand on our YouTube channel if you'd like to watch while you listen. Here is our Around the Workstand playlist.

If you have any questions about the topics discussed in this episode of Around the Workstand or if you have ideas for new topics we can cover, schedule a time to meet with Mark Still here or email [e-mail].