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88 August 2014 | beautystorebusiness.com competitors. Maybe they are looking for more engaged or knowledgeable employees, or better service in specific areas. Perhaps they don't even realize that you already offer those services they most desire. Whatever the results, you can get a firmer grasp of your market position by tracking them in a visual way. "Start by creating a perceptual map with two parameters," suggests Banks. "Put service on one axis and price on the other. Then use customer feedback to position your operation on each." Banks offers an illustrative example: Walmart would be positioned low on the price axis and not too high on the service axis since the chain is a self-service opera- tion. Draw up similar perceptual maps for other factors covered in your customer interviews. Then enter your competitors' positions on these same maps. A visual view of your customer data helps you recognize where your business stands in relation to the competition. "Now is the time to ask: 'Based on the results of our surveys, where does our brand need to go to gain market share?'" says Banks. "Perhaps, for example, you are not per- ceived to have as high a level of service as other stores. If so, your next step is to ask customers in more exit interviews what you need to do to change that perception." Watch especially for insights into where your competitors are falling down. Maybe the buying public wants a certain service that no one is offering. There's your chance to fill the gap. With your findings in place, follow your customers' advice: Get your perfor- mance up, the word out and watch the results show up in higher sales. In the process you will be creating a unique store brand that conjures up in the minds of consumers an image of your store that is just what the public ordered—literally. "By creating a story that moves your store to a better place on the perceptual maps, you will build market share," says Banks. KEEP IT UP As valuable as all that customer research is, keep in mind that it is not a one-shot deal. "You don't just do some research one year and then wait for 10 years and won- der why sales are declining," says Banks. "You have to monitor where customer preferences are and where you are going on the perceptual map. If you move up or down, ask 'What did we do to cause that?' Or maybe you moved because consumer tastes are changing. If so, you have to keep up with them." As the preceding comments suggest, creating a brand takes a lot of thought and effort. "Too often retailers are tempted to throw money at the problem, dreaming up an exciting advertising pro- gram that creates more customer confu- sion than money for the store," says Bob Phibbs (retaildoc.com), a retail consultant based in Coxsackie, New York. Instead, obtain a deep understanding of customer desires and modify your business to meet them, says Phibbs. "Ask 'What do we need to do to build our brand? And how do we communicate the brand to the market?'" The result of your work will be a compelling image that rises up in the minds of consumers when they hear the name of your store. And that can only mean more sales and greater profits. ■ Phillip M. Perry is a New York City- based freelance writer. "Branding isn't just for big businesses. It also helps small operators stand out and get noticed." The Premier Source for Cosmetic Counter Supplies & Beauty Accessories 95-Q Executive Drive, Edgewood, New York 11717-8326 • Phone: +1 (631) 242-3270 • Fax: +1 (631) 242-3291 • info@qosmedix.com • www.qosmedix.com Request a FREE Copy of the 316 page Qosmedix 2014 Full-Line Catalog Today! QOSMEDIX.COM Shop Now at H o w t h e R i g h t S t o r e I m a g e B o o s t s S a l e s . i n d d 8 8 How the Right Store Image Boosts Sales.indd 88 6 / 2 6 / 1 4 4 : 5 0 P M 6/26/14 4:50 PM