Effective People = Effective Business
In a riveting session at Reed Gift Fairs' Retail Therapy Conference, Anastasia Lloyd-Wallis, COO & Head of Consumer Insights at Retail Doctor Group, shared groundbreaking insights on increasing revenue through effective staff training and management. Let's dive into the key takeaways from her presentation and how they can transform your business.
The Power of Effective Staff Training
91% of employees leave jobs for better growth opportunities.
76% of new hires want on-the-job training.
83% of employees are happier when recognised at work.
The message is clear: investing in your staff pays off. Effective training and management can lift your average sales by 10%, doubling your revenue and margin.
Why Customer Service Matters
Did you know that less than 20% of consumers entering a retail environment actually make a purchase? She emphasised that exceptional customer service, something online shopping can't offer, is crucial. Customer loyalty is built on staff knowledge and face-to-face interactions.
Interesting fact: 28% of customers visit stores more often for human interaction. Engaged customers spend 16% more than those who aren’t engaged.
The Concerning Averages
Anastasia shared some worrying survey results:
55% of staffing hours are spent on non-selling activities.
45% of staff have no individual sales targets.
65% of staff lack training measurement.
These figures highlight a significant opportunity for improvement. Over 50% of retailers miss out on potential sales increases of up to 20%, equating to $30 billion per year in lost sales.
The Importance of Training
Effective staff training increases skill levels, competency, customer service delivery, team morale, and retention. For example, training store managers in financial management, selling skills, and team leadership can lead to better overall store performance.
Getting Everyone Onboard
The importance of clear communication and accountability must be considered. Ensure every team member understands and buys into the company goals. Hold them accountable for results and recognise individual contributions to the team effort.
The 3 F’s: Fun, Focus & Fulfilment
A motivated team that enjoys their work, stays focused on shared goals, and feels fulfilled will naturally achieve better results. As Anastasia put it, “Why settle for good when you can be great?”
Benchmarking and Performance
Benchmark your performance with metrics like average sales, items per sale, and conversion rates. Understanding these benchmarks helps identify areas for improvement and drives better performance.
For more insights and practical tips, join us at Reed Gift Fairs Melbourne 2024 and drop by the Retail Therapy Seminar.
