Premium pricing is bringing down retail giants. If you’re a small retail store dependent on premium goods, track your premium-priced products and innovate on how you package and sell these goods. Adding less expensive items in a similar quality range may help make up for a slowdown on premium goods sales, while still continuing to attract high-end customers. It will also be important for you to innovate as you never have before—a process that may start by quickly setting up a focus group of your target customers, and then listening to what they have to say.
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.