What are the best ways to manage sales channels in a new store?

1 Choose your channels wisely

One of the first decisions you have to make is which sales channels to use for your new store. Sales channels are the ways you deliver your products or services to your customers, such as online, in-store, or through partners. Each channel has its own advantages and disadvantages, depending on your product, market, and goals. For example, online channels can help you reach a wider audience, but may require more investment in technology and marketing. In-store channels can provide a more personal and engaging experience, but may have higher overhead and inventory costs. Partner channels can leverage existing relationships and networks, but may involve sharing revenue and control. You should evaluate your options carefully, and choose the channels that align with your value proposition, customer preferences, and competitive strategy.

2 Align your channels with your goals

Once you have chosen your channels, you need to align them with your sales goals. Sales goals are the specific and measurable outcomes you want to achieve with your new store, such as revenue, market share, or customer satisfaction. You should set clear and realistic goals for each channel, and communicate them to your sales team and partners. You should also establish how you will track and evaluate your progress, and what actions you will take if you fall short or exceed your expectations. By aligning your channels with your goals, you can ensure that you are focusing on the right activities and metrics, and that you are optimizing your resources and efforts.

3 Train and motivate your channel partners

If you decide to use partner channels, such as distributors, resellers, or agents, you need to train and motivate them to sell your products or services effectively. Partner channels can extend your reach and access, but they can also pose some challenges, such as lack of control, coordination, and commitment. You should provide your partners with the necessary information, tools, and support to understand and promote your value proposition, and to handle customer inquiries and issues. You should also incentivize your partners with attractive commissions, rewards, and recognition, and foster a collaborative and trusting relationship with them. By training and motivating your channel partners, you can enhance their performance and loyalty, and create a win-win situation for both parties.

4 Balance your channel mix

Another important aspect of managing sales channels in a new store is balancing your channel mix. Channel mix is the proportion of sales that come from each channel, and how they interact and complement each other. You should aim for a channel mix that maximizes your sales potential, while minimizing your costs and risks. You should also consider how your channels can create synergy and value for your customers, and how you can avoid channel conflict and cannibalization. For example, you can use online channels to generate leads and awareness, and in-store channels to close deals and build relationships. You can also offer cross-channel benefits and services, such as free delivery, pick-up, or returns. By balancing your channel mix, you can create a seamless and satisfying customer journey, and optimize your sales results.

5 Adapt to changing conditions

Finally, you should be ready to adapt your sales channels to changing market conditions and customer needs. Sales channels are not static, but dynamic and evolving. You should monitor and analyze your channel performance, feedback, and trends, and identify any opportunities or threats that may arise. You should also test and experiment with new or alternative channels, and measure their impact and potential. You should be flexible and agile, and willing to adjust or modify your channels as needed. By adapting to changing conditions, you can stay ahead of the competition, and meet or exceed your customer expectations.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?