Tom Lyons, Eddie Shanahan and Ella de Guzman on maximising a retail strategy

The evening kicked off with an introduction from IMAGE contributing editor Melanie Morris who later welcomed Tom Lyons, founder of The Currency. Together, they talked us through the key stories and issues impacting our business lives right now.

Melanie was joined onstage by retail consultant Eddie Shanahan and Siopaella founder Ella de Guzman for a lively chat about the key considerations for commercial success. Sharing first-hand insights and past experiences, there was plenty of great advice – some of which we’ve summarised below. 

Prioritise customer service

It may be a cliché but customer service is integral to retail success. 

For Ella, being involved in the business is of the utmost importance and is one of the reasons that Siopaella has enjoyed such growth since its first brick-and-mortar location opened in Temple Bar back in 2011. “I’ve always worked with people and I think if you’re going into retail, you really have to love working with people. If you don’t, find someone who does while you sit in the background and train them well,” she advised. 

Eddie agreed, emphasising the value that properly training your staff will add to your business. “Brands are built cumulatively over time in small gestures – saying good morning, good afternoon, answering the phone. Profit is not the driving force, it’s the reward. Put customer service and customer experience first and foremost.”

Trust is everything

At its core, good customer service is about building trust so it makes sense that establishing a rapport with your clientele is next on the list. As Eddie pointed out, “It’s five times dearer to get a new customer than to retain a current one.” Ensuring you’re keeping loyal shoppers happy and providing them with the best experience possible will stand to you and your business in the long run. In his words, “It’s about cultivating a cohort of customers who will be with you in the long term – they know you, you know them. You can’t retail to everyone, you can only retail to your tribe. Focus on your tribe relentlessly.”

This rings especially true for Ella who credits that trust as being a cornerstone of her business. “It’s really about nurturing relationships with your clients because 80% of your business comes from 20% of your clients.”

Be clear on your goals 

One of Ella’s biggest learnings as a business owner was the realisation that you can spread yourself too thin. “You have to know what your ceiling is, how high do you want to go?” Essentially what she means is that you need to be clear on your goals. “You have to think about what you want in life and then reverse-engineer your steps. As a small business owner starting out, you have to ask yourself what do you want to get out of this?” 

Initially, the hope was to expand Siopaella internationally but getting granular helped Ella see that while that might be feasible, it would incur a lot of stress. And so, she reevaluated, scaling back from 14 staff to 7, closing three branches and pouring all her love into the two locations that remain. Thankfully, that worked and Ella confirmed that the business is now “more profitable than ever”. 

Black Friday isn’t the be-all and end-all 

With the majority of business owners already looking ahead to the busy Christmas season, there were many in the audience worried about navigating Black Friday as a smaller retailer. However, the advice from both Eddie and Ella was clear – don’t concern yourself with offering huge discounts to compete with much larger retailers.

“Everyone wants to be the cheapest but why can’t we be the best instead? Add value instead of discount. If we do that, we’ll survive,” said Eddie. “None of the shop owners here would hand out fivers to customers in the street, so why would you do it in-store? In shopping terms, smaller shops giving better-improved service is the way forward. And yes in the background, they can have a giant website if they wish but it’s that personalised shop experience that counts. It doesn’t matter if you win the race, you’re still a rat, as they say.”

Build a database and collaborate with like-minded brands 

Building a database might sound like an intimidating task, but it’s much easier than you might think. In fact, according to Eddie, it’s as simple as getting staff to ask customers a few casual questions when chatting at the till. Take note of people’s answers and go from there. “Asking customers what they want helps you build a database. Then you can use your database to create events.” For example, a homeware brand could organise a Christmas dinner with a local chef, using the opportunity to dress the tables in beautiful linen and highlight the various goods on sale. Storytelling adds value so it’s about being innovative with how you market your business.

In Ella’s opinion, the future of retail hinges on collaboration. “Bricks and mortar isn’t dying, it’s surging but profit is the reward and should never be taken for granted.” Pop-ups and experiential events are great ways to enthuse customers and use your database to your advantage. 

Eddie’s parting words sum it up perfectly: “The customer is the focus. Innovation is the enabler. Theatre is the engagement. Customer service is the loyalty retainer. Cashflow is the lifeblood and profit is the reward.”

Photography by Dora Kazmierak.