Help for a Family Owned Business

[wolfandwolfandwolf]

I work for a small family owned video game store.  Obviously, GameStop is a juggernaut, but this store offers a lot in the way of retro games (legacy consoles and what not) and is incredibly competitive with their trade in values. 

The business owners have kept the thing going for five years at two different locations, but recently they've come upon some harder times.  Out of the five years that the franchise has been in North Texas, I've worked for the business in some capacity for over three years.  I'm very fond of the owners and my wife and I have become good friends with their families.  I have a lot invested in the success of the thing because of my friendship with the owners.  Because I've worked their for a while (since high school) I make pretty good money doing this a side job in addition to my actual career.  I plan on working for the business for at least two more years.  I'm very blessed in that not only do I have one job that I absolutely love, I have a side job that I love as well.

Basically, these guys need ideas on how to really get this thing going again.  It's gotta be something relatively inexpensive to pull off, but something that generates a lot of good buzz and hype for the store.  Are/were any of you folks involved in owning a business or working for a small business?  What things did you see that fostered success and what things were you/the business owners doing that didn't work at all?

[wkiml]

They need foot traffic.....do they have some TV's available to hook up some of the systems?

Maybe some types of tournaments whereas the winners get a small gift card or maybe a few free rentals
 

[TempusVox]

Randal? Is that you?

Just kidding...

I think some sort of publicity contest would be effective. Also, flash mobs work very well if done correctly and in a large metro area. Also might try and partner discounts with another retailer or advertise at a local movie theater.

[Neon]

They need foot traffic.....do they have some TV's available to hook up some of the systems?

Maybe some types of tournaments whereas the winners get a small gift card or maybe a few free rentals

THIS THIS THIS!!!

My parents own stores, and when the economy tanked they fell on some hard times as well.  They own tanning salons, but here's some of the things that they did that were particularly successful:

Coupons only help.  Advertise in all the local "clipper" magazines and such that get delivered to peoples' homes.

People love contests:  My mom organized a 6-week karaoke contest at a local restaurant and it was a huge success- we handed out "free tan" coupons and sample packets of tanning lotion to tons of people and at the end the winner got a big prize from our store as well as the restaurant- and we got Corona to sponsor it so Corona put up a bunch of random shit too like a cooler and a beach chair and stuff too.  Maybe you could organize a big "play-off" sort of thing- find a sports bar with lots of big-screen TVs and host a huge event (or multiple events). 

Correlate with businesses that are after the same demographic as yours:   My parents advertised heavily with local gown shops, tuxedo rental shops, limousine companies, hair salons, and nail salons (especially around prom/wedding season) And she allowed them all to advertise in her stores as well.  So in your friend's case- what else could possibly be correlated to video games?  Maybe movie theaters?  Restaurants?  My mom would frequently take two or three of her girls out to happening restaurants to socialize with random people and hand out "free tan" cards. 

Also figure many, many gamers are kids- find ways to advertise within high schools and colleges.  My parents always paid to put ads on drama club playbills, football team posters- bake sale posters- whatever.  Also check with local high schools to see if you'd be allowed to recruit students to hand out coupons for you.  My mom did this and paid the kids who did it with free tans- you could pay a couple of kids with free rentals. 

Also always support any community things- for example- the town where one of our stores is holds a "community day" every year and tons of local businesses show up and set up tables and give stuff away and their their name out there.

You don't have to really give away a lot- some free rentals- maybe some half-off coupons.  But giving people shit is the best way to pique their interest and get them in the door.  I would also suggest reward cards...maybe something like for every $5 you spend you get a stamp, and when you spend $50 you get a free rental?  Or when you spend $100 you get a $10.00 credit or something.  That should bring in some business too. 

Another thing that I would suggest is expanding what you do.  So you've got games covered- maybe you could get into movies a bit too?  Maybe comic books?  Maybe put up a small section with video game related merchandise (t-shirts, hoodies, stickers, lunchboxes- whatever).  Gaming and "nerd culture" is a huge market- definitely look for ways that you can tap into it.

Sorry it's so long winded- but my parents' business struggled for a long time and these things really helped.  Best of luck to you and your friends. 

[MetalJunkie]

Neon's entire post is gold.

[Chino]

Do a retro game competition once a month for cash prizes.

[El Barto]

Also figure many, many gamers are kids- find ways to advertise within high schools and colleges.  My parents always paid to put ads on drama club playbills, football team posters- bake sale posters- whatever.  Also check with local high schools to see if you'd be allowed to recruit students to hand out coupons for you.  My mom did this and paid the kids who did it with free tans- you could pay a couple of kids with free rentals.

The next sound you hear will be CPS knocking at your door.

The idea is solid, though.  In 7th grade I was on the school newspaper staff, and twice a year we had to go out and sell ad space.  Most of the people who advertized were just doing it to be civic minded (12 year olds don't care about funeral services),  but if we'd had video game rentals back then, it would have been a good place to advertize.