
Well, as the St. Bernard dogs of retail, we’ve pulled together seven easy-to-implement tips and strategies to keep the wolves from your door and the icicles off your nose.
All of these activities can be implemented within weeks, not months, and if you follow our advice we’ll guarantee you a positive outcome. There. That’s better already, isn’t it? 1. EXPERIMENT, EXPERIMENT, EXPERIMENTSame-old-same-old just doesn’t cut it anymore. Just look at the retailers who had a bad Christmas this year – they all relied on tedious old tactics like generic across-the-board discounting thinking that what worked in the past would work in the present. T
Flash sales are a common tactic to drum up interest but, instead of making products routinely available for a day, introduce some double-jeopardy where products can both time out and sell out. As the supply runs low and the clock runs down, the customer is faced with a stark choice: buy now (and tell your friends to buy, too) or run the risk of missing out altogether.
Retail promotions are strange. The retailer makes all the decisions, selects the products and merchandises the deals. Meanwhile, the only involvement the customer gets to have is handing over their money at the end of it all. That’s not to say that retailers don’t know their markets and margins better than everyone but, instead of pitching a deal for (say) electric blankets at millions of people and hoping that a thousand bite, have you ever considered asking your customers what deals they’d like to see and going with that instead? Not only are you empowering the people who matter most to your bottom line, you’re also effectively amassing pre-sales – and that’s money in the bank. CONTINUE READING ON PAGE TWO…
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