Promo-a-go-go
Warren Shoulberg -- Gifts and Dec, 12/1/2011 2:00:00 AM
IF THERE'S ONE THING THE MERCHANDISING LUNACY THAT WILL CHARACTERIZE THE HOLIDAY SHOPPING SEASON OF 2011 WILL PROVE TO ANYONE IN THE BUSINESS IT'S THIS: PROMOTIONS DRIVE BUSINESS.
This is not exactly an earth-shattering piece of news but unless you're Hermes and have orders for $25,000 Birkin bags up the wazoo, it's clearer than ever that to get the consumer to buy something at your store, you need to make some noise. (And come to think of it, Hermes' careful restriction on Birkin production is really nothing but a merchandising promotion too.)
From door busters to free shipping to coupons to who-knows what, the consumer is most certainly voting that she wants a little something extra to goose the sale. Frankly, she pretty much has everything she ever needed and she's having trouble finding stuff she really wants, so to make that equation work, she will have to be retail-romanced a little bit more this time around.
That's all fine if you're a giant retail operation with a giant credit line and cash flow that would stop up the Panama Canal. But what do you do if you're a smaller independent and you can't get pulled into the pricing spiral that will virtually suck the life out of your business?
What's a retailer to do?
Turns out, there are plenty of tools available that aren't necessarily dependent on giving away the store ... literally. Many of them you are already using on a regular basis. Some are oldies but goodies that just need to be dusted off and freshened up a bit.
Perhaps the most efficient and least costly vehicle is the in-store event. Many retailers are successfully using this method but more should. For the cost of a couple of post cards or emails, some Costco sized snacks and a box or two of wine, you've got the makings of a successful promotional event. These make your best customers feel like they're being singled out for special treatment and, hey, they might have a little buzz on from the wine which can't be a bad thing. Your calendar should be full up with events.
There's also individualized selling appeals. Whether you do it by phone, by email or even that ancient thing known as regular mail, reaching out and touching a shopping someone is a powerful way to connect with your customers. Chances are you've got an employee sitting around half the day anyway; give them something to do.
Again, none of this is big news to any good retailer, but if you sometimes feel the urge to just slash prices and be done with it, there are other ways to do the promo-a-go-go thing.
You're probably better at it than you think.
We would love your feedback!
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