August 18, 2015
How to Increase Retail Sales – On and Off Line.
Whether it’s due to forces beyond our control, seasonal sales or a decline in foot traffic, many retailers will experience a slump in sales at some point. The following are a few simple ways you and your staff can improve your retail sales. Here are a few tips to help:
Advertise More – Just when you may think it’s time to cut back the marketing budget, you should probably be advertising more. It is wise to increase marketing efforts during slower sales periods because there is more competition and fewer consumer pounds.
Generate a Buzz – Whenever anything noteworthy happens within your business, send a press release to the media. The idea is to grab any free coverage possible. Get involved with community events. Consider hosting classes, meetings or other networking events in your retail store. Use a unique promotional event to generate a buzz about your business.
Examine Your Pricing Strategy – When purchasing and pricing products, be sure you’ve considered the cost of goods and that your retail shop is able to make a profit at that price point. Your product price should be competitive, but still profitable. Ultimately, the right price is the price the customer is willing to pay for the product.
Design Store for Sales – Take advantage of cross-merchandising strategies and impulse sale opportunities. Use lighting techniques and creative displays to attract customers. Play videos for product education, customer entertainment and any other upsell or promotional tie-in.
Connect With the Customer – Excellent customer service is the key to increasing sales. Listen to your customer to understand their needs and wants. Then educate him/her about the products. Finally, let the customer know you appreciate their business. Offer value-added services and products. Create a mailing list by asking for contact information from each customer and capture this on software that allows for true ‘two-way and relevant marketing communication pertinent to the individual needs of the customer rather than a broad-based and narrowly targeted marketing approach. Access to accurate and relevant data allows for better decision-making and improved response from clients.
Source: About Money
For retailers that that are not manufacturing their own product, but are resellers, the fact that advertisers are leaving $14 billion in ‘free advertising’ on the table should be taken very seriously. Co-Op advertising (Advertisements by retailers that include the specific mention of manufacturers, who—in turn—repay the retailers for all or part of the cost of the advertisement) has seen a downturn in recent years – worryingly as budgets have been reduced and alternative funds for advertising spend are not easy to come by.
New research from Netsertive and Borrell Associates shows that brands are missing out on billions in annual revenue due to inefficient and outdated co-op marketing programs. In fact, up to 40% of co-op marketing funds earmarked by brand managers for local advertising remain unused each year.
We all know that a good strategy around customer communication is vital to understand the spending cycle as well as market to the consumer using the appropriate message and the appropriate channel. What will your next step be?
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