What Every Retail Store Ought to Know About Sales Promotions
While some would think that the need for a product and the availability of the same would suffice, in today's day and age that is not enough. Sometimes products and offers need to be promoted not only to make the customer
aware of better deals but also to create new needs the customer never thought he or she had. Sales promotions come in various forms and here are a few examples.
This is one of the most popular type of promotion that works wonders with customers, but only works if used sparingly. If overused, people will come to think you are a low priced store, and stop coming once the discounts
stop. What you also have to remember is that when you do offer products on discount, the discount should be attractive.
Flash sales are a great way to sell off surplus stock by creating a sense of urgency and this urgency should be communicated to the potential customers beforehand. As a rule, and by definition, flash sales should be
of a short duration. When handled correctly, usually fifty percent of the products get sold during the first hour of the sale itself!
Buy more save more offers
These offers work on the insight that consumers feel guilty about spending too much on shopping. A well calculated discount on more spending addresses that guilt and more products end up being sold. The tone of voice
in communicating these offers matter as here you are reasoning with a person's sensibilities.
Everyone likes a freebie and it also gives you a chance to get your customers to try out your product so they will come back to buy it next time. But this only works if your product is good enough to stand the test
Loyalty points and coupon giveaways
Giving customers redeemable loyalty points helps build a loyal and quantifiable customer base who will come back again and buy more. Coupons work much the same way but do not have the longer lasting continued effect
that loyalty points do.
Timing promotions with holiday and festive seasons lets you sell more products with a fraction of the effort. Consumers will already be on spending mode, and lucrative deals will be snapped up just like that. The discounts
offered need not be huge and adding a holiday theme to the promotion will take you many extra miles.
Whether you have an offer going or just a range of products, the consumer needs to know about it. This is where the importance of retail advertising comes into play. There are many types of media used in retail advertising,
and here are some.
Display boards can be cardboard or colourful digital ones. Placed strategically through the store at calculated eye levels, they can convey a variety of messages like where which product is located to existing promotions
to upcoming ones. They should grab attention but not give an overload of information either.
Danglers and streamers
The benefit of putting your product or promotional messages on danglers and streamers is that you can use the unused air space to do the same. This is a particular plus for retail stores as they need all the floor space
they can use for displays, for customer movement, for buying and selling.
In store video
In store videos give the customers more information than displays and danglers, and have the added benefit of showcasing products that are too big or too varied in range to be put on physical display, along with product
demonstrations, and are a great way to dispense extra information.
The problem with the above is that the customer has to stop shopping, take their eyes away from the shelves, and choose to read or see the messages being put out to them. Some of which might be relevant to that particular
customer, some not. There is a solution to that too, where information can be sent out to the customer who will get it any way without actively seeking for it.
Introducing in store audio advertising
In store audio advertising, mostly in the form of no nonsense get-to-the-point voice overs let the customer know of products and promotions without having to make them look away from the task at hand. When interwoven
into in store music, they will not be monotonous and at the same time attract attention. In store audio advertisements will keep your customers aware of which aisle has what offer and whatever else it is you want
them to know which they would have otherwise only known by magic!
Types of announcements
The in store audio can dispense informational announcements that will update customers on products, sales, events, offers and coupons. It can inform customers about the store's online presence where they can be encouraged
to rate, suggest or complain. It can answer frequently asked questions thereby reducing the sales person's job load. But special attention has to be paid to what the voice over says, how he or she says it, and how
often it is repeated. None should be underplayed or overdone. Working with your in store music provider can help you fine tune these very important details.
The soft statistics
Research has shown that in store audio advertising reaches an extremely large number of people, at times double that of those reached through a television commercial, an FM radio advertisement or other such, and often
drives more shoppers into retail stores in a week than Pandora has listeners in a month!
What is in it for the customer
Everything! At least from what they expect in their shopping experience. In store radio advertising lets them buy better, buy more efficiently, take informed decisions, and end up going home so satisfied that they come
back again when the time is due. All this through just keeping them informed in between in store music, without even making them look up from the shelves.