Wednesday, November 28, 2012
Target Price Sensitive Consumers
It is true that some folks will only make a purchase after tons of research into who has the lowest price and that is the single bottom line for a purchase. None of us like to pay too much for an item.
When it comes to buy a particular item you can use price as at least part of the purchase decision. When you sell items that other stores also sell the lowest price can result in the most sales. But, at what price to your bottom line.
The old saying “We lose money on everyone we sell, but, we make it up in volume.” May bring a smile when talking about sales ideas… it would mean that a business who takes that too much to heart is doomed to failure.
Using some of your items as loss leaders will work to stimulate traffic you must make sure the “traffic” makes other profitable purchases to offset the leader loss. Many items require support or add-on purchases to work. These additional items can bring the total purchase into profit.
A coupon, gift card or discount program can help to make sure that customer are reward with special prices and your store still stays in the black. You can offer every customer a coupon useable on their next visit to promote sales of your items that can be tied to items you need to move. You can make sure that the coupon can be used to bundle items that are promoted with additional full price profitable bundles.
People will be shopping for others during the holidays and expect to get nothing less than great deals. There an expectations that all businesses offer seasonal promotions, and they won't want to pay full price. You should prepare yourself financially ahead of time to go with the flow and offer larger than usual discounts. You'll land more clients and customers and help to gain even more loyalty from your repeat and future customers.
It is also important to note that although the buzz around the holidays usually involves retail companies, other companies can still benefit. While most people won’t be focused on buying life insurance or seeking legal services during the holiday season, their eyes and ears are still more open than usual. Your customers may come into your company after the holidays, but your holiday marketing could have the trigger that resulted in the new business.
If you would like to make of a list of marketing ideas that have worked for you, we will be happy to look them over and compile them with others and share them in future blogs. Yes, of course you will get credit for your ideas if you like.
MI Printing, LLC