I just returned from the Radiant Users Conference in Baltimore. There was much to see and learn. Well worth the 3 days out of the office.
One of the best parts of the meeting was the Keynote Speaker Bob Negen. He has been in the retail industry for over 25 years. He and his brother started with a kite shop in the northern part of Michigan. Bob and his wife Susan now have a business call WhizBang! Training. It’s a marketing and training business for the Retail Industry. Go to www.whizbangtraining.com to review their site and sign up for a free email tip of the week. He covered 3 areas for these tough times:
- Getting New Customers
Things to think of when acquiring that 1st sale: breakeven on the 1st sale and break the bank on the backend or lifetime value of the customer.
HOW:
Give out Gift Certificates for $$ value – a $5 to $25 gift cert/card that has little fine print. Not a discount, not $5 off a $15 purchase – just the money!
Give away by: Personal conversation, networking, walking your business district, Consumer Shows
Example: Susan at Tillamook Cheese gave me a gift card for 1 free ice cream cone – no fine print at all, other than I have to go to their store in Tillamook, Oregon
“Cause” Marketing – team up with a “Cause” and hold a special event at your store. Solve the donation dilemma, creates ultra-loyal customers, Opportunities for publicity, tax deductibleExample: Shoe store that teamed up with the 3 Day Breast Cancer Walk. Held an after hours event for the walkers to get shoes and other “stuff” they needed for their walk at a discount. Gave out “Gift Bags” with items that had been donated by vendors, local newspaper came and did story.
2. Increasing average ticket sales
Teach your staff to sell
Always offer add-ons to a purchase
“Bundle” products together
Point of Purchase/Impulse items – sell, sell, sell. I see this all the time at Walgreens and Albertsons – they have their item of the week (usual candy) that they ask you if you want as you are checking out.Raise Your Prices – this shows perceived value. His example was a “gizmo” they had at the front counter that started at $.49 and they raised to $1.29 with in a couple of months.
3. More transactions per year
Build your Customer data base – email list, frequent buyer programs, newsletters, monthly drawing, special events
Always be communicating – After 1st sale send a handwritten thank you note – start the relationship off right
Email marketing – short, interesting, personal, frequent – not just sales but something for them: ideas, thoughts, how-to’s, etc
Get a high school student or a stay at home mom to do some of these things for you.
Happy Wednesday to all!!!
Marilyn
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