It’s easy to neglect in-store promotion strategies with all the attention going towards online and mobile marketing. But try not to fall into the trap.
As shocking as it may sound, a major portion of retail sales occur in-store, not on the web. In the last quarter of 2013, eCommerce sales accounted for only 6 percent of total retail sales, revealed the National Retail Federation in a study. That means retailers enjoyed more than 90 percent of the sales through other mediums, mostly offline retail channels.
Online marketing is indeed important, but the vast majority of shopping activity occurs in-store. So it’s important for retailers keeping an eye on the holiday season to start applying product-push strategies for best-selling items and products that bring higher revenue and profits.
Driving the in-store promotion effort, retail businesses can apply many tactics to entice people to buy a specific product itself, a category of products, or buy into a company brands, including the following strategies:
Create and highlight product combinations
Combining products into a single offering is a great way to increase your store’s average transaction amount as well as your company’s overall revenue. Though this may reduce your margin a bit, it makes sense for your customer, as it will start to lure them to spend more in your store upon every visit. Your register will also start making better sounds when it goes Ka-Ching!
Fast food chains do this very well by offering food combinations in a single offering, such as a McDonald’s Happy Meal. You can apply the same tactic with any product category; handbags, jewelry and hats can be offered in single holiday season offering to attract female shoppers. It’s time to get your creative juices flowing.
POP displays do a great job at taking over when the customer is already inside the store and ready to take action. This holiday season, retailers can utilize POP marketing techniques to draw attention to special offers and particular brands that create more value, or just showcase the advantages of particular products. This additional marketing makes a significant impact because it places the products in the very moment that the customer is making a purchase decision.
Cardboard point of purchase displays and stands can be designed and manufactured specially for products that need to be pushed. And because every retailer is different, some manufacturers will help in designing full pallet display configuration that’s trending in the marketplace. You can even find POP display manufacturers who design the collateral moving materials so that the custom display can be placed in any area of the store with ease.
In-store events and contests
Arrange a local theater group to perform a short gig at your retail store. Or have a special reading of a new book you want to push, or signing by an author. Try to get a local celebrity to stop in to meet customers and sign autographs. Hold an event if you’re opening a new store.
In case of contests, you don’t necessarily have to give away big prizes to draw people in to your store. Focus on what the customers would love to win from your shop – and hold contests that give them the opportunity. For example, a clothing shop might hold a tee-sign guessing contest.