Are you exciting (your customers)?
In our ever-connected world, where the answer to every question lives in your customer’s pocket, is your voice loud enough to be heard? Are you exciting those shoppers who are right here, and are weighing you against your competition, right now?
Customers are sharper than ever before, and while lowest price can be bad for business, informed buyers are driven by value. Value can easily be communicated through a strong promotion. Here is how to set your offering apart from the others without giving away the farm.
Common Characteristics of a Strong Promotion
#1 Give the people what they want
When you shop around, what motivates you to buy? Are you going to spend for the sake of a sale, or are you looking to fulfill a need or desire? Motivated shoppers are seeking all of the above. Customers are more likely to try something new when the value outweighs the cost, and perceived savings is the key to adding value. The other slam-dunk-value-add is to promote the products your customers love, and not the stuff they aren’t buying!
#2 Add value through savings
Provide at least a 20 percent savings, or don’t promote. Savings below 20 percent are all but ignored, and will prompt a shopper to search elsewhere. When margins are slim, look to add value by bundling other services or products where you have more flexibility in pricing. For example, a sushi restaurant may not be able to discount their $12 house specialty roll, but throw in a bowl of soup (regularly $6), and now you’ve made customers hungry with a 33 percent savings!
#3 … And don’t forget about the up-sell
Keep your eyes open for opportunities to up-sell, because if there is one thing you have in common with your customer, you’re both looking for the first foot in the door. Take the sushi lunch outlined above. Make it for dine-in only and chances are that person is not eating alone. Now you have two people who’ve ordered your special, and they’re going to be thirsty. Do you think they would like green tea or sake? Perhaps another roll to share? This is where promos really become a win-win.
#4 Create urgency
When an opportunity is limited, interested parties can’t help but take notice. Create urgency with low quantities (max of 5 available), short promotion periods (up to 1 week), and significant savings (at least 20 to 35 percent). When you’re looking to fill vacancies or move old inventory, every dollar earned goes straight to the bottom line, so blow it out! Just like how you never want to let a great opportunity pass you by, your customers don’t either. Now make them an offer they can’t resist, then deliver your top-notch service.
Think about how you feel when a compelling opportunity presents itself, and replicate that on behalf of your prospects. Today sharing is a click away, so get your new fans in the door and make it an experience worth posting about!