Retail store promotions work best when they capture the attention of your shoppers and get them excited about your merchandise.
Investing in your promotions is a key way to build a customer base and develop brand loyalty. According to Access Development, 80 percent of shoppers would switch brands when offered a promotional price on products.
But getting results may seem easier in theory than in practice. Simply discounting prices and offering freebies won't be enough to drive significant traffic to your store. You'll need to work on engaging your shoppers online and in-store.
Take inspiration from these five engaging retail store promotions:
1. Create a Friday frenzy
You can help your shoppers begin the weekend a little earlier by hosting a Friday Frenzy sale. This promotion can help with inventory management by clearing out one season's goods before the next season begins.
As you look ahead to the end of the year and the changing weather, consider promoting your clearance without using the word "clearance," which some shoppers may associate with cheap or unwanted items. The word Frenzy indicates that many other shoppers will be at your store, on the hunt for the best deals.
If you anticipate a large gathering at your Friday Frenzy, grab some stanchions and belts to control traffic flow near your front door and registers.
2. Show appreciation
Marketing firm Vertical Response reminded retailers that they don't always need to be selling. In fact, showing your customers how much you appreciate their business is an effective way to build loyalty.
Try sending out thank you cards to your mailing list or sending happy birthday wishes to your online followers. Personal touches can make your shoppers happy and more likely to recommend your brand to their friends and family.
3. Design a loyalty program
Finding new customers is important, but it's a worthwhile investment to foster shopper loyalty. Building loyalty with a formalized system is a great way to keep your shoppers away from the competition.
Access Development reported that 26 percent of shoppers said they would shop more frequently at stores that offer rewards. That could mean a low-tech solution such as a loyalty punch card or something digital like a membership program.
This is an effective promotion because shoppers will associate better deals with your brand, even when you're not currently running a store promotion.
4. Create bundles
Online retailers offer up bundled packages of goods and services to provide more value and reap greater financial rewards. Physical retailers can use this inspiration to develop in-store bundles of merchandise.
Buy-one-get-one-free promotions are a simple example of this valuable tactic. Shopify noted that retailers can use this method of promotion to leverage lower-priced items into bigger sales. Because the perceived value of a bundle is higher than a single item, shoppers may be willing to spend more.
For more inspiration and tailored retail advice, contact our team of experts today!