Spring was always my favourite seasonal inventory change up over the many years of my career with a locally owned specialty boutique. Our stores were always the trendsetters for garden, home and office decor along with featuring original folk art pieces. After the buying trips, shipments would start to arrive and it was like Christmas all over again! My home still features many memories of those times, both elegant and whimsical.
In preparation for the seasonal changeover, great deals were offered to clear the old inventory. My fondest wish was to be able to let our customers know about the deals without investing much in media campaigns that would eat up any possible residual profit margins. Letting our loyal, regular customers know ahead of the occasional customer would have been much more effective than presenting the offers to folks who would happen to pop in at just the right moment. Our loyal customers would have purchased more easily while being made to feel special for the advance consideration.
Along the same thought line is how special a customer feels when they get a sneak preview of the new product lines that will soon be available. You can strategically rev up the anticipation and set the stage for an exclusive unveiling for your most loyal customers. Imagine you are a restauranteur preparing to revamp your menu items for the Spring/Summer season. Exclusive, "invitation only" tasting parties are a fantastic way to make your biggest fans feel exceptionally special. Our boutique stores would have been able to drive expectations for greater launch sales and fewer clearance pieces for the next seasonal changeover.
With well-timed updates shared with your customers, you can drive revenue increases in these areas either simultaneously or separately.
clear out old inventory at higher margins
spark higher front end sales of new items
increase basket sizes with bogos
increase customer visit frequency
increase average spending per visit
introduce higher priced items more easily
introduce new product lines more easily
As a result of increased touch points, your business is more top of mind which leads to
Ultimately, by targeting your marketing to your existing customers, your traditional media costs will dwindle over time as your customer list grows. One way to speed up the decision by a customer to enrol in your mailing list is to offer them loyalty rewards as the currency for their permission to communicate with them directly. Add additional speed through a coalition platform where your customers can enjoy rewards at multiple stores with just one card - yours!
With social media platforms manipulating algorithms to selectively reach your followers in a hit-or-miss fashion, you can take control of your marketing. Affordable, fully branded, tech savvy solutions are easy to use and implement. Explore the possibilities and be pleasantly inspired!
Maria Caines is a shop local champion focused on building shopping communities for local businesses through a marketing platform where one card works everywhere! If you would like to learn more, please email firstname.lastname@example.org or call (902) 449-7624 to schedule a personal consultation.