Alyson MacMullan, of Peak Retail Group, is writing an 8-part series of holiday tips to help retail businesses meet their sales goals. Alyson’s’ expertise lies in inventory planning and management, sales forecasting and cash flow management which are the building blocks of a successful retail business.
Holiday Tip #3
Consider unique incentives that don’t involve discounting.
Frequently customers respond better to something free as opposed to another tired discount. (Think about those cannons at sporting events that shoot out lame T-Shirts. People literally clamor over seats to get something free)
It’s important to think about alternatives NOW so you can source low cost options:
• Include an inexpensive ornament on the handle of the bag
• Offer a free stocking stuffer with a purchase over $x amount
• Give away something that costs you less than $1 for a like on facebook
– this gets more eyeballs to your low cost marketing and drives people into the store which could translate into a sale
• Tie a large, vintage inspired cane to the outside of a gift wrapped box
• Have pre-made ornaments ready for customers to paste a personalized message
Compare paying $1 for something to give away as opposed to taking a 20% off promotion. Your margins will thank you!