Are your sales really slumping – or are you in a slump as a marketer?
That can be a hard question to ask. But as some recent news stories show, savvy marketers are coming with some very innovative strategies to boost sales. Here are some you might not be exploiting...
- See who is in your store and sell to them. In the current recession, more upscale shoppers (or shoppers who were formerly upscale) are cruising WalMart aisles. So the retailing giant is expanding its offerings to be sure that those new shoppers will find the high-quality products that appeal to them.
- Save your customers money without bruising their self-esteem. Reuters reports that Saks plans to offer loss-leader items from Prada and Christian Dior at discounts of up to 75%. Buying an entry-level handbag for $900 is not exactly bargain-bin shopping, but it speaks to Saks shoppers who might not mind saving a little money on luxury items today.
- Offer more than merchandise to make customers feel at home. Several menswear stores are offering alcoholic drinks to customers, the Wall Street Journal Reports. It might be a bit extreme, but men feel more comfortable, and buy more, when the store offers them a complimentary beer or glass of single-malt scotch.
- Give bargain items center stage. Toys R Us, for example, is highlighting ultra low-cost toys. According to the Los Angeles Times, the toy-selling giant hopes to capture lots of dollars by creating prominent displays of toys that cost $3 or less.
So how innovative are you willing to be, in the interest of boosting profits? How many of your fundamental assumptions are you willing to question? It's time for you to move your success to the next level.
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