According to a Reuters article published last week, a recent survey conducted by the NRF (National Retail Federation) in the US projected that consumers will be spending the most this holiday season since the recession hit in 2008, albeit a 1% increase from 2009.
More importantly, what the survey also noted was that consumers will be frequenting stores less, but spending more when they are there.
That in itself should sound the alarm for all retailers: your customers are not coming by as often…so when they do drop in, you need to get them to open their wallets and purses right then and there – or you won’t get them at all.
So what can be done?
Take some cues from top marketing consultant, Troy White. From his article he published a few years back, there are some tactics worth looking into. A key one I liked was bundling packages. A client of mine who runs a vitamin and supplement store might consider a compilation of various health products that will help with somebody’s post-holiday fitness/diet program – just in time for the new year.
Sample Package Headline: The Ultimate New Year’s Resolution
Sample Package: a large bucket of protein powder and creatine for workouts, packaged with a green vegetable beverage cleanse and diet supplements to reduce food cravings.
Sample Price: $99.00 – a whopping 65% savings compared to purchasing items separately! (feel free to list all the other products’ and their retail prices)
Sample Push: Package is available only until December 23 and will not be re-stocked. When we’re out, we’re out! (but not really…)
Consider your own products that you sell – what can you bundle that would provide more value to your customers as Xmas gifts, but will also increase the amount of money they spend at your store? Perhaps throwing in a free gift card to your store could help (Best Buy does this all the time).
Be creative, and try a few different tactics to see what works best this holiday season. It would be a good way to gauge whether or not they can work for other occasions throughout the year. Good luck!