By Moe Lastfogel
Director of Sales and Marketing for The Retail Observer
Today’s consumer wants that extra something, whether it be a discount or an added incentive. Being up against MSRP, UMRP, and the Internet, retailers are expected to give away gifts or offer incentives and discounts. Consumers have more confidence these days and seem to think, “If I purchase from you, what incentives are in it for me?”
With pricing below set standards being against the “rules”, you now need to come up with better ways to entice customers to make a purchase—most importantly, a purchase with you. A few retail chains around the country are offering various sizes of TVs with the purchase of a complete kitchen, mattress or bedroom/living room set. Some offer free delivery and set-up, and some add an extended warranty.
At many of the shows and buy fairs I have visited this year, the opportunities to find unique incentive and promotional items were boundless. Some ideas I saw seemed so obvious, but many retailers are still not offering incentives such as pillows with mattress and bedroom set purchases; or kitchen utensils, pot and pan sets or small appliances as enticements for large appliance purchases. Even vacation/cruise packages have been an offering.
When I used to sell kitchen appliances, there were many instances where the cook of the household would inevitably remark on how they now needed new pots and pans to make the purchase complete. How many more customers would we have lured in if we had advertised that very thing as an incentive?
I would like to hear what your store does to make the buying decision sway to your favor. What kind of promotions do you run? What incentives do you offer your customers that have aided in the buying process? Is customer service your only offering, and is it working for you with today’s incentive-driven customer?