Time tested in-store sales solutions October 18, 2017 0 comments Nowadays, with the rise of technology, it’s easy for retailers to overcomplicate things. Retailers of all sizes are investing in advanced in-store technology and complex marketing campaigns without implementing the basics effectively. In this post, we look at 3 very basic sales solutions that are simple yet effective if executed correctly. The Power of Pricing Getting the price of your product right is critical. After all, the price is often the final decision point for the consumer. They may like a product but if the price doesn’t equal value for money your otherwise impressive marketing strategy could have been completely undermined. Likewise, retailers must be careful not to price a product too low, this is not only dangerous for their margins but also their brand image. Once a product hits the market it’s much easier to reduce the price than it is to increase it, however, both routes can be detrimental to your brand image so it’s always best to get it right first time. Ensure you understand your customer and do you research before jumping in with a price that hasn’t been thought through. Whether you’re promoting special offers with Counter Top Display Units or pushing old stock with a Dump Bin sale, it’s crucial that you pay attention to pricing. Point of Sale In today’s climate, it’s easy to use in-store technology for the sake of it. Implementing digital signage can often be time consuming and costly, plus in certain markets it’s simply not effective. First of all, try some simple tactics, starting with Point of Sale displays. Dump Bins are perfect for up sells or add on sales. They’re best positioned in high traffic areas such as near the checkout or at the end of the aisle. We would recommend using Dump Bins to display lower value items, such as sweets, snacks, socks or small toys. They’re also great for a variety of small different sale items, enticing customer to “dig in” and find a bargain. Dump Bins aren’t the only simple yet effective point of sale item you can use, free standing display units (FSDUs) provide similar benefits but allow you to display your product in a more organised manner and are therefore more effective for displaying higher value items. Loyalty Schemes When it comes to growing sales, many businesses focus on gaining new customers rather than retaining the ones they already have. Yet, it’s much more cost effective to market to your existing customer base compared to prospects. Returning customers are much more profitable when you consider their lifetime value plus if they are effectively engaged with the brand they are likely to spend even more frequently and become keen brand advocates. Having a customer retention/loyalty scheme in place provides you with further insight into your customers spending habits enabling you to track their shopping behaviour and thus market to them more effectively. According to research carried out by Ecrebo (2016) 91% of Brits have a loyalty card and use them 3+ times per week. 74% of respondents also said they would be more likely to participate in a loyalty scheme if rewards were personalised and tailored to them. You may not have the big-box retailer budget to launch a full-out customer loyalty program, rest assured, there are some simple cost effective alternatives. Email marketing is one way to encourage repeat purchases, you can send you customers unique promotional codes, VIP event tickets or access to early sales.