The Retail Buzz

Almost every day news stories pop up about retailers using clever tactics to reinvent themselves in an effort to entice customers to shop in their store.

Anything from reduced prices to hefty discounts when purchasing more than one item to brand labeling to free stuff to really clever gimmicks is the new approach for retail today.

These value-oriented retailers is something we've been "tweeting" about on Twitter, and I'd like to highlight some of the clever ideas retailers have come up with:

• A triangle of success for retailers featured a reopening of a climbing area, heightening the value of the retail stores in that community. Story at: http://tinyurl.com/c6bgdv
• Barnes & Noble got innovative by entering the Blogosphere with Blogging Booksellers posting short video blog posts. Story at: http://tinyurl.com/cmfs4w
• Upscale men's retailers offering drinks in an effort to get men to linger and shop more. Story at: http://tinyurl.com/c8jajt
  
• Popeyes uses strategy of using real people in ads, highlighting the brand's personality. Story at: http://tinyurl.com/cextbv
• Office Depot applied its expanding "Try and Buy" concept to a full aisle for ACCO Brands' Wilson Jones binders. Story at: http://jijr.com/YAQ
• Kid apparel retailers stand out with Dress Up Kids campaigns. Story at: http://tinyurl.com/cv9tsh
• KMart launched a Twitter promotion offering free shipping on online orders with promo code only to Twitter users. Story at: http://tinyurl.com/cc9b5d
• A retailer's Webisodes introduce online instruction to customers for DIY projects. Story at: http://tinyurl.com/ccy67o
• Walmart's Great Value private label expansion signaled new trends in retail. Story at: http://tinyurl.com/c2ouoa
• Warehouse Express introduced ratings and reviews to offer customers detailed product experiences. Story at: http://tinyurl.com/dk52fr
  
• JoS A. Bank Clothiers gives money back if customer loses their job and lets them keep suit. Story at: http://tinyurl.com/czn4ve

There are so many ways a retailer can pump up their efforts to lure shoppers - holding parties, workshops, you name it. These were some that I came across within the past month.

I'd love to get comments about more ideas or what you've done to get more customers.

Too many retailers concentrate on how to woo new customers and, thus, they do not pay enough attention to what they can do to gain the loyalty and increased patronage of their repeat customers.

For example, when was the last time that YOU ran a special sale just for current customers, communicated with your current customers via a phone call or direct mail piece, encouraged current customers to recommend new ones by giving the former a gift for doing so, sent birthday, anniversary, or Christmas / Hanukkah cards to current customers, offered extended shopping hours just for current customers, etc.? Unless you are actively engaged in all or most of these activities, you can do a better job in this area.

Here is why it is so important to target current customers, as well as new ones:
It is more efficient to serve repeat customers than to heavily promote to lure new ones.

Often, new customers are lured because of a special sale, buy goods that have a low markup to the retailer, and then switch to another store when it runs a sale event. Repeat customers are more apt to buy a full range of merchandise, not merely discounted items. This means that the retailer can reach its profit margin goals.

Loyal, ongoing customers are the backbone of every business. And in today's highly competitive environment, these shoppers cannot be ignored or else they may be won over by compe titors.
Revenues can be increased (not just maintained) by placing greater attention on repeat customers. They can be encouraged to shop more often and to purchase more on each trip to the store.

From Joel R. Evans, Ph.D. & Barry Berman, Ph.D.

Contact one of our Sales Reps on how to better taget your clients. Call 866-617-8181 or send email.

http://www.onestepretail.com/

The concept is simple, recognizing a customer when they walk through the door or sign-on to a Web site allows the retailer to tailor the shopping experience for each customer. By recognizing each shopper as an unique individual with their own tastes, needs and desires, retailers can establish friendships and create customer loyalty.

Where does the information come from to personalize the shopping experience? Are retailers using it wisely? Is there any need for consumers to be concerned about being known as a unique individual instead of one of countless, and nameless, purchasers?

The information to personalize can come from different sources. When customers become members or order from Web sites, or when they sign-up for frequent shopper cards, information is collected.

Personalized service best comes from retailers listening to their customers, learning their needs, finding out what they like and how they like it. Every retailer can personalize some portion of their customer interaction. The best part of it for retailers is that it doesn't have to take buckets of money to get started. Just remember your best customers' names. And by the way, if you own a donut shop, I like mine with hot chocolate, not coffee.

Full about.com Article
From Melody Vargas,

Contact one of our Sales Reps on how your company can use Retail Pro to gain better Personalization.

Call 866-617-8181 or send email. http://www.onestepretail.com