SUCCESSFUL RETAIL PROMOTION

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Successful Retail Promotion

I’m sure you would agree with me that a successful retail promotion could be the difference between a successful business and otherwise. Without proper public awareness, it is going to be quite difficult for your business to thrive. This is where retail promotion comes in.

What is a retail promotion?

Retail promotion involves any means by which you inform or persuade your target market about your business. This is very important for any retail store, dollar stores, and thrift stores included. A dollar store usually provides a wide variety of products at a very affordable rate. Thrift stores usually accept donations and sell them at really low prices. This makes thrift stores and dollar stores impressive money-saving shopping options for consumers.

Dollar stores and thrift stores are usually low budget establishments, hence the need for an effective retail promotion. Fortunately, Retail Guidance can help you effectively promote your business without any hitch.

Ways to make your retail promotion a success

Let’s look at some ways in which you can improve the level of success of your retail promotion

Markdowns

This is perhaps the most obvious trick in the book. I mean, who doesn’t love to get an item for less. A survey indicated that about 74 percent of Americans say offers are essential factors when making a decision on where to make a purchase.

The only thing is, dollar stores and thrift stores already offer very low prices, and so trying to go below that may be pushing it a bit. However, you don’t have to put all your products out for markdowns, you can focus on slow-moving items and seasonal items. If you aren’t sure how to go about it, don’t worry, Retail Guidance can put you through the process.

Loyalty Programs

This is another excellent retail promotion strategy that involves rewarding your existing customers. Existing customers usually spend about 67 percent more than new customers, so it makes sense to organize a little something for this majority.

You can do this by getting information on your customers’ purchasing history and organize a personalized offer for each customer. For example, you could offer a customer that comes in to get a product on Fridays a Friday discount on that product. Pretty straightforward right?

Social Media

Say what you will, social media is here to stay. So, you either take advantage of it or you get left behind by the competition. Social media is perhaps the cheapest way to promote your dollar store and thrift store. It doesn’t really cost you anything.

With a social media presence, you can interact more closely with your customers as well as potential customers. You can contact us at Retail Guidance to help set you up in the social media space.

Conclusion

Small businesses like dollar stores and thrift stores need to pay close attention to their retail promotion strategy. It is even more important when you consider they can’t really afford to spend like the bigger stores. It is therefore important that effective and shrewd methods be adopted.

The strategies highlighted here are excellent ones, although there are still a good number of strategies that will guarantee success. At Retail Guidance, we have extensive knowledge of numerous ways to improve the success rate of your stores. Therefore, contact us today, so we can grow your business for you.

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