Marketing

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Marketing

Where in your shop should goods now be displayed?

POS SOFTWARE

 

 

The challenge retailers now face now is uncertainty. Consumer shopping habits have changed, for example, how now people are moving around the shop. In the past people wanted to browse, now you need to get their attention in a few seconds from the distance. This is the main comment people told me from yesterday's post.

What we need to do is see how shopping behavioural patterns have changed

As such now my article here on how to make up a shopping planogram can do it for you.

All you need is our software.

A big sheet of paper

A ruler

A black pen

Four marking pens - Red, Yellow, Green and Blue

20 minutes

 

 

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Should you Allow Multiple discounts in your retail shop?

POS SOFTWARE

 

 

Multiple discounts often called stackable or cumulative discounts is a common problem in retail. 

A typical example is that a person comes into a shop with a discount voucher that you have issued say to a nursing home nearby for 5% off (which by the way is a very effective form of advertising in local retailing). Now he comes and to buy an item on discount in the shop at 20% off. A typical response among retailers is to say we will give you the best discount, which is 20%. Then tell the customer this is a much better deal than the 5% on the voucher. 

But is it the best approach? Maybe? It saves 5%. However, I attended a webinar. There the speaker told us that you need to remember the 5% discount is what brought the customer to the shop. He then went on to say that adding many discounts was more effective than providing one discount. Then what he quoted was a rather exciting research. That in the above example, the discounts of 5% and 20%, which equal 25% were more effective than one voucher for 30% off. This is despite the fact the one discount is more. Have a chew about it. 

From the comments and discussions here are some thoughts people had about it.

People react better if the discounts are in order of lowest to highest. This is because here a 5% off does not look much after a 20% discount. It looks much better to say 5% off and then 20%. 


There can be problems if one discount is an amount and the other a rate. For example, if the nursing home discount is 5% off, and the item is $20 with $5 off. 

If the nursing home discount is first: 
The price is $20 less 5% discount less $5 = $14.
We now have $20 less $5 less 5% discount = $14.25 ( This is how our POS software works. )

Please let me know your thoughts.

 

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Marketing your end of financial year sale

POS SOFTWARE

The end of the financial year (EOFY) sales typically works well so why not make one?

Consider that 

* Those tax refunds are coming. 
*  Many people's accountants are telling people to buy now. 
* Today many have benefited from the government payouts. 
* Plus now with COVID-19 shutdown, many customers have much that they need to buy that they put off. 

Well here is your mission, to think about your EOFY sale. 

Here are some ways to start:

* Now have because of the COVID-19 shutdown, many of you will have stock that needs to be moved. Look at this excess inventory, much of this, if not moved soon, will be a disaster. These might make good loss leaders.

* Ask your suppliers, they will have some ideas. Now they are helping too, I notice and they have excess stock also. 

* Check what shop like you are doing.

 

 

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What is your unique value proposition

POS SOFTWARE

Now I have noticed that people are starting to think of their shop of what it is and what they want to do with it.

You need a vision of why your target market should buy from you and not from your competitors.

This question is called your unique value proposition?

It does not have to be much.

It does not have to be great.

It does not have to be brilliant.

But it must be there.

Without it, you cannot even advertise.

 

 

 

It should contain all the following:

What you propose to do for your customers.

The relevance of your offer to your customers

Why your customers should take this offer from you instead of your competitors.

A very good place to start on this is to ask your top customers, why they buy off you.

As it needs to be clear, what I find good is to explain it to is an 8-year-old kid. somehow kids seem to be able to get to the heart of the matter better than adults with our preconceptions.

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Measure the effectiveness of your marketing campaigns

POS SOFTWARE

COVID-19 restrictions are being lifted, restaurants, cafes, pubs, travel etc. are open now, and soon the footy will come back in our lives again. To restart business many of my clients are launching campaigns or bootstrapping on someone else promotions.

This is easy to do as our software has many tools to help you to do promotional campaigns.

Every campaign needs to be measured.

This does not mean only looking at the sale of the promoted product. What you need to do is look at a campaign by analysing the total sales during the promotion. The targeted product was the enticement; what you often need to assess is the extra products that were not part of the promotion.

Now what you need is to compare these sales to some appropriate benchmark figure (budget), which is now a bit difficult to determine. Commonly used here is last year this time, plus or minus a suitable percent for your shop. Make sure that you determine this benchmark before, you do the comparisons.

Some KPIs, I would be looking at would be

#1 Sales Revenue

#2 Number of sales

#3 Basket value

#4 Gross Margins

All these come out of your software.

If you are not able to measure the results, you’ll never know how effective your promotion was, and most importantly, you will not know what works in your shop.

 

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Extending birthday offers for loyalty marketing

POS SOFTWARE

With your Customer relationship management (CRM), why not now offer an extended birthday reward?

People respond positively to birthday greetings with a positive reaction, surveys show up to 88%. This is when people do some self-indulgence and spend. It possibly the most important marketing holiday in retail as nothing else seems to bring people in like a birthday offer. Here is a screenshot of a study.

 

According to a study, 51 percent of consumers do feel special if a retailer acknowledges their birthday, and 40 percent are more likely to shop at a retailer that recognises their birthday. I believe that as nothing seems to bring people into a shop than a birthday offer.

With our point of sale software, Birthday offers record typically of about 25% success.

Now because of the COVID-19, many people have missed their birthday and only now starting to come out. Why not offer an extended period on a birthday offer now? What you are saying is that we know you could not celebrate it then but now we are getting back to normal your reward is waiting for you to use.

Here is how it works and it is easy to set up, when you are entering a VIP customer, simply put in their birthday. It is much better if they use their real birthday but if not, put in their join date. You can always correct it later if they point it out.

 

Towards the end of the month, send a VIP email or letter to all your clients who have birthdays coming up next month with your offer.

 
 
You will quickly know how well it goes for you as using our point of sale software, which is the best CRM for small business, I have seen you will have access to targeted, data-driven marketing reports that let you know how it goes.
 

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Changes in trading

POS SOFTWARE

Overall now, I estimate from our client base that general retail is down about 30%, much less in essential retail shops but there is another effect of this virus in that people are changing their spending patterns.

This is where your experience tends to work against you. What you are used too often does not apply in times of crisis like this one. 

Here is a report that can help you, 


Go to Register reports

 

 

Now select "Top N Stock Sales for a Given Period"

 

 

Now select yesterday

Out will comes a report with the top sellers for yesterday and it will look like this.

 

 

 

Now, these need to be checked that you have enough stock now as this is now what is selling.

Give it a shot and see how you go.

It is a good idea every morning now to run this report.

PS If you haven’t already, consider setting up new buying options for your customers such as home delivery and click & collect.

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Researching Your Business Online

POS SOFTWARE

Right now, when people go to a shop, consumers know what they want, they plan their trip carefully. Shopping is not a social activity now. If they browse, it is online. They know what they want, and they go straight in for it. They do not look right and they do not look left. 

If you want them to come to your shop you have to make sure that people online can find you and they are clear about what you have.

We call this type of online activity - The local Web. I think it is worthwhile studying this diagram because this is where you need to be now.

 

 

Here is what I suggest you do, imagine you are a consumer and you are looking for a product or service that you are in, do an online search for the product and try and find yourself?  Make sure you look up google, bing and yahoo.

Why not ask your customers if you were looking for XYZ product how they would look? 

 

Do you have a google business page? Google is by far the biggest search engine in Australia if you do not have a Google Business Page you are in trouble. Why not get it as it is free? Click here.

 

Google will be pushing people to these businesses.

Do you have a Facebook page? If no, why not again it is free?  Facebook has an estimated 16,000,000 Monthly Active Australian Users. If you think about it, there are 25 million Australians, so we are talking 60% of all Australians. The percentage is higher with shoppers.

While you are at it, why not check out your competitors online on social media platforms. Look for their Facebook page, what are they doing?

There are many more social media sites to review; here is a March 2020 list rated by importance to Australians.

PS All retailers that are doing well have websites; please do no longer consider it an optional extra. Its is not that hard to start, use your top-selling reports to put in your top-selling items, you do not need that many to start as a rule the ten stock lines do about 33% of the shop sales. The key things for each product should be readily available, and off you go.

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Marketing now

POS SOFTWARE

Rethink your marketing

Whatever debates people have had in the past about marketing, e.g. social media, discount vouchers vs loyalty programs. The reality is now that the only form of marketing now is online, and the only growing market is online.  The debate is over for the next six months may be longer.

People are stuck at home. They are bored. They use online to buy. Whatever else is happening, sales online is holding up.

Do you have a digital strategy?

Do you have a Facebook page for your business, if so you need to use it now? If you do not have one, then I suggest you start now. Note we do offer a free Facebook advice line to our clients if you need some help there.

Do you have a loyalty club with email addresses, if so you need to start a regular email newsletter to your clients as we have been suggesting to our clients for years to do, well use it?

Do you have a website, now you need one. 

If you have a website, I hope you have a click and collect or delivery service options.

My advice is to revamp your online now.

 

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CRM update

POS SOFTWARE

What differentiates large and small organisations is often their Customer Relationship Management (CRM) software. What I often see is that large organisations often know more about their customers' details then small ones. This is a big plus when it comes to winning new customers or getting an existing customer to buy more. 

The most popular and successful is birthday promotions. A special offer goes off to the customer on their birthday.

Do you send something to your customers on their birthday? 

It is that CRM which is you can unlock your potential, and push growth in your shop

So I urge you to look at the next major upgrade which is coming, in it, you will see our CRM software has been overhauled, you can find some details here.

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