Saturday, November 21, 2009

Attract Customers Without Slashing Prices!

Seven Ways To Have A "Sale" EventWithout Reduced Prices!
THERE'S NO DOUBT ABOUT IT. Cutting prices can be one of the quickest, most powerful ways to attract customers in window fashions —or in any other kind of retailing. Today, "big percentage off" advertising is one way to build business, but it isn't the only way.
Price cutting may cause big problems, too. The negative impact on your profits can also be quick and powerful. Competitive situations can lead to ever increasing discounts that end up eating into profits. Today's consumer wants to buy products that are "on sale", so here are a few ways you might try to have a "sale" to attract customers — without cutting prices.

1. What's New?
Over time, the word "New" has proved to be one of the most compelling words that can be used in an advertising headline. In stores, a sign that says "New" will actually draw more attention than a "Half-Price" sign. This is even more so when your products are fashion based, as window coverings are.
The secret is to find something that your customers will see as new and different. It may or may not be radically different from your normal product line — it may be a new feature, new colors, a new service or an entirely new product line.
Remember that some things that you may consider old news or slightly dated are still perceived as new by your customers who don't buy window coverings every day. Statistically, today's shopper hasn't bought window coverings for about seven years. In window fashions, Hunter Douglas leads the way in truly new products and new features. Keeping up with them can be difficult at times, but it's well worth it.
2. Let's Make A Deal
Trade-in or Trade-up advertising has worked well for many years in some industries, most notably for car dealers. This strategy could be adapted easily to window fashions. The amount you allow for a trade-in may be attractive to potential customers while increasing your profitability.
What do you do with the items traded in? Aluminum blinds may be sold to a recycler to further increase your profits. Or you may want to donate usable products to a charity organization. Or you may simply discard some items — it really doesn't matter — the idea is to generate sales and earn a higher profit than you would with conventional discounting.
3. Buy One, Get One – FREE!
Buy one, get one free advertising can be a very effective way to create traffic. It certainly isn't a new idea and it can amount to price-cutting in disguise if you're not careful, but it's a popular approach in retailing — mostly because it works. With this type of sale, you are often able to sell products at a higher price than you would with typical percentage off advertising.
Most consumers don't see this as buying two items at half-price. Instead, their perception is that they bought one at regular price and you, generously, gave them another. If there's a lot of "Buy one, get one free" advertising in your area, you might try a variation like a Penny Sale (Buy one, get one for apenny) just to be different. Other variations could be, "Buy Two, Get One Free" or "Buy One, Get One At Half Price" and so on.
4. Buy One, Get Something Else — FREE!"
Free" is another one of those powerful words to use in your advertising. It doesn't matter that much what you offer "free with purchase". If it is an attractive item to your target customer, offering it "free" will undoubtedly attract attention.
You may want to associate a freebie with a product. For example, a free can of compressed air with an order of Luminette® Privacy Sheers or Silhouette® window shadings can help your customer in cleaning.
5. Reach For The Stars
Book stores often use celebrities to attract customers. Would it work for you, too? It doesn't necessarily have to be an extremely famous person world-wide. Maybe a local sports hero or celebrity, or a live remote with a popular radio personality. Even a manufacturer's representative might be turned into a celebrity. Think about who might draw a crowd to your store and who might want the publicity.
6. Give 'Em Credit
Today's higher end window fashions can certainly turn into a major purchase. Whether moving into a new home or remodeling an existing home, window coverings are usually the last thing in, well after the money is spent. It isn't unusual at all for a window coverings customer to need financing. Check with your banker or other financial institutions to help your customers arrange financing. By offering financing in your advertising, apart from bank cards, you'll attract customers who are truly ready to do business.
7. "How-To" Clinic
Offer in-store clinics or workshops on home decorating; on new products;on color selection; on today's fabrics; on select product lines; on home decorating in general — there are all kinds of topics your customers might find interesting. Schedule these events for times that are convenient to your target customer. By educating them you'll earn their loyalty and trust for years to come. Be sure to schedule your clinics when your target customers are available. This may mean evenings or weekends

2 comments:

salman ali said...

while thinking about the costs of production, offering new product will be more more costly as compare to other points.

TAHIR AZAD said...

salman i think u dont understand neew properl;y. it does not mean that launch a new product from its start..... supreme example is of assend shampo.. they just changed the shape of bottle.. and people make maximum purchase of their brands...