Retail Promotions

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    21-Jan-2015

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National Main Street Certification training on cooperative promotions.

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<ul><li> 1. Retail Promotions Profit by Collaborating with Complementary Businesses </li> <li> 2. Retail Promotions <ul><li>Promote district goods &amp; services </li></ul><ul><li><ul><li>Events, seminars related to specific events </li></ul></li></ul><ul><li>Generate immediate sales </li></ul><ul><li><ul><li>Old merchandise liquidation, new merchandise sale </li></ul></li></ul><ul><li>Ensure satisfaction </li></ul><ul><li><ul><li>Customer Appreciation Days </li></ul></li></ul><ul><li><ul><li>Special Invitation Sales </li></ul></li></ul><ul><li>Support an economic development goal </li></ul><ul><li><ul><li>See table </li></ul></li></ul><ul><li>Cooperative Promotion is Key </li></ul>Customers Products Diversification Market Development New Product Development Market Penetration Existing New Existing </li> <li> 3. <ul><li>Enables greater visibility &amp; reach </li></ul><ul><li>Provides greater selection &amp; value </li></ul><ul><li>Solves customer PAIN </li></ul><ul><li>Builds customer base </li></ul><ul><li>Capitalizes on common customers </li></ul><ul><li>Enables involved businesses to more effectively compete </li></ul><ul><li>Lines up channel partners who can regularly refer customers </li></ul><ul><li>Uses current mix of assets, while creating a larger asset </li></ul><ul><li>Leverages marketing dollars </li></ul><ul><li>Increases sales </li></ul>Why cooperative promotion? www.1662designzone.com </li> <li> 4. Successful Coop Promotion <ul><li>Focus on defined target customer groups </li></ul><ul><li>Consider customer pain and how customers calculate value </li></ul><ul><li>Any # of businesses </li></ul><ul><li>Cooperative . . . </li></ul><ul><li><ul><li>Learns from operations </li></ul></li></ul><ul><li><ul><li>Evaluate its efforts </li></ul></li></ul><ul><li><ul><li>Invest in what works </li></ul></li></ul></li> <li> 5. <ul><li>Common Cluster Promotions cluster businesses within the same category </li></ul><ul><li>Cross Cluster Promotions groups businesses with complimentary goods/services </li></ul><ul><li>Geographic Cluster Promotions group businesses in a target area </li></ul><ul><li><ul><li>Always start with the customer! </li></ul></li></ul>Coop Promotions Defined </li> <li> 6. <ul><li>You &amp; Your Business </li></ul><ul><li>Decide what youre willing to offer </li></ul><ul><li><ul><li>Strategy, Information, Investment </li></ul></li></ul><ul><li>Your Group </li></ul><ul><li>Start small and be clear about goals </li></ul><ul><li>Develop standards &amp; process for new members </li></ul><ul><li>Be committed to a joint marketing plan set a schedule to do research, plan and implement </li></ul><ul><li>Have steps, timelines, persons responsible </li></ul><ul><li>Agree to learn about customers </li></ul><ul><li>Agree to a process, dont depend on personalities </li></ul>Before Getting Started </li> <li> 7. Community Marketing Planning Handbook &amp; Banners @ www.eightpoints.com/communitymarketingplanning.htm </li> <li> 8. Find the Opportunity </li> <li> 9. Customers : Different Groups, Different Needs <ul><li>Analyze demographics </li></ul><ul><li><ul><li>Age, education, family status, income </li></ul></li></ul><ul><li>Understand customer behavior </li></ul><ul><li><ul><li>Buying behavior &amp; preferences </li></ul></li></ul><ul><li>Talk with customers </li></ul><ul><li><ul><li>Satisfaction </li></ul></li></ul><ul><li><ul><li>Surveys formal or informal </li></ul></li></ul><ul><li><ul><li>Hold focus groups </li></ul></li></ul><ul><li>Competitors customers </li></ul><ul><li>Segment into groups </li></ul></li> <li> 10. Knowledge Sources <ul><li>Best Customer Demographics </li></ul><ul><li><ul><li>Household Spending , Best Customers by New Strategists Publications (Central Library) </li></ul></li></ul><ul><li><ul><li>Esri.com, claritas.com </li></ul></li></ul><ul><li>Customer Behavior </li></ul><ul><li><ul><li>Marketresearch.com </li></ul></li></ul><ul><li>Surveys </li></ul><ul><li><ul><li>Eightpoints.com </li></ul></li></ul><ul><li><ul><li>Stop, Start, Continue </li></ul></li></ul><ul><li><ul><li>Surveymonkey.com </li></ul></li></ul></li> <li> 11. Simple Data Collection <ul><li>Business card drop </li></ul><ul><li>Contest with an entry form </li></ul><ul><li><ul><li>Hagerstown, MD </li></ul></li></ul><ul><li>Ask for zip codes </li></ul><ul><li>Count customers </li></ul><ul><li>Discounts for Company IDs </li></ul><ul><li>Sum the # transactions per day </li></ul><ul><li>Security cameras </li></ul><ul><li>Internet </li></ul><ul><li>What ways to you collect and use customer info? </li></ul></li> <li> 12. What to do with this info? <ul><li>Create a coop of firms that share the same customer </li></ul><ul><li>Understand current penetration </li></ul><ul><li>Draft copy, images &amp; materials </li></ul><ul><li>Plan a geographic distribution strategy </li></ul><ul><li>Choose media </li></ul><ul><li>Pool resources </li></ul><ul><li>The more you know, the less you put at risk </li></ul></li> <li> 13. Channel Partners <ul><li>Suppliers </li></ul><ul><li><ul><li>Major product suppliers </li></ul></li></ul><ul><li><ul><li>Common vendors </li></ul></li></ul><ul><li>Distributors </li></ul><ul><li><ul><li>Civic groups </li></ul></li></ul><ul><li><ul><li>Contractors </li></ul></li></ul><ul><li>Supports </li></ul><ul><li><ul><li>Municipalities </li></ul></li></ul><ul><li><ul><li>Tourism bureaus </li></ul></li></ul><ul><li><ul><li>Foundations </li></ul></li></ul></li> <li> 14. Set Strategy per Customer </li> <li> 15. Cooperative Products <ul><li>Expected Products </li></ul><ul><li><ul><li>Your product or service </li></ul></li></ul><ul><li><ul><li>The products/services referred most often </li></ul></li></ul><ul><li><ul><li>Suppliers products </li></ul></li></ul><ul><li>Product Add-Ons </li></ul><ul><li><ul><li>Coming or going </li></ul></li></ul><ul><li><ul><li>Long term maintenance </li></ul></li></ul><ul><li><ul><li>Disposal </li></ul></li></ul><ul><li>Provide value &amp; solve pain! </li></ul></li> <li> 16. <ul><li>Awareness building promotions sell the benefits and image you want customers to remember. Not sales oriented. </li></ul><ul><li>Education promotions encourage customer curiosity and activity; generate eventual - typically not immediate - sales </li></ul><ul><li>Sell promotions generate sales in a particular time period </li></ul><ul><li>Purchase promotions add to the sale at the moment </li></ul><ul><li>Satisfaction promotions encourage repurchase </li></ul>Retail Promotions </li> <li> 17. Awareness Promotions <ul><li>Image Advertising &amp; Promotional Tools </li></ul><ul><li>Print Materials </li></ul><ul><li>HTML Newsletters </li></ul><ul><li>Media Relations </li></ul><ul><li>Image Building Events </li></ul><ul><li>Google Maps &amp; Switchboard.com ads </li></ul><ul><li>Google Adwords </li></ul><ul><li>Direct mail </li></ul></li> <li> 18. <ul><li>Focus on benefits messages </li></ul><ul><li>Select the compelling means to communicate message </li></ul><ul><li>Coordinate the image campaign with other promotion activities </li></ul><ul><li>Encourage and enable customers to get more info </li></ul><ul><li>Distribute effectively </li></ul><ul><li>This marketing plan for this community is in the Community Marketing Planning handbook. </li></ul>Good Awareness Promotions </li> <li> 19. <ul><li>Educate buyers about the value of what you provide </li></ul><ul><li>Change customers knowledge and opinion of you over time change their behaviors </li></ul><ul><li>Create reasons for customers to call or come in </li></ul><ul><li>Give customers a compelling reason to buy </li></ul><ul><li>Help customers evaluate you against the competition </li></ul>Education Promotions </li> <li> 20. <ul><li>Target specific audiences </li></ul><ul><li>Give customers all the information they need </li></ul><ul><li>De-emphasizes the commercial nature of your business the sell </li></ul><ul><li>Are creative, lighthearted, informational, and fun. </li></ul>Good Education Promotions </li> <li> 21. <ul><li>Cause sales </li></ul><ul><li>Are sharply focused on connecting potential shoppers with goods and services customers value </li></ul><ul><li>Magnify good times, minimize bad times </li></ul>Sell Promotions </li> <li> 22. Good Sell Promotions <ul><li>Get target customer groups to buy </li></ul><ul><li>Are not regular this can lower prices over the long run </li></ul><ul><li>Can be tracked </li></ul><ul><li>Are promoted in several ways professionally </li></ul><ul><li>Are evaluated </li></ul></li> <li> 23. Purchase, Satisfaction Promos <ul><li>Purchase Promotions </li></ul><ul><li><ul><li>Get customers to buy more </li></ul></li></ul><ul><li><ul><li>Add to ticket </li></ul></li></ul><ul><li>Satisfaction Promotions </li></ul><ul><li><ul><li>Ensure satisfaction </li></ul></li></ul><ul><li><ul><li>Build loyalty </li></ul></li></ul><ul><li><ul><li>Encourages repurchase </li></ul></li></ul>Use www.goleads.com </li> <li> 24. <ul><li>Time of day &amp; day of week </li></ul><ul><li>Seasons &amp; times of year </li></ul><ul><li>Temporary places </li></ul><ul><li><ul><li>Festivals </li></ul></li></ul><ul><li>On consignment </li></ul><ul><li>Non-places, such as: </li></ul><ul><li><ul><li>Internet </li></ul></li></ul><ul><li><ul><li>Toll-free phone numbers </li></ul></li></ul><ul><li><ul><li>Mail order </li></ul></li></ul><ul><li>Put a $ in a merchants pocket &amp; you can do anything </li></ul>Appropriate Places </li> <li> 25. Best Prices for Promotions <ul><li>Great opportunity to liquidate slow-moving merchandise </li></ul><ul><li>Nominal amount </li></ul><ul><li>Consider competitors prices </li></ul><ul><li>Bundle </li></ul><ul><li>Un-bundle </li></ul><ul><li>Fill a bag </li></ul></li> <li> 26. <ul><li>Know your customer </li></ul><ul><li>Make sure to have a balance in all areas of promotion </li></ul><ul><li>Look at sales data for your area . . Plan retail events near peak or trough sales </li></ul><ul><li>Develop a theme and name the event </li></ul><ul><li>Assign responsibility </li></ul><ul><li>Work with the media </li></ul><ul><li>Document the promotion </li></ul><ul><li>Evaluate the promotion </li></ul><ul><li>Involve channel partners </li></ul><ul><li>Have fun </li></ul>Planning Promotions </li> <li> 27. <ul><li>All partners should invest </li></ul><ul><li>Work with an economic development agency </li></ul><ul><li>Look to suppliers for $ or investment </li></ul><ul><li>Have different levels for participation </li></ul><ul><li>Buy &amp; sell space among members </li></ul><ul><li>Lakeland Day &amp; Night </li></ul>Funding Coop Promotions </li> <li> 28. Customer Satisfaction </li> <li> 29. Dynamic Model People Business Property </li> <li> 30. Thanks! More ideas at www.eightpoints.com Market Knowledge , 302.777.2279, [email_address] </li> </ul>