All retail business owners know that Valentine’s Day has become a day of high importance and an opportunity to sell large volumes in such a short period. So how should retailers prepare?
We asked retail support services provider, eXPD8, to give us some top tips on how to efficiently manage your in-store promotions leading up to this highly competitive seasonal time:
Love your store
Make sure your store is appropriately decorated for the occasion. It is essential that stores become a marketing medium and retailers must ensure that promotions stand out, and that Point of Sale (POS) is accessible throughout to avoid losing potential customers. Typically, only one in six shoppers visits all the aisles in a store when shopping.
Live sampling and demonstrations are ideal for promotions as they allow potential customers to see the benefits and influences of the products. Offer tasters of chocolates or strawberries and you will see a return in your investment. Good promotions will also ensure repeat visits and an increase in basket spend.
The power of POS
83% of unplanned purchases are driven by promotions – so accurate price and clear POS is essential to attract customers. POS must be placed in strategic areas such as at the entrance of the store and on end of aisle displays where they are more likely to be spotted. Having several POS throughout the store is extremely efficient as it targets the customer multiple times and ensures ultimate visibility. If you are sending POS packs directly into stores, do not assume it will get sited in store. Within convenience for example, some promotional compliance can be as low as 50%. Build in a process to check that POS has arrived in store, either by making a phone call to every store or engage a field marketing company to call into the store.
A retail audit can provide invaluable up-to-date information about the status of your products, POS and promotions in store. Our teams can take corrective action to ensure that by the time they leave the store, your products are fully merchandised to planogram, showing the correct price and make sure that any relevant promotions have been successfully implemented.