Name Your Price Experiment for Retailers
Why?
- Find out what price is right (at least how your customers see it.)
- Grab attention.
How?
Advertise that for today (or this week) this product can be bought by what the customer thinks is the fair price. The product should not have an MSRP printed on it (like a book), and an important part is, that they read (and maybe sign) explanation for why you are doing it. Most important, is including what is involved in pricing a single product in the shop (explaining the cogs, how long they stay on the shelf on average and how much that costs, shipping to the store, cost of money “sitting in it”. Basically, show them the real cost for the store of offering them the product.) Then they can buy it for what they think is fair.
An analysis should follow this experiment to find out if there are interesting patterns of behavior.
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Get Them to Buy at Least Two and Also Help Spread the Word
Why?
- Higher transaction size.
- Help spread the word.
How?
Offer them the following: they can get the product they chose for the regular price, or they can buy another product (either the same or another) and get a nice discount for both, but only if the second one is going to be a gift for someone. If it’s a consumable, you might want to have a permanent sticker on it saying “A gift to X from Y – brought to you by YOUR BRAND NAME” so they are more likely to gift it. If it’s not and it’s the same product (like two copies of the same book), then that is optional.
In any case, even if they don’t gift it, it will still help grow your transaction size. If they do, it will also help you spread the word about you and the product.
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First Day Book Dust Cover
Why?
Encourage people to buy on the first day of availability (or pre-order), and make these into a collector’s item.
How?
Print special dust covers that only those who buy the book on the first day get.
Can also be done with other products like games, playing cards, toys, etc.
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The Complete Guide to Reducing No-Shows and Preventing Losses
Why?
No-shows are bad in many ways. Emotional (disappointment, anger, resentment, etc.), behavioral (what shall I do now), and of course financial.
How?
A book that explains all the proven strategies and tactics you can use to reduce no-shows. All the theory and psychology at work, and give practical advice with examples for many different situations (dentist, restaurant, etc.)
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Joint Retail Store Events That Attract Customers and Partners
Why?
- You want to attract customers.
- You want extra income streams.
How?
By looking at the demographic and psychogenic markup of your current customers, you can find out other things that a large part of them are in-market for. Things that interest them or they are looking to buy.
You find such an interest area that does not contradict your brand, and find good partners in that field. Invite these partner(s) to do an event with you at your store.
Your customers will appreciate it (the large group that is interested.) The partner will like the new business and clients they get. And you’ll get a commission on sales from the partner.
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