The Ontario economy has fared better than most of the US states have yet it has lagged far behind Alberta and Saskatchewan. 2012 has brought some upward momentum yet retailers can’t rely on growing consumer spending to give their business a boost. Retailers need to avoid aggressive discounting that is so rampant today and use more creative, innovative, and appealing promotional methods. Discovering new techniques can help you avoid the no win situation of lowering profit margins.
Price is on shopper’s minds, however what they really want is to feel good. Getting good value makes them feel good. That’s what branding is all about and why consumers will pay premium prices for some products.
Does your packaging make customers feel good or feel better? Do your products exude value?
Challenges for Ontario’s Economy Mean we Have To Work Smarter
The Royal Bank has forecast that the Ontario economy will accelerate in 2012, edging upwards to the national average. RBC expects Ontario’s real GDP to climb to 2.5 per cent in 2012 which is slightly less than the 2.6% growth expected nationally. Great news if you’re a manufacturer. RBC’s provincial outlook lays out its growth projections for all the provinces. Although government cutbacks have constrained growth in 2012, Ontario’s automotive manufacturing and new housing construction sectors have been solid. The higher priced Loonie and higher price of oil are no doubt having an impact on business investment and on Ontarian’s retail spending habits. There’s challenges and we can meet them by being more creative with product assortments, bundling, exclusive offers, and some creative discounting. Which have you tried?
Appeasing Demanding Consumers
While consumers aren’t desperate, they are more educated, informed and demanding than ever, and they are looking for good value. But value is in the eye of the beholder/shopper. The economy’s uncertainty means out of control spending won’t be common. They’re also carrying a lot of debt and dreading a rise in interest rates. That could encourage them to be mindful of lasting value in their purchases. Online marketers know how transient shoppers are which is why you need to work hard to convert your foot traffic by building interest and ensuring they return to the store.
To connect better with today’s smart shoppers, here’s our top 20 retail sales tips:
- Bundle products to maximize overall value for their purchasing dollar
- Use sms texting to make instore offers so you don’t lose potential sales
- Create instore events to attract your website visitors to
- Use taller floor POP displays to get attention
- Use attention-getting cardboard shelf displays to make your products stand out
- Offer 3 for the price of 2 products
- Change your onshelf stock frequently to create look of scarcity and to create a visually different array of products – change gets attention and perks interest
- Offer a contest where all entrants win something of real value
- Accentuate your products lasting value or that how satisfies the needs of many family members
- Try exclusive offers – (e.g., for Facebook users who will then mention your store to their friends)
- Use several unique cardboard standees outside your store – use relevant eye catching images and a great emotional hook to get them in. Rotate rotate them every week to keep it fresh
- Use QR codes on your displays to give shoppers access to special discounts – they’ll opt in and give you an opportunity for direct sales
- Offer discount coupons for their next purchase
- Use interests collectibles/artifacts to make your store look more unique and interesting
- Work on your store’s unique value proposition – what is it that makes it easy for shoppers to recognize your store and its value?
- Create an instore event – hire a celebrity to host a contest or sign autographs
- Make your store a destination all the time – don’t wait for holiday traffic
- Provide a popular/cool item as a free gift with purchase over a set dollar amount
- Advertise online – use local Google ads and SEO ensure your business is visible online
- Use low priced staple type product as a loss leader – (e.g., cheap underwear to get people buying new pants, or cheap tennis balls for those buy a new racquet or tennis shoes)
For more creative instore promotions and POP retail tactics to help you boost your brand visibility and make your sales promotions more effective, contact Ravenshoe Packaging.
Confused about which are the best POP displays for your next campain?