3 Simple Point of Sale Strategies for Your Business
When thinking of point-of-sale marketing, chances are big, colorful displays showcasing new products or special promotions come to mind. Often these displays are found in high-traffic areas, such as near or next to the checkout counter, and showcase the price and major benefits of the offering. With the checkout experience playing a key role in the success of your business, mixing things up with any one of these simple point of sale strategies can help you further engage the consumer and drive more sales. Whether you’re looking to sell a particular product, obtain customer contact information, or want to encourage repeat business, we’re confident there’s a point of sale strategy you can begin implementing today.
Impulse purchases and… gift cards?
In addition to placing small, inexpensive items, such as candy bars, gum, magazines, or low-cost accessories near checkout, gift cards are also a great way to increase each customer’s average purchasing amount. For instance, holding a promotion for a free $10 gift card with minimum purchase, will likely result in a few more items being sold. Furthermore, if the customer ends up gifting said card or buying an additional one for a friend—that’s yet another customer for you. Thus, gift cards make a great marketing tool as they can help grow your business, and don’t require a whole lot of room at your point of sale.
Research and insight
Identifying and discounting a product that isn’t selling well, or even pairing it off with one that is, requires both research and experimentation. For instance, you might find that certain brands of gum are less profitable than certain brands of chocolate. Does that mean removing said brands of gum from your point of sale in favor of more chocolate? Not necessarily. Although chocolate may be more profitable on a unit-by-unit basis, perhaps the lower cost gum sells two-to-three as many units and will result in a greater overall profit. The point is… test your assumptions. Try experimenting with two different products, and see how well they fare together. Which one is more profitable? Which one outperforms the other in terms of unit sales?
With advancements in smartphone technology, point of sale strategies now go beyond creating and placing signage at high-traffic areas around your establishment. Many retailers are now leveraging technology to help build customer loyalty in more ways than one. For instance, by offering consumers more product information and personalized offers through their app, retailers can gather data, such as their purchase and browsing history, to identify future cross-selling opportunities or more individualized promotions. Such practices have been shown to develop customer loyalty, and when combined with your very own rewards program, is a wonderful way to show your appreciation. With gift cards, some good old fashion experimentation, and a mobile app, you can take your point of sale into a new direction that fosters brand engagement and customer growth. Give these point of sale strategies a try today!
Choosing a point of sale strategy will take some time and research, but with the right team of experts, the process can be fun and fast! Call us today at (519) 969-0712 to book your free consultation!