This Episode: 6 Reasons You Should Do More Promotions
The best retailers have a full calendar of exciting events and promotions. Promotions not only boost your sales by encouraging more transactions per customer, but also set you apart from the impersonal big box stores. Hosting events also fosters a sense of community and engages your customers, leading to lifelong customer loyalty.
What are your thoughts about your store’s promotional calendar? Could you fit in more fun and interesting events?
P.S. Susan and I have put together a brand new one-day workshop to help you with your promotions that we’ll be revealing on Black Friday! But we know how busy you’ll be next week, so if you want to get early access right now, click the link down below!
Rather Read The Episode? Click Here.
Hey, it’s Bob Negen, and in this episode of Real Retail TV, we’re going to explore why promotions are so important for you as an independent brick and mortar retailer.
So before we begin, I’m really excited to announce that on Black Friday, you can get a really, really great discount. Seventy-one percent to be exact on a new program we’re doing with old for a hundred ideas, it’s a program you’re not gonna wanna miss. So the link is down below. Get early access.
See what we’re doing. Sign up. You’ll be really glad you did. I promise.
So now let’s get into promotion.
Marketing guru Jay Abraham shares that there’s three ways to grow your business. Only three ways. Get new customers increase the average ticket your average transaction and get more transactions per customer.
More transactions per customer. Getting your current customers in more often is the best. The most effective way for you to build the kind of business that is valuable. That gives you that kind of sit on the beach with a cocktail out of a coconut kind of money.
And it’s just really, really important. And promotions are a way to get more transactions per customer. And so let’s talk about six different reasons that promotions are so important to the future of your business. So, yes, there’s more transactions per customer on that big broad general perspective.
But other reasons include promotions separate you from your competition.
Particularly the big box stores. Big box stores, brands, the chains. You know, they have sales, but they don’t have the kind of promotions that I’m talking about, the kind of promotions that you as an independent can have. Things that are fun, things that are interesting, things that are cool. So a great promotion coming from you will separate you from the big box, stores, from the big brands. But also if you’re good at promotions, If you have a full calendar, you’re also gonna separate yourself from your competition that are in other independent retailers. So it really becomes a competitive advantage.
The second reason for you to have lots of promotions is promotions are a great way for you to engage your customers.
So there’s this idea of Toma, top of mind awareness. And when you achieve Toma, top of mind awareness, your customers automatically come to you when they want when they need to buy what you sell.
So if I had a pet store and I got Toma top of mind awareness, with a customer, everybody would come to me to buy all of their food and treats. There is a set number of transact that come from, your need for food.
However, as a pet store owner, Yes. I wanna sell you all the food that you need, but I also want to get you in more often.
And that is where promotions come in. You see, when you have a loyal customer, When you have an engaged customer, when you have great promotions that increases the loyalty, that increases the engagement.
The third reason, and it ties in all of these tied together, is it allows you to connect with your community. So you engage at that personal level. You engage your customers but you also engage your community. If you’ve had a great promotion, where you have a store full of people.
You know the feeling of community that you have fostered and you know the sense of community that your customers feel. So they’re engaged. They feel like they’re part of your tribe. And when they feel that way, they’re more loyal, more transactions per customer.
So another reason to have promotions is to strengthen your core strategies. We’ve talked about this in other episodes of real retail TV.
But, so when I was in the Mac and all kite company, when I owned the Mac and all kite company, our number one core strategy was fun. Our tagline was the Maconaw kite company where fun begins. So whenever we would have promotions, we would make sure that our promotions were fun. Right? We had a lot of fun. So people wanted to participate because they knew if they came to our promotions.
Even promotions like sales, they would have fun. We did everything we could to make our promotions fun. It reinforced the fact that we were the fun place to shop, that we were where fun begins.
But the final reason, the most important reason why you should have a calendar full of great promotions.
Is that a promotion makes you money. A promotion builds your sales. You know what I’m talking about. Don’t you? A great promotion will do three, five, even ten times a regular day of sales. And when you build your calendar out, so that there is a robust schedule of promotions.
All of these, five reasons that I just shared with you, they all start to stack on top of each other. Your customers become more engaged. They’re more loyal. Your strategies are reinforced.
You become the store of choice in a world of infinite options.
So if you have been thinking about having promotions in your store.
Now is a time for me to strongly encourage you build out your calendar. If you’re already having a a strong calendar.
Now is the time to say, what else can I do? How can I make my calendar stronger? How can I make my promotions better? How can I make them more effective?
Because, again, what do we wanna do as independent retailers? We wanna become the store of choice in a world of infinite options.
And one of the ways to become that store of choice is to have a robust calendar of really, really great promotions.
Alright. I’m Bob Negen, I would love to hear what you think about your promotional calendar. Put it down in the comments down below. And also, click on the link below. You do wanna see what we have in store for you, and the link will get you early access. To over one hundred great ideas.
Alright, everybody. I’m Bob Negen, and we’ll see you next week.