Improving Retail Sales during COVID-19
COVID-19 has forced retailers to make major changes
COVID-19 has drastically changed the retail landscape. Conventional selling methods are not as effective as before. Customers are even more important than they have ever been.
Chances are your business has been affected by COVID-19 or you may even know someone's business which has been affected by it. Maybe your business is thriving during this tough season and you want to keep that momentum going.
Whichever case it may be, here are 4 steps retail stores can take to boost sales:
Lead generation by capturing contact information
A lead is a person who shows interest in a company's product or service in some way, shape, or form. By far, the most successful methods of implementing lead generation is e-mail marketing, and content marketing. Below are 2 ways to successfully gauge a lead's level of interest:
Coupons: By offering coupons that is deemed valuable to potential customers, they are willing to provide their name, email address, and even cellphone number. This is a good first step for businesses to get their foot in the door in building their brand name.
Content: Unlike coupons which shows the direct interest of potential customers , it is not so straight forward with content (e-books, and articles). Individuals may just simply like a post on social media and have no intention of becoming a customer.
Ultimately, it is best to collect more information to truly determine whether the potential customer is actually interested in your product or service.
Know your customers
It is as simple as it sounds - know your customers!
By truly knowing your customers, your marketing efforts will have more impact on your sales and also your bottom line. You know which customers are more inclined towards discounts, which customers are more inclined towards cash back offers.
And with COVID-19 in the mix, it is probably best to instill a sense of confidence with your customers that all preventive measures have been implemented to ensure the health and safety of the customers.
Incentive programs are powerful tools in the right hands. Successfully implementing the right incentive program can literally grow the business to new heights despite a pandemic going on. The following are a couple of the more used incentive programs out there in the market:
Cashback Reward Program: This reward program is where a percentage of the amount spent is paid back to the customer. The cashback reward program is particularly effective in bringing back customers who infrequent the business. This program incentivizes them to return again in order to receive their reward.
Loyalty Program: Also known as a Rewards Program. Loyalty programs encourage repeat business from customers in order for them to earn greater rewards. Basically, the more frequent customers purchase goods and(or) services, the greater the rewards the customer is entitled to. A loyalty program is a very powerful tool in converting casual customers into loyal customers.
By capturing leads and equipped with the proper incentive program, businesses will not only survive this economically-stricken marketplace but in fact they will thrive!
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