Offering discounted prices is one of the most common strategy retailers use to increase sales and encourage customers to buy their products online or in-store. Although this is a practical solution to move your inventory, it can risk shoppers’ perception of your business if you don’t employ it carefully and wisely. It might damage your reputation. It might also wreak havoc on your authorized reseller’s business and your minimum advertised price (MAP) policy. In order to drive sales and keep your reputation intact, you need to think of other more efficient ways to give more value to your customers. Put simply, you need to give them an experience that they’d be hard pressed to get anywhere else so that they would choose you every single time.
Offer Your Customers Unparalleled Service
People are more likely to buy from you and become repeat customers if the shopping experience you offer is above and beyond what your competitors offer. You can make certain that you meet and even exceed customers’ expectations by ensuring that your customer service representatives are well trained, are equipped to handle all kinds of customers, and know how to give appropriate assistance to customers at every stage in their shopping journey.
You can also give rewards to your loyal customers and encourage repeat business by inviting customers to sign up for your loyalty program. Benefits like exclusive shopping events or significant discounts can entice your loyal customers to stay faithful to your brand and even recommend your business to their friends and family.
Exclusivity Is Key
When you sell products that are the same as or comparable with your competitors, it can be tough to justify selling yours at a higher price point, particularly in extremely competitive markets where changes in pricing are heavily monitored. However, what you need to realize is that many people would be willing to pay extra for products that are exclusive. For example, if you sell clothing, consider offering limited edition items made in collaboration with local designers each season. You can leverage exclusivity by offering your loyal customers first looks on products that you have yet to release to the public through exclusive in-store events or offer loyal online shoppers first access to online deals and limited edition items.
Don’t Forget About Convenience
Basically, you need to really think about how you can make the shopping experiences of your customers as convenient as can be. For example, you can offer in-store pickups, same-day, next-day, or free shipping to make buying items easier on your customers. In addition, you can make your returns process more streamlined and offer plenty of payment methods to give your customers more flexibility when paying for their purchases.
Always keep in mind that your customers are what keep your business thriving. They’re the bedrock for future growth and source of your revenue. Following the advice mentioned above can help serve your customers better, give them better value, and make them more loyal to your business, which in turn can help you discover more effective strategies for growing your business.