PART SIX- PROMOTE LOSS LEADERS- IDEAS FOR LOSS LEADER MARKETING STRATEGIES
ALWAYS AFTER A DEAL
Have you ever brainstormed strategies to get people into your store, thinking that it’s easier to sell more products if you could just get more people to come in? There are many ideas for loss leader marketing and one frequently overlooked is using digital signs to promote loss leaders.
Many managers come up with good ideas for loss leader marketing programs. They’ll drop the price of a specific sale item to act as the carrot needed to get more movement into the aisles. Then, hopefully the new bodies will linger a bit considering other full-price items too. It’s a good strategy that often works!
It happens to me all the time with McDonalds. I will go in for the $1.00 iced tea and end up tagging on a burger or bag of fries, even though I really just wanted to spend a buck on the drink initially. Getting me in the door also enables me to see all the cool items available, and I subconsciously lock those away for future buying decisions.
WHAT MEDIA WORKS BEST?
The big issue is not whether a loss-leader strategy works, the question is, “What is the best way to promote it?”
Many try special newspaper and radio ads to lure people in but, when you consider the broad reach of newspaper and radio, many dollars are wasted not hitting the true target: the drive-by market. Some people, correctly understanding their targets, will hang custom banners out in the front lawn to promote the special items each month. They pay lots of money and create lots of work, plus frequently the banners droop and get dirty, or blow away in the wind, making it even tougher for consistent and effective promotions.
- Easily changeable- Special promotions can be scheduled in advance;
- Gets attention of the market most likely to respond- those directly passing your store;
- Promoting a loss leader can be rotated in with other ads including co-op ads, community bulletins, time and temperature, other non-promotional items and services.
Read about the Other Benefits of Digital Messaging below and consider your own best options for going digital!
Contact: Mark Hackley, Account Executive 540-416-3154