RETAILOBSERVER.COM SEPTEMBER 2023
6
Moe Lastfogel
moe@retailobserver.com
Moe's Musings Views
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T
oday's consumer wants that extra something – and being up against
MSRP, UMRP, and the Internet, retailers are expected to include gifts
or offer incentives. Consumers have more confidence these days, and
they seem to be thinking "If I purchase from you, what extras are in it for me?"
With pricing below set standards now "against the rules," you have to come
up with better ways to entice customers to make a purchase – most
importantly, a purchase with you. A few retail chains around the country are
offering various-sized TVs with the purchase of a complete kitchen, mattress
or bedroom/living room set. As consumer electronics prices drop, this seems
to be a small marginal blow to the bottom line, if purchased at the right price.
At many of the shows and buy fairs I've visited this year, the opportunities
to find unique incentive and promotional items were boundless. Some ideas I
came away with seemed so obvious, but many retailers still are not using
them. Examples of the enticements included: pillow and comforter sets with
mattress and bedroom set purchases; kitchen utensil and decor packages
with kitchen purchases; or small appliances or pot and pan sets.
I recently toured Lake Industries (www.lakeindustries.com) to meet some
of their Premium Solution Products – pots and pans, knives, and countertop
appliances. Dacor and AGA Appliances and Pacific Sales have both used
these products in their promotions with great success. I remember many
instances when I used to sell kitchens, where the cook of the household
would inevitably remark on how they now needed new pots and pans to make
the purchase complete. How many more customers would we have lured in,
if we had advertised those as incentives?
I would like to hear what your store does to make the buying decision
sway in your favor. What kinds of promotions do you run? What incentives
do you offer your customers that have aided in the buying process? Is
customer service still all you offer, and is it working for you with today's
"WEAIIFM" (What Extras Are In It For Me) mentality? Please contact me at
moe@retailobserver.com to share your thoughts.
tribgroup.com
WHAT EXTRAS
ARE IN IT
FOR ME?
