For a number of years, the focus of retail has been on cost, with big department stores like Kmart as well as Big W making low prices their usual stance.
It is important to remember that not all buyers are seeking bargain-basement prices.
You can get rid of this mindset of budgeting when you’re creative in your marketing plans.
Price versus stature
I recently discovered a shopping center situated in Western Australia that not only recognized its target demographic (wealthy professional) but also adapted its marketing strategy to help the shoppers to transcend that “low price” mindset.
A re-creation of popular make-over programs on TV The shopping center offered customers the chance to schedule an hour-long session for free with a beautician and stylist who will undergo an overhaul of their appearance.
After the restyled models were done, they were photographed, and their photo was then placed on their cover in a fake fashion magazine. Volia A supermodel for the moment!
The cover of the magazine was uploaded to the shopper’s Facebook page in the course of the center’s advertising campaigns.
You can imagine that this post caused quite a controversy among the shopper’s Facebook acquaintances and generated a lot of positive feedback! Just as you’d expect, this caused the buyer to purchase the outfit with a lock, stock, and barrel!
Additionally, this could result in the friends of these shoppers taking their shopping center for the same revamped.
In the six weeks, this campaign ran, it was not just that the retail sales of the shopping centers “specialty shops” improved, and this improvement was maintained for the next twelve months! It was an established long-term habit.
The additional benefit was that the promotion program was solely managed via social media, which resulted in the most effective ROI!
Get involved!
Many times, we see a low cost as a sign of the best value for money; however, what we need to keep in mind is there are specific types of buyers who pay high prices to be considered trendy and stylish!
If you’re struggling to get rid of the budget mindset in your company, you should:
Examine the demographics of your location (these can be downloaded gratis from ABS) and specifically examine how many residents in your area have the highest income levels, have equity in their homes, etc. Also, they are wealthy and have plenty of income that is disposable.
* If the signs indicate positive, I.e., there are plenty of these types of people living in the area, then think about the things these consumers might value in their style. Are they fashionable, do they enjoy gadgets and electronics, do they go to high-profile social occasions?
Think about what you could do to enhance the customer’s experience until the point that the price becomes irrelevant.
If your focus is on emotional fulfillment instead of cost, then you’ll get a happy client who will not only pay a premium but happily recommend your business to other customers.
So, take some time to discuss ideas with your employees and perhaps one of your most loyal customers and develop an initiative that emphasizes quality over cost. If you’re following this route, there is no turning back!
Do you want to push your customers beyond the budget-focused attitude? Then get innovative when it comes to marketing! Learn how some smart stores use social media to convince their customers that they are offering quality worth the price!
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