Add Value and Define a Unique Selling Proposition
by Cashier Live
As a small business, you try to gain all the leverage you can in this economy. The Internet has the potential of making it easier to connect with potential customers, but social media and search engine marketing can be confusing. Traditional ways of marketing still work but they aren’t as effective as they once were.
The Internet & mobile phones have given consumers the power to easily comparison shop or even make purchases online. In order to connect with consumers, successful small retailers are consistently keeping up with consumer trends, and adjusting to the changing landscape. One such trend is the focus on getting value for each dollar spent.
Consumers in this economic climate are looking for value. Charging less for a product or service does not cut it anymore, so you’ll need to surpass expectations to win business. These so called “value shoppers” are looking for the best bang for their buck, and they’ll stretch their dollars as far as they can.
Here are some ways to connect with this kind of shopper:
1. Rather than discounting an item or service, try adding additional value. This may entice people to walk through your doors to take a look. Discounting may seem like the way to go, but it can have the opposite effect of creating a negative perception of being “cheap”. A great way to do this is with free consultations or by adding complementary products or services.
2. Redefine the value of your products or services by finding a unique selling proposition. Creating a unique selling proposition means you’ll need to define unique characteristics that separate your store from competitors. This communicates a clear message to your customers about why they should buy from you and not somewhere else. Think about what you want your store to be known for and focus on that. For example if you have a big box competitor, you might want to focus on great customer service. Don't compete on price, compete on something you excel at!
By adding value and defining a unique selling proposition you’re on your way to retail success. Connecting with value shoppers is key in any economic climate, but especially the one we find ourselves in today. Provide something unique and valuable and the customers will come!
Sources: Challenges of the future: The Rebirth of Small Independent Retail in America by Jack Stanyon (www.retail-revival.com/ChallngsFutr_083004.doc) Wikipedia, Unique selling proposition (http://en.wikipedia.org/wiki/Unique_selling_proposition)
The Internet & mobile phones have given consumers the power to easily comparison shop or even make purchases online. In order to connect with consumers, successful small retailers are consistently keeping up with consumer trends, and adjusting to the changing landscape. One such trend is the focus on getting value for each dollar spent.
Consumers in this economic climate are looking for value. Charging less for a product or service does not cut it anymore, so you’ll need to surpass expectations to win business. These so called “value shoppers” are looking for the best bang for their buck, and they’ll stretch their dollars as far as they can.
Here are some ways to connect with this kind of shopper:
1. Rather than discounting an item or service, try adding additional value. This may entice people to walk through your doors to take a look. Discounting may seem like the way to go, but it can have the opposite effect of creating a negative perception of being “cheap”. A great way to do this is with free consultations or by adding complementary products or services.
2. Redefine the value of your products or services by finding a unique selling proposition. Creating a unique selling proposition means you’ll need to define unique characteristics that separate your store from competitors. This communicates a clear message to your customers about why they should buy from you and not somewhere else. Think about what you want your store to be known for and focus on that. For example if you have a big box competitor, you might want to focus on great customer service. Don't compete on price, compete on something you excel at!
By adding value and defining a unique selling proposition you’re on your way to retail success. Connecting with value shoppers is key in any economic climate, but especially the one we find ourselves in today. Provide something unique and valuable and the customers will come!
Sources: Challenges of the future: The Rebirth of Small Independent Retail in America by Jack Stanyon (www.retail-revival.com/ChallngsFutr_083004.doc) Wikipedia, Unique selling proposition (http://en.wikipedia.org/wiki/Unique_selling_proposition)