We read an interesting article this week about allowing your business to move outside pure pricing strategies as you attempt to attract new customers and keep the old ones coming back. If you focus purely on discounting and aggressive pricing strategies you are in danger of becoming one dimensional.
Other key ingredients for attracting customers are quality, new ideas, exclusivity, and convenience.
- Quality, because it is still a key factor for most customers and is an excellent counter to cheap prices. You never have to apologise for giving your customers good quality.
- New Ideas, because they excite customers and make shopping an enjoyable experience. Shopping is often seen as an adventure. New ideas in products and the way you present your products (merchandising) will make you more attractive.
- Exclusivity, because you take the focus off price and put it on to desirability. Even just one or two lines that nobody else stocks can create a customer magnet. One of the drawbacks of operating a market stall is size. It is often difficult to equal the offerings of larger retailers but customers will forgive you if you show them something that nobody else has. You are seen as a leader rather than a follower.
- Convenience, because it is easy to create and rounds off the whole package. Offering extra convenience to your customers often costs little more than extra sweat.
If you can stay flexible and include all these ingredients in your market presentation you will maximise the appeal to new customers and keep the old ones coming back.