Promotions are as important to micro market success as the products and service. Without the special deals, incentives and merchandising that come from promotions, micro markets get stale and sales dwindle as the newness wears off and product fatigue.
With 365 Retail Markets’ NEW backend system, ADM, it’s easy to plan and implement promotions that will drive up same-store sales in your micro markets. Here are some promotions to try in the next few weeks.
When consumers pay with their micro market accounts, it saves operators money and eliminates per transaction processing fees. Instead, the money is simply deducted from the account with no additional cost to the operator.
Operators can use some (or all) of the money they save in transaction fees to encourage more customers to use their market account. Create marketing materials that say, “Add funds to your 365Pay App and receive an extra 10 percent on us!” for example.
During a product’s slow season, such as hot coffee in the summer, give a discount. Even a small amount, 10 or 25 cents off, might provide a sales lift. Offset the cost by raising the price on iced or cold items elsewhere in the micro market. 365’s ADM makes remotely changing prices on items in all your micro markets quick and easy. By clicking a few buttons, prices are changed everywhere with no manual labeling or deployment of service technicians needed.
Partner with brands
Spring and summer are when many brands launch new products. Talk to brokers, distributors, manufacturer reps and buying groups about what’s coming up. Build a program around special pricing they offer or even repurpose their branded marketing materials.
365 Retail Markets saw the opportunity for promotions at work and partnered with Advana, which together, they’re connecting brands to consumers at work. Advana allows operators to show their consumers what’s in their markets and what they should be purchasing.
Create a commercial plan and implement it throughout the year. Staying consistent with commercials will help with customer interaction and drive sales.
Play with holidays
Use an upcoming holiday for inspiration on new products and promotions. For St. Patrick’s Day, give a 25-cent discount on all green drinks. 365’s ADM makes it easy to search for flavors and products that fit your criteria and then effortlessly change the price across locations.
Another great way to get customers’ attention is to play with holiday specific products and flavors. Introduce a single-serve, prepackaged carrot cake or a new flavor of the marshmallow treat associated
with Easter. Purchase a limited quantity with the idea to sell out. The novelty will overcome a higher price point than everyday items.
Offer local experiences
Consumers today love the idea of local, unique experiences. Draw on that enthusiasm by partnering with events or attractions right in your area. Buy a block of tickets and create marketing materials around it. Hold drawings for the tickets from your micro market customers. Encourage those who don’t have accounts to add them at the 365 micro market kiosks in order to be entered. (Make certain to check with your local government in case there are rules to follow for drawings and raffles, such as ensuring no purchase is required to enter.) Check out local museums, planetariums, park and recreation events or even urban scavenger hunts for constantly new prize options.
Regardless of the type of promotion, it is important to set a calendar to track it and all future promotions. Ensure there is always a promotion running and one coming up. Monitor sales before, during and after. Compare the sales to the same month last year to determine the promotions that worked. Not every promotion will net you more sales, but ALL will make the micro market more exciting to your customers, which makes trying new promotions less risky.