Our March issue of Better Wholesaling focusses on promotional strategies and how to create the right deals for your customers.
Here are 8 tips from suppliers for choosing the perfect promotion.
1. Offer the real deal:
Online shopping allows consumers to compare offerings. If you’re going to run a deal, make sure it’s the real thing.
2. Get the balance right:
Balance internal, buying group and supplier promotions carefully to avoid negating existing deals and confusing shoppers.
3. Don’t race to the bottom:
Look carefully at price points and volumes sold, to discover what the potential ‘sweet spots’ could be for your pricing strategy.
4. Be seen:
A good promotion is no good if no one sees it – good point-of-sale material and signage help to interrupt ‘top up’ shopping missions.
5. Back it with investment:
Successful promotions need backing but not just financially – suppliers must invest time and resources in-depot.
6. Measure success:
Track how well promotions have performed at wholesale and at customer level.
7. Go multi-channel:
Reinforce your promotions on social media and hold sampling events.
8. Don’t forget the basics:
Make sure that availability and the overall shopping experience are seamless.