The ads are prolific for the biggest retail sales day (not profit) of the year…Black Friday. However, most businesses including physical retail store never go the extra step of developing a relationship with their customer.
Black Friday Sales are Brisk and Largely Unprofitable – Should Be Viewed As Lead Generation
Shopping Savvy customers are more often than ever making their list of deals, buying the deals and leaving. Cross over selling is declining. This means that most of the sales on Black Friday are unprofitable or just slightly profitable. Attention: take advantage of Black Friday’s increased traffic and look at it as a great lead generation opportunity.
Why Do Retailers Continue Black Friday Promotion If They Are Not Profitable?
If retailers do not compete on Black Friday someone else will grab that customer and there will be a loss of customer loyalty. Several years ago WalMart moderated their Black Friday and holiday promotion strategy and it was costly. Following that season they vowed never to be out of that game again. Since you are in the game capitalize on the the traffic at a minimum with a name and email capture campaign include text messaging lead capture if it is appropriate for your business.
Most Retailers Continue To Ignore A Great Opportunity When A Customer or Prospect Walks In The Door.
Customer Relationship Marketing is a huge opportunity. People want information and want to know “their store cares”. It is insane to focus on recruiting the store staffing with the right image and customer service attitude then not go the extra step to capture name and email address for a follow-up thank you.
For an increasing number of businesses adding text messaging marketing makes sense. However, it will not replace email marketing anytime soon. Email marketing and text message marketing will not replace the positive feeling someone gets when they receive a physical card. There are many businesses that should Send Out Cards.
I advise every one of my clients to implement a relationship marketing campaign. There are numerous success stories. A recent very notable one is a company just beginning to implement a relationship marketing strategy and the results are very positive in less than 60 days. The winter season is the slowest time for their business. There have been cash flow problems in the past. This season is shaping up to be very different in a positive way.
Action Steps:
Develop a customer relationship marketing strategy. Part of the relationship is educating your customer on products, services. Focus on the value you deliver rather than the latest deal.
Get A Business Coach! If you already have a business with more than 10 employees, Hire A Consultant who is able to work with you part of the time on-site.
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About: Steve Pohlit CPA,MBA has been the CFO and COO of major domestic and international companies. Steve has extensive business ownership experience having purchased and started off line and on line businesses.
Steve offers his build business profits expertise to companies and entrepreneurs with business coaching and business consulting. His focus is on building business profits and net asset value at above average rates. Steve incorporates health and wellness plus relationship guidance in his work as they are at the foundation of achieving all goals.
All articles published by Steve unless specifically restricted may be freely published with this resource information.