Thursday, 28th February 2019 | Sales,Marketing

Increase your average receipt with POP sales

Point-of-purchase sales, coupled with compelling displays and meaningful marketing, have the power to increase revenues. Here’s how to make POP offers work for your business.

Point of purchase sales are 'POP-ping' up everywhere. Commonly referred to as POP sales, you’ll recognize them as physical displays located at the check-out in retail stores and restaurants, and as last-minute electronic offers that online retailers tempt you with upon check out.

Is there more you can do with your POP sales?

Whether it’s an eye-catching display for the newest lipstick or chocolate bar in-store, or an upsell on insurance when booking a car rental online, point of purchase sales present a win-win situation for both buyers and sellers alike. For buyers, a POP display or offer can be a helpful reminder that they forgot to add a necessary item to their cart. For the seller, these POP sales can quickly add up (regardless of price) to increase the average revenue on each receipt.

Below, we dive into the benefits of POP sales for you as the seller, and the best practices for creating an effective point-of-purchase system that will increase your sales.

The retail benefits of point-of-purchase displays and marketing

Connect with your customers at a crucial time. Whether buyers are browsing in-store or online, they’re likely bombarded with products and messages at every turn (or click). There’s only so much information they can absorb. But, the check-out presents a critical moment when they’re in a purchasing mindset. That’s why POP displays work so well in increasing sales: retailers connect with customers when there’s less overwhelm from other products at the exact moment when they’re ready to buy.

Versatile POP displays enable you to change thing up. For in-store displays, many retailers are taking advantage of modern, digital printing to change up their POP sales. Smaller print runs and custom designs means you can conduct A/B testing to see what works (and what doesn’t) and revise your POP displays accordingly. For online retailers, flexibility in POP sales are often limitless and simply require new images and small tweaks in back-end website coding.

Point of purchase systems are relatively affordable. Creating an online POP sale doesn’t typically require any additional investment as a retailer. While custom, in-store displays and offers will require an initial investment to create the marketing materials, retailers such as pharmacies, hardware stores and cafés can create permanent in-store fixtures as a one-time investment. Then, they simply swap out the products depending on the season or demand. 

Best practices for profiting from POP systems

Command attention with your POP display. If your point of purchase is a crowded one, your POP display or offer needs to be eye-catching to stand out. Focus on implementing bright, bold colours and large fonts. If a point-of-purchase offer blends in with the rest of your retail space (or online store), it’s likely that buyers will breeze past it.

Offer additional value. Everyone loves a good deal. You can further intrigue buyers with a POP offer by giving them additional incentives. This is a common tactic used by online retailers where last-minute items are offered at a discount upon check-out. Consider how airlines offer you a deal on travel insurance with your airfare, which is significantly cheaper than purchasing the insurance on its own later. Discounts, coupons and other offers like these help to increase a buyer’s desire and convert more of your POP offers into sales.

Add digital intrigue. Adding a digital element to your POP sale can enhance its intrigue; bonus points if it’s interactive. Instead of playing a video on repeat, consider a brief interactive quiz for your customers that customizes their product offering. Or, an entry screen where they can input their email address to receive future discounts from you, but also rewards them with a coupon that they can redeem on the spot.

Use clear and concise messaging. Whether you maintain an e-store or physical location, compelling messages are essential. And, since many buyers hurry through a check-out, your marketing needs to focus on only a few words. Do your best to say more with less; consider using five to seven words to sell. Today’s shoppers are savvy and have more pre-purchase information than ever before. So, detailing every single product feature isn’t usually necessary for these last-minute POP offers.

Measure your point of purchase effectiveness. As simple as it can be to implement a POP display, it may not have effectiveness year round. Key to implementing POP systems is measuring your return, and knowing when (and how) to use it to drive further sales. Keep in mind that there’s a fine balance between driving additional sales at the check-out and driving buyers away entirely with overly pushy tactics at the point of purchase.

Point-of-purchase systems, coupled with compelling displays and meaningful marketing, have the power to drive each individual sale higher. No matter what type of business you have, POP sales tactics like these could increase the value of each receipt with minimal investment on your part. Consider the benefits and best practices mentioned above to tack on additional sales to each buyer at that critical moment of purchase.

Read Also

Self-care tips for entrepreneurs to help manage your mental health

Business ownership is stressful at the best of times but when you add a pandemic that involves operating restrictions and lockdowns, the pressure can be overwhelming. Entrepreneurs handle so many responsibilities and attending to their mental health can sometimes take the backseat when in fact it should be a top priority. Entrepreneurs are actually 50% more vulnerable to mental health problems than the general population, according to a study by University of San Francisco researcher Michael Freeman. 

COVID-19 has taken an economic and mental toll on small business owners so now, as restrictions are being lifted, is the time to address and manage stress. Here are some self-care tips for entrepreneurs and small business owners. 

Be kind to yourself

Treating yourself with care is a key foundation to strengthening your mental health but what, exactly, does it entail? Be gentle with yourself. Don’t beat yourself up over mistakes. Watch for (and try to eliminate) negative self-talk. Anything that you can do to boost your comfort, security, and self-esteem might fall into this category. We share more specific ideas below.

Limit your social media consumption

Social media invites users to compare themselves to others. Curated accounts foster envy and even posts from family and friends can ignite negative thoughts. Set limits for yourself, bearing in mind that if you use social media for your business (and you should be!), you won’t be able to go completely cold turkey. Plan accordingly. 

Manage your screen time

Social media aside, many people use screen time to relax, tune out, and wind down. Binge watching shows on Netflix is a great way to escape, but like most things, it’s best in moderation. Stick to a set number of tech-free hours every day. 

Get outside

Even a short while in nature can act as a natural mood-booster. Take a tip from the Japanese and go forest bathing to fight stress and recalibrate. Just make sure you leave your phone at your desk.

Schedule “me” time 

Running a business is a 24/7 endeavour. It’s far too easy to go weeks or even months without a break which is why it’s essential to schedule time for yourself. Identify activities that make you feel good and block out time for them. Physical exercise, social time, and creative projects are all effective ways to benefit your physical, emotional and mental health. 

Set boundaries

Saying “no'' can be challenging for many people but when you’re running a business it can feel especially risky. Acknowledge that you can’t do everything for everyone all the time. Manage people’s expectations by being clear about your boundaries. 

Take a deep breath

It might sound silly but you can affect your mood with the way you breathe. When people are under stress they tend to take shallow sips of air. Stopping and allowing yourself a lungful can actually help you calm down and recalibrate your mood.

Develop healthy habits

Mental health is tied to physical health so one of the most effective ways to boost your mood is to break a sweat. Complement regular exercise with a balanced diet, lots of water, and sufficient sleep and you’ll be on your way to overall wellness. 

Entrepreneurs are busy people who have limited time to properly attend to their mental health. By following the tips on this list, you’ll quickly and easily tweak your lifestyle to improve your mental health.

Management

Start your holiday planning now: How to make the most of the 2021 season

Even in the best of times, the winter holiday season is a key earning period for small businesses but this goes double in 2021. After more than a year of uncertainty and lost sales due to the COVID-19 pandemic, Canadian small businesses will need a prosperous holiday season this year to recoup some lost revenue. Take action towards your end-of-year success by putting the wheels in motion—now. With more than half the year gone by, now’s the time to trade your thoughts of sunscreen and sandals for stockings and snowmen and get your seasonal plans in place. Read on for three key areas small businesses should attend to now for a stellar holiday season. 

Inventory

Inventory is a constant task for retailers. You’ve got to make sure you have enough stock (empty shelves are a terrible look) but not too much that you take a loss on clearance markdowns. This problem can be compounded with seasonal stock—ask anyone who’s tried to sell an Elf on the Shelf in April. 

You can avoid the major inventory pitfalls by having a plan. 

  • Start an inventory document. You’ll have enough on your plate without trying to remember whether you ordered 100 or 1,000 units of tinsel.
  • Review last year’s sales data to refresh yourself on the tactics that worked and those that didn’t, and use that data to anticipate your sales for the upcoming season. Take note of the hot items and remove slow sellers from the list. 
  • Survey existing inventory to avoid repurchasing items you’ve already got.
  • Analyze the current year’s trends to prevent overbuying and overstock, then make a list of what you need. Remember: frequent re-ordering is a better strategy than massive one-time buys to keep your shelves full and your cash flow, well, flowing.
  • Reach out to your suppliers as soon as possible to take advantage of early-order price incentives.

eCommerce vs bricks-and-mortar

Some stores that were originally bricks-and-mortar found new markets online during the pandemic and in the coming year it’s likely that many retailers will be offering an eCommerce and bricks-and-mortar hybrid model. Plan now for how your holiday online shopping and in-store experiences will work.

Consider the following:

  • Will you provide the option to buy-online-pick-up-in-store (BOPUS), in addition to in-store shopping? 
  • Will you offer delivery or shipping? 
  • What about curbside pick-up?
  • How will you handle exchanges and returns?
  • What restrictions will be in place in-store, and how will you enforce them?
  • Do you plan to offer your customers sanitizer and masks? And if so, you’ll need to order them, now!

Create a logistics plan far in advance to account for the eventualities of your 2021 holiday shopping experience. 

Marketing

Marketing is always a key component for retailers going into the holidays and the 2021 season will be no different. One change, perhaps, is that social media will likely play an even greater role than in past years. During the pandemic, many retailers relied on social media to communicate with customers and sell merchandise. In fact, according to business consulting firm Grand View Research, the global social commerce market was valued at US$474.8 billion in 2020. If you plan on developing a social media content and advertising plan, consider what products or services you will be promoting on social media ahead of time. 

Aside from your social media concerns, there are also countless other marketing tactics to consider:

  • You could run ads in print or online. 
  • Direct mailings like flyers or brochures can attract new customers, as can digital mailings through email.
  • A partnership with another company might allow you to tap into their customer base.
  • Special offers, discounts, and coupons can bring in new leads.
  • A contest or other special event is effective at raising brand awareness and stimulating sales. 
  • Use your data to create holiday-themed promotions. 
  • Branch out thematically and increase sales opportunities by keeping alternative holidays like Black Friday, Small Business Saturday, and Cyber Monday in mind.

There’s no shortage of holiday preparation tasks but advance prep in these three areas will get you off on the right foot and on the way to a prosperous 2021 season.

Marketing ,Management

Customer retention best practices for your small business

It’s common knowledge that it costs less to keep customers than to acquire them, but have you ever put a price on it? According to research from Bain & Company, “a 5% increase in customer retention produces more than a 25% increase in profit.” This, they say, is because repeat customers are likely to spend more money with your brand over time. They are also likely to refer you new business. Put simply, investing in customer service to make sure your customers have consistently positive interactions is good for your bottom line. Read on for top tips on retaining your customers.

Maintain consistent business hours

One of the joys of owning your own small business is the flexibility and ability to manage your own schedule. However, unpredictable operating hours could be costing you. Your customers are busy too and wasting their time is a quick way to lose their business. Be consistent with your business hours so customers can plan to visit with confidence that you’re open.

Keep your website and Google My Business listing up to date

If your website lists out-of-stock merchandise, last year’s pricing, or services you no longer offer, your customers may well feel like they can’t trust your business. Make sure everything is up to date, including your hours or location, across platforms. 

Offer online shopping or other options

Even though retail is reopening, many customers have become accustomed to shopping online. This doesn’t necessarily mean you have to sell your services or products online, but offering the flexibility of custom orders in cases where customers don’t feel comfortable returning in-store shows respect and thoughtfulness. Also, consider offering phone and email ordering with the option to pick it up or have it delivered. Seamless transactions that suit your customers' needs will go a long way to ensuring you get repeat business. 

Communicate with your customers

Your website, social media, email, and even newsletters are all ways to communicate with your customers. Figure out which works best for your industry and reach out. Regular communication keeps your business top-of-mind, but make sure you don’t flood your base with overly frequent messages. 

Train your employees around customer service 

Think of your team as brand ambassadors—because that’s what they are. Your employees are the face of your business and how they interact with your customers will inform your reputation. Make sure your employees are trained to provide top-notch customer service.  

Get personal

Nobody likes to feel like they’re just a number. Take the time to learn your customers’ names and a little about their lives. Encourage your employees to take time with your customers rather than rushing them to the till. A little human interaction goes a long way.

Reward loyalty

Loyalty programs can be as simple as a punch card or as complex as a multinational campaign. Giving your customers a little extra when they return is an effective way to keep them coming back, while showing your gratitude for their business. Points programs and discounts are easy-to-implement strategies that will make your customers feel valued. 

Resolve issues quickly

Perhaps a product doesn’t work as intended or a service doesn’t meet expectations. Sometimes, despite your best efforts, things go wrong. These occasions are opportunities to deepen customer loyalty. If you can resolve the issue quickly to your customer’s satisfaction you’ll build trust with your customer so they feel confident enough to return next time. 

Show gratitude

Many consumers have demonstrated their willingness to support small businesses, especially right now. Acknowledge that you appreciate them. A simple thank-you goes a long way and a grateful approach will help ensure your customers keep coming back. 

So much of customer retention comes down to simple customer service. Follow these guidelines to give your customers a positive experience every time they interact with you. Your reputation and your bottom line will thank you for it. 

Management

4 winning strategies to make your loyalty program a success

We’ve all heard about job loss, missed school, and the overtaxed health care system, but a surprising consequence of COVID-19 comes from the business sector. Pre-pandemic customer loyalty is all but a faint memory. According to a McKinsey & Company report, consumers around the world have changed their shopping practices during the crisis, including trying out new brands. The result? Changes in brand preference. The communications firm Ketchum found that nearly half (45%) of consumers surveyed changed their preference for at least one brand, and a majority (62%) anticipated that these shifts would be permanent. 

All this upheaval creates yet another challenge for Canadian small businesses, but planning—and a solid loyalty program—will encourage more devotion from your customers. If you’re looking for ways to incentivize your customers, you’ve come to the right place. Read on for four winning strategies to encourage customer loyalty.

What is a loyalty program?

If you’ve ever used a buy-ten-get-one-free card, a coupon, or referral link, you’ve taken part in a loyalty program. Simply put, these are incentives designed to attract and keep customers by offering something back in return for their patronage. Implemented properly, loyalty programs can not only attract new and repeat customers but also foster positive associations with your brand and even your staff. 

Like anything else in business, there are best practices for loyalty programs. These four strategies will help you design a winner. 

Loyalty program best practices

1. Make it simple to use

Your loyalty program will not work if it’s too complicated. Make sign-up easy (or non-existent). Avoid multi-step ideas that may cause customers to abandon the program. Be flexible to accommodate real-life situations. For example, if a customer has forgotten their loyalty card, issue them another and allow them to combine stamps for redemption. The simpler your loyalty program is to use, the better. 

2. Make it easy to redeem

Customers use loyalty programs for the rewards, so make sure they can easily redeem. Don’t make them jump through hoops. If they earn it, they deserve it. Simplify the process by asking for customer information upon sign-up, not when they want to redeem. Nothing turns a customer off like feeling they’ve been duped so make sure your redemption process has no nasty surprises. 

3. Have few to no restrictions

Don’t complicate your rewards program with too many restrictions. For example, if you have a points program, don’t limit what they can be used to redeem. This kind of “small print” will only erode the goodwill you’re trying to foster. 

4. Keep time to reward short

Your customers want to realize the benefits of your program as quickly as possible. Your program will never get off the ground if it takes too long for customers to be able to redeem. Make it easy for your loyal customers to start earning points right away and be reasonable about the amount a customer is required to spend or the number of times they have to visit before they have accumulated enough points for a reward.

A customer loyalty program can be the right strategy to bring customers back to your brand—and to attract new ones. These four simple best practices will guide you toward a program that works for you and your target market. 

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