Impulse buys make up a significant part of retail revenue – whether its due to the product placement, the promises it makes or the promotion its part of.
You know the kind – think of a product you bought that you didn’t really need? Impulse buys are usually low value, low risk and disposable items often found in the aisle displays or near the cash registers.
Whether you sell products or services ask yourself what you can promote as your impulse buy. Do you have something that you would be able to sell at a low cost to encourage prospective customers to buy from you?
We can also call this your “door opener” – something that represents value to the client, is easy to commit to and will allow them to feel like they’ve got a bargain and / or something worthwhile without being tied in to anything else.
Do you have information that you can pass on that would be specific to a particular audience that you are targeting or do you have some end-of-line stock that needs to go that you can heavily discount? The purpose here is to begin some form of dialogue or engagement with your prospects.
Then remember to integrate. Once the impulse purchase has taken place, make sure you then contact them to offer incentives for further business or for recommending you to their contacts. Think about how you position your offer – is there a deadline that you can use, a 0% deal, a joining offer etc. All will add value if used in the right way.
Let me know if I can be of any help in this area.
