Even now that the Great Recession is officially over, a thing of the regrettable past, consumers know the value of saving money whenever and wherever possible. It was just less than a decade ago when the bottom fell out of the market and everyone, across the board, panicked because of very real fears that a Depression would follow.
One of the ways in which a great number of retailers were able to stay in the black was to show their customers how to save money while using their products. This is a lesson graduates of a masters in business administration program should learn, and learn well. Use these money saving tips as they refer to your company and see how quickly you begin to develop brand loyalty.
How Unnecessary Use Costs Money
Some products don’t gain efficiency by using more of them or using them more frequently. A reputable business would explain this and offer tips on how to use their products only as necessary to save money. For example, a concentrated disinfectant may need to be mixed one part product to ten parts water. Using any more than that just wastes product, thereby wasting money in the process.
Teach Customers to Buy Only What They Need
As a student of an online MBA degree program from an esteemed educational institution such as Washington State University you learned that frivolous spending can quickly put a company out of business. The same principle holds true for your customers. Don’t oversell just to hike up the ticket, but rather show your customers how to buy and use only what they need. This will save them money and you will develop a B2C relationship that will last a lifetime.
Side-by-Side Product Comparison
You may have several products that a customer can use, but which is best for their needs and which is most cost effective for them? By giving them a side by side comparison as to features and benefits vs. cost, your customers will appreciate having the opportunity to choose which is best suited to their needs and budget. So many merchants start with high ticket choices and only show more affordable products if they feel they are losing the sale. You earned your masters in business administration online, now put it to use with the principles of best practice you learned!
When to Look for Sales
You can also inform your customers when they should be looking for sales well in advance. For example, if you always run end of the season sales, or pre-season introductory sales, make it known so that they have ample time to set money aside to shop when the time comes. From holiday sales to Black Friday sales to Earth Day sales, post regularly scheduled sales somewhere visible and your customers will look forward to shopping with you on those days. One of the most frustrating things for consumers is to happen upon a once-in-a-lifetime deal and not have the cash on hand to make a purchase. Your customers will be ready if you’ve ‘warned’ them by promoting events well in advance when you are likely to have the best prices on their favorite products.
Explain the Benefits of Buying in Bulk
Then, there are times when buying in bulk is the best option. If you sell merchandise that is extremely cost effective when purchased in bulk, give your customers reasons to buy a larger-than-normal quantity. On the flip side, if there is no advantage to buying in bulk, then explain that as well. For example, someone with three big Rottweilers would welcome a deal on grain free organic dog food but the owner of three Toy Poodles wouldn’t appreciate the mice getting into their dog food before the first bag was half empty. (Most dog owners would know better, but you get the point! Not all customers benefit from buying in bulk.)
The takeaway here is that your customers want to save money just as you do. By showing your customers how to save money they will appreciate the fact that you care more about them than racking up a high sale. Looking to build brand loyalty? Show your customers you care and they are yours for life.
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