Black Friday Not the Boost Retailer’s Hoped

Posted by Deborah Chaddock Brown on December 9, 2009 under Customer Moments | Be the First to Comment

I was reading Investor’s Business Daily last Friday (December 4) and reporter Marilyn Much was sharing retailer’s results from the Thanksgiving weekend shopping.

75% of retailers missed their goals.

The general consensus was that consumers have a lot going on right now that doesn’t necessarily equate to holiday shopping like it has in the past:

• 10.2% are out of work (a 26 year high)
• consumers are feeling a lot of pressure from a variety of angles
• they are focused on the deals – not necessarily driven by relationships or loyalty
• just purchasing basic necessities
• looking to purchase items at low price points

With 16 shopping days left until Christmas – is there a strategy you can adapt that will meet the frugal needs of today’s consumer? 

Now – more than ever – companies who UNDERSTAND THEIR CUSTOMER will benefit.  If they get in the heads of their customers they will be more likely to spotlight those products and services that will meet the price points and basic needs of those shopping.

You are hearing many companies that are getting Back to Basics with their selling strategies and the same can be said for our customer.  Look to your offerings for those items that are at lower price points and make it easy for customers to continue to choose you this holiday season:

• Look for less expensive items to offer and strive to sell many of little rather than few of much
• In the spirit of “back to basics” what do you offer that reminds customers of simpler, better times – homemade items, programs where customers are hands on or can use their creativity
• Experiences – can you offer an experience that allows your customer to join with friends and family to create a memory rather than a high priced gift that may soon be forgotten
• Take basic essentials and create clever packaging – like piecing together the components of an Italian dinner into a clever gift basket or all that they’d need to bake cookies with their children in an inexpensive gift tin

With the economic year this country has experienced, it really shouldn’t be a surprise that consumers are not ready to jump in with both feet and charge their cards to the limit.  Frankly, their credit cards are already at the limit with basic food and gas purchases. 

So how are you changing sales strategies this December to meet the more frugal needs of your customer?  Can you share a success story?