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A System To Get Consumers Spending More Pt. 1

Let’s say you are having a storewide clearance on some seasonal goods.  You have a drawing for a grand prize as an incentive to come into your store. You look through your items and carefully examine the inventory you need to move.  Then you also look at your average sale for an idea of how much people buy on average so that you can incentivize people to buy $10 or $20 more.  So you finally decide after checking your numbers that if people will on average buy $75 or more of the clearance items, you will give them twenty extra chances to win a drawing of a nice prize. Perhaps the drawing is for a nice set of dishes or tools or whatever.   The retail value should be as high as you can make it (legally and ethically) so people are lickin’ their chops to win it.

Thus, if your average sale is say, $55, but you will give the customer an extra 20 tickets to win the grand prize if they spend $20 more, many will do it. For them, $20 more is not all that much but for your store it could move slow or overstock inventory.  Plus, giving them an extra 20 tickets will not cost you anything but the cost of the tickets which will be negligible.

The two keys to this tactic are checking your numbers and structuring your prize with a high perceived value. For your numbers, do not list any number on the transaction.  Check your average sale to see what you think you can realistically bump the required sale amount to be for extra chances to win the grand prize.  Also remember that if you have items with significant price differences, it could skew your average sale so you want to be careful how you figure the average sale.  So for example, if a large part of your inventory is items under $50 but you have other items that sell for $200 or more, that will skew the size of your average sale.  Looking at it another way, if you did not sell those $200 items, what would be your average sale? You may also want to look at the department itself to determine the average sale.

 

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