Reanalyze for Day-Parts with Potential

Regularly reanalyze ways in which you can build sales by catering to different consumer preferences at different points during the day.

• Build sales around a core set of items. Convenience stores have done well by offering not only the lunchtime food items, but also other items the lunchtime shopper will want. Promote package discounts. Analyze the results, though. Researchers at MIT gave promotional coupons to customers who came into a convenience store. For some, the offer was, “Spend at least $6 and get $1 off.” For others, it was, “Spend at least $2 and get $1 off.” Customers lived up—or down—to the goal set by the retailer’s coupon. Those required to spend at least $6.00 did that, while those required to spend only $2.00 didn’t exceed this amount by much. The researchers knew that purchases at the convenience store averaged about $4.00. Therefore, it appears that the “Spend at least $2” customers were actually spending less than they would have without the coupon.
• Senior citizens tend to be more profitable customers when shopping early in the day, so feature merchandise then that attracts them to your store. Researchers at University of Michigan, Singapore Management University, and Ben-Gurion University found that the study participants, who were all at least sixty years old, were better able to analyze selling points in the morning than in the afternoon. For stores which let daylight enter, the morning brightness can help seniors tell the blues from the greens and the foregrounds from the backgrounds. However, still use bold colors, large fonts, and high contrast.
• Once you’ve drawn in the customers by meeting their particular day-part needs, expand the length of the day-part. Food retailers have learned that diners who enjoyed a good breakfast at the restaurant in the early morning would like to have the breakfast offerings also available at lunchtime for the diners’ future visits. Give a good shopping experience in the AM to the senior citizen and they’ll become more interested in PM visits.

For your profitability: Sell Well: What Really Moves Your Shoppers

Click below for more:
Acknowledge the Power of Cycles
Keep Discount Conditions Strict Enough
Help Seniors to Shop Early