Retail sales have leveled off in some areas, fallen in others. Whether this is caused by backlash from recent traumatic events, a feeling that it is time to eliminate what the potential buyer feels are ‘frills’, or just a general feeling that money is tight and ‘we had better hang onto some of it’; the end result is a dip in sales at your store. You don’t want to host a ‘going out of business’ sale, so what to do?

Let’s begin by assuming you have a clean, well lighted, attractive store; your hours are comparable to other stores in the area; and your prices are in line with others in your business. Also, let’s assume there is nothing wrong that a few new and repeat customers wouldn't help. Here are a few ideas which could not only bring in new customers, but could cause them to return to your store again and again.

If you decide to implement one of the ideas, don't do it on a trial basis. First perform an analysis of what the impact would be to your bottom-line profits in a worst-case scenario, and if you can handle that situation, make the decision to go ahead. Put the new plan into effect, and let your customers know the details. Advertise your programs with large posters and signs posted strategically around the store, and use the new idea in all of your other advertising.

LOCK PRICES
Print price-lock coupons and issue them to prospective customers who would like to buy a major product within the next 30 days but want to make sure they can get it at the current, market, or sale price, whichever is lower. Indicate the price-lock is valid only as long as the merchandise is in stock and that this is not a lay-a-way program, just a price guarantee for special customers … yours. This tactic uses the psychological difficulty of giving up a perceived bargain on a wanted item. Each ‘price-lock’ certificate should be personally signed by you or your representative, and having one should be a big deal in the prospect’s eyes. Call the recipient a week before the deadline or when stock is running low.

DOUBLE DIFFERENCE/TRIPLE SAVINGS
For special high-ticket items, put up signs indicating that should the customer buy from you, you will pay, in cash, double the difference with proof that they could buy the same item elsewhere at a lower price. Of course this should only happen once! Another sales clincher: offer the alternative of reducing the price by triple the difference (or rebating cash) if they bring in a referral which results in a sale of a similar product. If you are priced correctly for your market, all this can do is increase satisfied customers. Write the additional costs off as an advertising expense. List the names of customers who bought from you (with their written permission of course), and post this list on the wall next to the item. Wow! What a sales tool!

BUY-BACK
Offer to buy-back the item if not satisfied used or unused. You can safely offer this guarantee for up to a year or more. The benefit is that you will never have a truly dissatisfied customer, and the costs of any returned merchandise can be recouped by having a ‘buy-back’ corner in your store displaying returned merchandise at a discount. Don’t forget to take advantage of the manufacturer’s return policy as well.

TAG SPECIALS
I know. Everyone has a ‘Tag Special’. That’s not the point. The point is to have your prospective customers coming into the store on a regular basis. Have THIS WEEK'S special discount price tags printed in a bold color. Use these special tags to identify unadvertised merchandise sale items throughout the store. Keep the price of the item specials under $25 (a psychological barrier to spending), and change items every week with the idea that customers will visit your store regularly in order to see what's on special this week. Scatter the sale items throughout the store to encourage traffic, and don't offer the same item more than once a quarter. Advertise your weekly specials as the ‘mystery discount of the week’. It won’t take long for customers to realize they have to stop in weekly to see just what you are offering they absolutely can’t live without.

(NOTE TO EDITORS: PLEASE INCLUDE THE FOLLOWING.)
Paul Tulenko is a Small Business Success Consultant based in New Mexico. Additional tips and suggestions are available at www.tulenko.com or call (toll-free) 1-866-TULENKO.