My former employer (Nordstrom) seldom held promotional events. Yes, I know, the best practice pundits will tell you all about the benefits of well-timed discounts and promotions, good for them.
Over in the real world, Nordstrom was(is) not a promotional company ... hosting only three sale periods during the year. One of those is called the "Anniversary Sale" ... held roughly from mid-July through the end of July.
Fall merchandise is offered to the customer, at a discount (yes, I know, the best practice pundits will tell you that you never discount new merchandise ... just bear with me, given that Nordstrom has been in business for a century, there might be something credible to what they do).
The event generated as much business in the last two weeks of July (a period of complete death in apparel retailing) as is generated during the Holiday season.
Go check out your local store next weekend and see what all of the buzz is about.
Anyway, that's not what this post is all about. This post is about you. You manage a reasonably-sized business, right? So what is the event that you hold each year, an event that is so grand, so amazing, providing so much value to your customers, that your customer cannot help but open her handbag and hand you her credit card?
You have an event like this, an event that you've turned into an annual tradition, right?
We just went through the July 4th holiday weekend (or Canada Day for those of you reading this north of the border). This event is loaded with traditions that have nothing to do with the actual meaning of July 4th ... municipalities create blindfolded dingy races and parades and hot dog eating contests, annual traditions that you feel compelled to participate in. Events also play a significant role in our businesses ... and I'm not talking about a random 20% off plus free shipping event in early August ... I'm talking about an actual tradition that customers cannot wait for!
Instead of focusing on f-commerce, or on selling via Twitter, or on making sure that you have large orange buttons instead of small green buttons on your website, why not simply focus on "commerce"? Create an event, a tradition, something for your customers to look forward to.
Use the comments section to describe events that businesses hold, traditions that you simply cannot wait for.
Here's a case where I can measure repurchase rates by year of recency - going back a whopping twenty-two years. Tell me what you ...
RFM is great for targeting one catalog to one customer. However, RFM is tough to manage in a multichannel environment. This becomes clear ...
If you don't like geeky math, please skip this post, because I am about to show you how the sausage is made! I have eight variables in...
As I've mentioned previously ... " Forecasting is the sum of all knowledge possessed by the Professionals working for a compan...