Sourcing this Prince DVD reprint last week was a deliberate marketing decision. While we mourn the passing of Prince along with many, we are retailers. Key to our success is finding products to stock that people purchase on impulse. This means buying tactically and leveraging our buying through marketing. It means engaging with suppliers more likely to respond quickly to opportunities. That is what happened here with the Prince DVD, one of three Prince products on our aisle-end display.
Immediately we had secured stock of the DVD and before it arrived in-store we promoted it on social media, outside our four walls, letting people know and connecting our business with their interest to have something to remember Prince with after his passing.
Small businesses can move faster on opportunities like this than business. But we have to be proactive, we have to chase suppliers. If we leave it to most suppliers, but the time they get to us community interest is more likely to be satisfied.
My marketing tip today – react to major news stories with buying and leverage social media for out of store promotion of what you buy.