Retail newsagency marketing tip: make shopper traffic work for you
Most newsagencies have excellent foot traffic. Challenges we read about in the comments on this blog and at newsagent meetings are not related to traffic. Margin is what many complain about. Slim margin on lottery, circulation, mobile phone and some other products is what I hear complained about often.
The question we have to ask ourselves is are we leveraging our excellent current traffic to build a better future margin dollars story?
Too often we look at a newspaper sale or a magazine sale or a lottery ticket sale in isolation.
What if the newspaper sale today led to a greeting card sale tomorrow? The newspaper sale becomes more valuable, it delivers to us better margin dollars than the newspaper sale itself. This is what our competitors are doing. While they chase today’s sale, manyn of our competitors work hard to get that person back to bring more value to the business.
What are you doing, consistently, to bring newspaper, magazine, lottery, mobile phone recharge, transport ticket and other slim margin business back into your shop to purchase other products? Consistency is key here – having a structured approach that every team member engages in.
Here are some ways we can do this: with loyalty cards like the magazine club card or the greeting card loyalty card or a business wide points based loyalty program or coupons that are dated to get people back within a certain time. Whatever you go for you need to ensure it is pitched across the counter regularly to invite and entice shoppers back sooner. The indirect message is that you are asking for their loyalty.
If you do nothing to entice shoppers back then you will not achieve the maximum value from the traffic you have today.