Developing Winning In-Store Promotions
In-store promotions are a must-have element of a successful brand, according to Perry. "Without them, the brand will fail," he said. "I tell clients that they shouldn't get into the trap of believing they'll save money by avoiding the investment in retail promotions. You won't save money....You will lose shelf placement."
Developing winning in-store promotions starts with a good relationship with retail buyers for stores. If you ask them what you can do to support them and their merchandising programs, you're more likely to get more shoppers near your product.
"Too many brands fail to ask them what's important to them as retail buyers," noted Abbenante. "If a certain promo is important to the retailer, support it. The retailer may then be more inclined to support you in the future."
Attracting New Customers
When it comes to getting penetration or gaining new shoppers to buy a product, Abbenante noted that getting the product into displays outside of its normal department is key.
"In our activation markets, we get our staff on the ground to get placement outside the deli where we are normally merchandised," he said. "This tactic helps to attract new people who have never seen your product."
Getting Customers to Buy More
Getting existing customers to purchase more during a given shopping trip is the lifeblood of consumer foods. Abbenante explained how he's used promotional price points to get more Pretzel Crisps into consumers' pantries.
Discounts and Temporary Price Reductions
Discounts don't need to be huge to draw customers. They just have to be relevant and compelling enough to prompt people to act. Think about what would incentivize your target consumers when deciding how much to discount.