Grocery stores have long been epicenters of commerce, and coin counting machines can help these locales maintain that status. Beyond providing patrons with all their culinary wants and needs, many markets offer extra amenities - from coffee shops to pharmacies - to remain competitive in today's ever-evolving retail landscape. If you're a grocer looking to boost your operation, check out these helpful tips for attracting business and staying ahead of the industry curve.
1. Increase advertising
While advancing advertising efforts might seem like an obvious way to increase sales, many companies aren't devoting enough resources to this outreach strategy. Consider out-of-the-ordinary methods of exposing your brand and getting your store's name out there, like social media contests, podcast advertisements or email campaigns.
2. Provide coupons in-store
Many people create a budget for their food shopping, and using coupons makes it easier for customers to stay within these penny-pinching boundaries. If you already distribute your own coupon circular, consider adding more copies near the entrance of your store, recommended the Houston Chronicle. That way, customers who weren't able to get coupons ahead of time are still able to participate in the cash-saving benefits your market offers. Shoppers will not only appreciate the thoughtful gesture, but they may also be encouraged to spend more because they feel like they're getting good deals.
3. Host tasting events
Everyone loves free samples, so why not host an event to distribute complementary items? Tasting parties, which can be thrown during or after business hours, are another great way to bring people into your market and showcase your terrific products. GO Digital recommended making the events a weekly occurrence so customers know when they can expect some freebies.
4. Add a coin counter
Coin counters are a natural fit for grocery stores and provide great benefits to you and your shoppers alike. You get an uptick in foot traffic, a greater number of cash-holding customers and a solid reputation among shoppers. Your patrons are able to access an in-demand yet somewhat elusive service, save themselves a trip to the bank and exchange their coins while crossing items off their grocery lists.
5. Use the 'loss leader' technique
The Houston Chronicle recommended identifying certain products as "loss leaders," or items you sell at a wholesale or marked down price to attract customers who, once in the store, buy additional products. The source suggested trying this technique with everyday, high-demand products, like eggs, bread and milk. People buy these products so frequently they're bound to notice discrepancies in prices and will therefore appreciate your consistently low rates. Next time retail prices on these items spike, don't increase your fees, and see what happens to revenue. Chances are, even though you're taking losses on one product, you'll be making up for it in overall sales.
April 17, 2017