Prime Day has a lot to teach independent retailers. Let’s face it, the game is changing and you need to play the new game. Small businesses can take the same ideas and grow their businesses too. Here are some things we can learn from #PrimeDay2019
Generate a Buzz: The biggest thing for Amazon through Prime Day is the buzz it creates. For you, this means you need to find a way to create a buzz around your business and use those new customers to create repeat customers. Try this: Offer MAJOR discounts on some sought-after items, add a more steep discount when they share your sale on Instagram. This will bring awareness to social circles that you couldn’t otherwise reach and you now have some customer info to retarget for future items they could be interested in.
Drive Both In-Store and Online Traffic: You may not notice this but have you seen how much the discounts vary from product to product? For the most part, the sales are actually pretty small with a few major discounts spread throughout the day in limited quantities. Those steep discounts keep people on the site and checking back often. For you, offer steep discounts on several items and a small discount on others; you still have the appearance of a major sale but your bottom line takes less of a hit. Want to increase revenue a little more? Offer an in-store discount that goes in conjunction, especially if it’s only for online shoppers.
Think Big Picture: Often, we can become so fixated on immediate profits that we can fail to see a sale as a great marketing opportunity for more profitable future sales. By offering steep discounts, you draw people into your store or onto your site that are interested in your products. You can take that information and draw them back into the business throughout the year to create a loyal customer.