Make Your POP Pennies Count!
Chapin, SC, 12/1/2008 --With recent stock tumbles and recession concerns, now is a prime time to tweak your POP to connect with budget-conscious consumers. “This industry is always tied up in the peculiar dynamics of the retail trade,” stresses the editor of Marketing at Retail magazine. “And in the unavoidable dynamics of the economy as a whole … trepidation over the outlook for the coming year turns us all introspective if not cautious.” Still, a few thoughtful strategies can help create a loyal customer base, even as your target market tightens its collective belt. Make your POP dollars count by focusing on these cutback concepts:
The lower the price, the bigger the sign. Even the least price conscious spenders will become bargain hunters when money gets tight. Point them in the right direction by highlighting price point reductions and special deals.
Stress comfort food. As gourmet meals and exotic novelties become less of a priority, comfort foods will stick to the stomachs of worrisome consumers. Let your signage lead them to sizzling hotdogs and mac’n’cheese like Mom used to make. Pepsi CEO Indra Nooyi believes his corporation’s “business, based on comfort foods, will be resilient to a U.S. economy slowdown.” If Pepsi is going to be fine, so will its compliments of potato chips, cookies and other culinary consolations.
Build your strategy at the pump. Drivers’ gas-price grumblings can quickly extend to c-stores and related products. It pays to reassess your approach to Manual Pump Dispenser (MPD) signage by sticking to simple, relatable messages; replacing overly extravagant displays; maximizing space with products like inverted pump toppers; and balancing essentials with easy, affordable splurges.
Get back to basics. Overly flashy or hi-tech signage can convey wasted revenues to hard-working consumers. Instead of going digital, stress classic, conservative lines and reliable messages. As DMB&B Communications explains, “There is no more important time to be close to your customer and his/her attitudes and needs, and no better time to create trust and make your brand image … an easy, reasonable choice."
Don't stop your marketing. A fervent commitment to marketing is especially important during economic downturns. “Consumers are tightening their wallets — so retailers will need to sharpen their pencils ... many retailers and CPGs are going all out with their marketing," said James Tenser of VSN Strategies in Marketing at Retail's January issue. The most successful, long-lasting companies let their marketing assume a strong, reliable voice, even as buying patterns fluctuate. As consumers’ wallets thin out, it can pay dividends to mirror their concerns by affirming cheap choices. Above all, maintain a steady stream of marketing and POP to survive the setback and strengthen your position when the economy bounces back.
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