Did your Customer Come Back Yet?
Obviously everyone wants to know what happened to the customers that haven't yet come back. The economy has yet to give us the great influx of new dollars from the Stimulus packages.
More folks are saving more and spending less. Where are the dollars they are spending going? Into VALUE, seems to be the general opinion. While many retailers have seen sales drops and chains are closing stores, Wal-Mart has continued to flourish. Is it really that they have such great products and their prices are unbeatable? Hardly. It is the perceived value of the customer. Wal-Mart is hardly 'giving away' items. They may have low pricing on some items, but they are still making a healthy profit. Lowes new lower pricing. Home Depot lower pricing. Local supermarket lower pricing.
More folks are saving more and spending less. Where are the dollars they are spending going? Into VALUE, seems to be the general opinion. While many retailers have seen sales drops and chains are closing stores, Wal-Mart has continued to flourish. Is it really that they have such great products and their prices are unbeatable? Hardly. It is the perceived value of the customer. Wal-Mart is hardly 'giving away' items. They may have low pricing on some items, but they are still making a healthy profit. Lowes new lower pricing. Home Depot lower pricing. Local supermarket lower pricing.
Is it really 'lower pricing' or the perception that is attracting shoppers? Quizno's started a price war with $5.00 Subs, now there is hardly a Chain that doesn't have a $5.00 or less sandwich, pizza or meal deal. In some cases it is the same product they had before - with no change just different emphasis on marketing.
What 'VALUE' do you offer your customers? Whether it is Retail, Restaurants, Services or something that is a combination there must be a 'value' associated with your offering to compete. Why should I take batting lessons at YOUR place? Why is your Soup and Salad Special better than the one next door? We can't tell you, but if you ask some on your regular customers why they keep coming, you may find an Advertising point that you haven't thought of yet.
Do you have Survey Cards? Do you ask customers for feedback? How was your food, how was your lesson, how was that new outfit you bought last week? Your personal touch alone could be the 'value' your customers appreciate. But you won't know if you don't ask.
