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USA - This month's 'thebigidea', a recurrent section in the Pohly Company's Fuel newsletter, focuses on the how to keep consumer traffic flowing through the doors despite high fuel prices. Perhaps South African retailers could also use a few pointers to increase customer loyalty while keeping costs down in the wake of the National Credit Act's attempt to curb rampant spending.
40% of shoppers are taking fewer shopping trips in 2007 versus 2006, and 38% say they are shopping closer to home when they do go out, a recent consumer confidence poll conducted by BIGresearch found. “Customers are not bound solely to brand loyalty. Retailers have to find other ways to get customers into their stores,” says Dexter Manning, partner at Chicago-based market analyst Grant Thornton.
Customers are not bound solely to brand loyalty. Retailers have to find other ways to get customers into their stores
Here are three things companies are doing to build loyalty and traffic:
- Offer different inducements, including rebates, special promotions, or more personalised services. One Minneapolis-based management company that runs several hotels is giving each traveller who books a stay a $20 fuel card.
- In the food-related business, many eateries have found that healthy food is both a lure for dinners and a cost-saving solution. A beef stir fry, for example, can be an appetizing alternative to a sirloin steak.
- One of the best ways for businesses to overcome high fuel prices is to eliminate the automobile as an impediment. Linkage between shopping malls and mass transit is a national trend. In Washington, D.C., some 31 malls are listed by name as part of the city's Metro and bus line network.
Source: eMediaWire.com
