It’s CyberMonday - How Will You Compete?
Big Online businesses are eager to promote their big sales and promotions today - CyberMonday. Small businesses like yours don’t have the dollars to compete, but we should still get a piece of the retail pie. Here are some suggestions for how you can compete with the “big box” retailers:
- Stick to Your Core Customers. Send out notices via email or “snail mail” to your core customers, reminding them that you are still around and looking for their business. Work on the 80/20 principle, that 80 percent of your business comes from 20 percent (that core) of your customers.
- Work on “small” to your advantage. People still want to deal with small local companies. They like personalized service and talking to someone on the phone. Answering your phone yourself, or placing calls to customers as reminders of your specials can bring in new orders.
Compete on service, rather than price. The big guys can lower prices on”loss leaders.” You probably can’t do that. But you can provide extra services to entice or bring back customers. For example:
- Cut your shipping charges or ship faster for the same price
- Provide extras like gift wrapping (enlist the kids to help you wrap)
- Give “two for one” specials to move merchandise.
- If you are delivering locally, do it in person
Watch how the “big box” people promote online and mimic their tactics, as much as possible. There is still room for all of us small home businesses today. And there is still time for you to have a great holiday sales season.Tags: CyberMonday, holiday sales, home businesses