Can Your Customers Handle the Heat?
In the height of summer, we’re wondering if you’ve ever tried to find out how much heat your customers can handle. We mean that both metaphorically and literally...
Here are three examples:
When was the last time you re-evaluated your pricing structures? You could be leaving money on the table without even realizing it.
It’s possible that you’ve been maintaining the status quo for a long time, afraid to raise the price on popular items, even while the cost of supplies or labor have risen on your end. Are you afraid of upsetting your customers? In many cases, loyal shoppers don’t even bat an eye when you “turn up the heat” by one dollar—but those single dollars add up for you. Are you willing to find out? It’s also possible that you reduced prices during the pandemic and haven’t changed them back. That’s understandable; a lot of people are still going through a hard time. But...
Another way to “turn up the heat” on customers is actually to offer sales and deals.
In this scenario, you’re offering conditional deals (like buy two, get the third for less) or restricting the offer to a limited time frame (like a Fourth of July Sale). This gives customers the opportunity to get what they love from your company at the price they can afford, but empowers you to set the terms and conditions for the best margins at the right time. If you choose this scenario, and provide great promotions, then you don’t need to feel as bad if you feel like it’s time to return to pre-pandemic prices (or raise those rates to where they should be for 2021).
Lastly, there’s a question of the actual summer heat. Is it holding customers back?
Heat modifies purchasing behavior in many ways. Some people disappear on vacation, others see their income levels fluctuate if they’re in seasonal industries, and everyone tries to avoid leaving the house. One good thing is that most businesses learned how to operate exclusively online, offer curbside drop-offs, and make local deliveries last year. That means it’s easier to shift gears this summer and emphasize those options so that your customers can shop without leaving the comfort of the AC.
It’s important to find out if your customers can handle the heat. If not, then it’s time to find and provide solutions.
These small changes can help you pick up a little extra profit this summer—and set the course for a strong second half to your year!
For more insights about generating leads and capturing data, you can skip the forms: Simply reach out directly to us at 954-485-5448.