Unlock Immediate Cash Flow: 3 Proven Marketing Strategies for Retailers

3 Marketing Ideas to Generate Cash NOW!!

If you are a retailer needing to generate cash here are 3 easy-to-use marketing ideas that you should consider trying.

Customer Reengagement Strategy

Run a list from your POS system of any current customer who has not purchased from you in over 6 months. Send them a light-hearted email with the words…We Miss You in the title. Explain that you have noticed they have not been in the store lately and you wanted to make sure they knew all the great new lines remodel projects new location events etc. that may have changed since they were last in. Include a coupon with no restrictions exclusions or minimum purchase required. The amount of the coupon is up to you just make sure it is an amount perceived to be of value perhaps something in the $20-50 range. Remember the purpose is reengagement of past customers. Put a short expiration date in which to use which of course you will make an exception for if they exceed as a call to action. As the saying goes “You gotta give to get.”

Another version of this email might include the title Are You Unhappy With Us? Perhaps there IS a problem. Maybe they received bad service or felt slighted the last time they were in. Hey things happen and we’re all human. It’s best to find out what the problem is so that it can be addressed. Provide your contact information and encourage them to reach out to you directly so the issue can be handled.

Take Markdowns to Move Slow Movers NOW

If Your Planned Turnover is 4 or Higher

Review ALL merchandise that has been in the store longer than 90 days. This should include any complete size runs of current styles that were timed properly. It might be great merchandise but for whatever reason it’s not working and needs to go. Mark it down at least 50%. Be sure to include all broken size runs single sizes poor fitting or discontinued styles and vendors you are not going forward with.

Adjust the length of time in stock based on your retail vertical and planned inventory turnover. For example a store planned to turn 3 times might look for problem merchandise older than 120 days in stock. A store turning 5 times might review anything not performing that is over two and a half months in stock.

Customer Appreciation

Sort your entire customer list starting with the customers who spent the most to the ones who spent the least. Let’s say you have 1000 customers on your list. Let’s also assume that there are 3 customers who spent over my keyword0000 with you this year. (Don’t you just love these people?) Your breakdown might look something like this:

• Sales range >my keyword0000 – Number of Customers: 3 – Award Cert.: $300
• Sales range $7500-10000 – Number of Customers: 6 – Award Cert.: $200
• Sales range $5000-7500 – Number of Customers: 10 – Award Cert.: my keyword00
• Sales range $2500-5000 – Number of Customers: 50 – Award Cert.: $75
• Sales range my keyword000-2500 – Number of Customers: 200 – Award Cert.: $50
• Sales range <my keyword000 – Number of Customers: 350 – Award Cert.: $25

Send a Personal Mailed Letter

Send a personal mailed letter to the top groups thanking them for their past patronage support of local businesses and how much their business means to a small business. For your top customers consider sending a unique gift. This demonstrates that you spent time thinking of them. In addition include a gift certificate with the letter in the denomination earned. Don’t you think a customer who has spent over my keyword0000 with you in a year is worth $300 which costs you about my keyword25 and only when redeemed? I do. You should personally sign the letters. The remaining majority can be emailed to save postage.

Encourage Immediate Action

Again put a tight use-by date to encourage immediate action which you will naturally make an exception for. Be sure to mention this can be used on anything no minimum purchase required. After all this is a customer appreciation letter. The rate of return is exceptional and way above average. The goodwill generated is beyond belief. Be sure to keep track of how much is sold to each customer when the certificate is redeemed. Most customers spend way more than the amount on the certificate.

Crucial Weeks for Retailers

The next few weeks are crucial for most retailers. These strategies are designed to help you create CASH now! Remember nobody ever went out of business because turnover and cash flow were too good but several stores have closed their doors with good margins on their P/L statement.

Ritchie Sayner

About Ritchie Sayner

Ritchie Sayner is a seasoned retail expert with a remarkable 44-year career and a knack for helping retailers succeed through deep data analysis. Ritchie has authored a stellar book on retail and regularly contributes educational material to M1 partners.

Ritchie Sayner

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