$900 is an interesting sum of money (for the average income earner). Too little to put a deposit down on, or purchase anything significant. Too much to spend entirely on consumables without feeling like you’ve wasted it. Personally I am not sure what to do with mine. I am finding myself searching through my memory for those occasions when I’ve said to myself ‘maybe when I have a few spare dollars’. This period of indecision, no doubt experienced by many others, is a perfect opportunity for marketing if you’re in the right industry.
If I was a retailer, right now I’d be scheming away, thinking of some special event or giveaway that I can create to entice people to spend a proportion of their payouts in my store. I’d be creating a competition, booking key advertising space, thinking of some clever headlines and getting ready to go ‘all out’.
I might even be clever in how I’d price my items and what items I had
If I was Harvey Norman, I’d try and have as many products around the $500-$800 mark as possible, even if it means rounding up.
If I was Target, I’d be stocking hoards of toys and encouraging people to utilise layby, or buy them now, for Christmas or Birthdays throughout
If I was Liquor Land, I’d be advertising my mid to top range products very heavily, with advertising encouraging people to ‘go on, spoil yourself’ and
If I was Woolworths, I’d be promoting all the ‘special occasion’ products and rearranging my store layout to favour them. Paté, gourmet cheese, smoked salmon, top quality steak – all these items would make their way into the shopping trolley with a few extra dollars to spend.
One thing I wouldn’t be doing is heavily discounting. I’d value add as much as possible. Buy this and get a free this. When you spend this you go in the draw to win this. Join our loyalty program and get a free this. Now is the time to build relationships and to use that once off purchase to create a customer for life, instead of a customer for the moment.
All you need to do is put the idea in the mind of your target market. Spoil your wife, take her out to dinner. Spoil your husband, buy him his favourite beer. Spoil your kids, get them that bike they’ve always wanted. Cook a gourmet meal for your friends. The possibilities are endless.
So my advice is to take advantage of this period of indecision and give your target market some options for spending their money. After all, the Australian Economy is relying on you!