Each holiday season the media fills up with heated coverage about trends regarding whether retailers will or should open on Thanksgiving, as well as discussions of Black Friday and Cyber Monday. Sometimes it helps to take a step back from the minute-by-minute view and instead think strategically about pricing and promotion strategies that take a season-long approach. This is especially true as customers continue to shift from a focus on shopping on a certain date or at a certain time and instead focus on getting the best deal for the items they are most motivated to buy.
Think Pricing and Promotion Strategies
That’s exactly what Revionics’ Chief Marketing and Strategy Officer Cheryl Sullivan does in her recent article in RIS News, “Tis the Season: Top Strategies for a Profitable Holiday Season.” With consumer sentiment on the upswing, shoppers are more willing to spend. While this season is shaping up to be a healthy one for retailers, Cheryl notes that it’s inevitable that competition continues to heat up and be more aggressive – at least on certain items.
I won’t spoil your reading pleasure here by detailing Cheryl’s 5 recommendations for a profitable price and promotion strategy. But I will urge you to take a look for yourself to learn how to break the cycle of knee-jerk pricing responses and mature into a data-driven approach that embraces a consistent price strategy, drives customer loyalty and ensures sustainable, healthy margins.
Happy reading, and here’s to a prosperous holiday season for retailers everywhere!