Tuesday, July 28, 2009

Factors to Survive and Thrive In A Down Economy

Many may think that our premium-quality culinary items are “luxury products” and as such, may be less attractive in the tough times our country is facing, with families cutting costs and looking for a bargain. The truth in the matter is that when the economy is rocky, any specialty retailer must give customers a valued product, where they feel they are getting more for their money. At Oil & Vinegar we strive to ensure our customers appreciate and value our quality offering, which includes product, packaging, and service—plus are completely satisfied with their shopping experience. There are a few factors for specialty retailers to remember in order to keep your customers coming back and attracting new customers as well, especially in this economic climate.

Focus on the Shopping Environment—make sure that the atmosphere that your client enters into is flawless and one where they are stress free and relaxed. Customers will value your service/products more if they envision your store as a clean, fresh and a beautiful setting. As Oil & Vinegar we make sure that we have the freshest ingredients out for sampling, new displays of gift items constantly changing, flavorful tastes and smells engulfing our consumers, and a smiling employee guiding them through an international culinary experience.

Exceptional Customer Service is a Must—in any upscale retail environment, a key part of the experience and value is the service and expertise given. It is even more important to give your consumer the attention they deserve in order to make them feel appreciated and as they have received more for their money. This experience is something that they will think of and remember in the future resulting in repeat visits and recommendation to others.

Reward for Loyalty –instead of dropping price or offering discount promotions to attract existing or new customers, be creative in rewarding customers for their loyalty. Deliver value to that loyal customer through gift with purchase promotions, rewards points programs, exclusive product offers, and other value-added incentives. The Oil & Vinegar “Passionate About Taste” Rewards program includes all of these elements as well as incentives for loyalty members to refer friends and family to shop at the store. All of which delivers added value to the guest experience.

Offer Product Samples—part of our store experience is using each of one’s senses to fully experience Oil & Vinegar. We want to create an interactive, open environment where our customers are able to try our products before their purchase, which will ensure their satisfaction with the product they select. This is also a great way to attract new customers into your location and allow them to experience what your offering is all about and educate your consumers on your product selection and brand. The best way to convince a customer to buy is to let them try and their taste buds will make the decision.

These are the Key Factors for Success in a tough economy and building a customer base that will stay loyal to you, despite the economic conditions. At Oil & Vinegar we are set to ride out any crisis by maintaining a focus on delivering a value proposition which makes us stand out from competition. No matter what business you are involved with, it is essential to prepare for a rocky economic climate and adjust your services accordingly.

1 comment:

  1. Some supermarkets have a membership card that stores points which are converted from a small portion of what the customers buy. If businesses would have such system, it will make their customers motivated to buy more since they'll want to gather as many points to be able to purchase something from them.

    Philip Jackson