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The Move From Promotion to Personalization

The Move From Promotion to Personalization

After a successful holiday season, retailers are re-evaluating their strategic plans and determining how to keep consumers engaged in the coming months.

Many retailers have used and are continuing to use deep discounts as promotions that they hope will keep customers engaged in spending at their businesses. The aggressive discount strategy has led to price margin erosion for some retailers as well as diminishing brand perception, according to an article from The Huffington Post.

The big discounts are hurting retail businesses and are not sustainable for growth, but customizing a store to a location offers opportunities.

“Simple and personally rich and relevant offerings and approaches are the key for sustainable, healthy growth,” the article says.

Consumers are turning away from mass retailer discounts in favor of the local personalization other stores offer, which is an advantage for independent, locally owned home improvement retailers.

“Boutiques that provide the consumer with a stronger sense of individuality are part of the same trend fueling regional farm-to-table restaurants, coffee shops, breweries and bars, as well as the return of the independent bookstore,” the article says.

Early in the New Year, re-evaluate your store. Do you incorporate local products into your inventory? Do you have a local atmosphere catered to your community? Do you incorporate local art or murals into your store? How else could you customize your business to make it more unique and personal?

To read more of The Huffington Post article, click here.

 

 

About Sara Logel

Sara Logel
As NRHA’s market research analyst, Sara conducts organic research and stays abreast of industry trends to help hardware retailers better run their business. Sara also contributes to editorial content in Hardware Retailing magazine. Sara received her B.S. in Marketing and Spanish from Butler University and, after graduation, began her career with NRHA. Sara enjoys traveling, being outdoors and exploring the city of Indianapolis.