Help increasing business?
Hi, My business is pretty unique in that it sells high end luxury goods that I guess aren't exactly essentials during this pretty poor climate. We are just about surviving ok at the moment thanks to a new online site that offers interest free credit, free delivery and live chat however with these things increasing running costs we need to find a way to increase turnover.
Last year I came up with a fantastic idea to offer a "scrappage scheme" offer like the government did for cars where I gave 15% when you trade in your old item working or broken as we arn't allowed to discount product due to manufacturer agreement. This went really well for a while and customers loved it but after a few months sales dropped I guess because customers thought it would last forever.
Now I need a new idea to pull customers back in and choose us without simply knocking off 25% as we aren't allowed to and I don't have the margin for big discounts. I would really appreciate any idea's you guys have, I have got our running costs to a bare minimum so now we just need ways to increase the actual turnover.
Whether your a marketing guru or advising from a customers point of view I would really appreciate your help.
- robert mLv 77 years agoFavorite Answer
This poses a real problem - as if you really are a luxury brand you should be resistant to the falling economy, if you look at high value goods/services these people are not really suffering, quite the opposite. So maybe you need to define exactly what market you are really in, and if your assumption that its promotion that is really the issue.
Beyond that and maybe to help address your original question - maybe you should do a survey of recent past customers and try and uncover where they heard about you, why they bought from you and who else they considered (the competition) and use that to help identify what are the drivers for purchasing. Maybe you need to look at extending your market (if you only sell to individuals look at selling to companies/organisations or vice versa), or improving your messaging - are you getting enough would-be customers and aren't converting them to buyers (problems with your selling) or aren't you getting enough interest from people which would be a marketing problem.
- !Lv 77 years ago
Nothing unique about high end luxury goods - walk down Bond Street, for example!
Think what your competitors are doing: could you emulate them?