September 18, 2015
I walked into a local store the other day and was offered the opportunity to get a $5 coupon from them in exchange for sharing my email address. Nothing really novel about that, right? Until I found out that the coupon was good every time I shopped in the store for the next few weeks.Since it’s a store I frequent, that is nothing to sneeze at. Plus, it wasn’t a discount model I’d ever encountered before so, naturally, I asked a few questions.
The rationale for the discount, I was told by the manager, is that there is a national competitor who is opening up just about a half block away. Before they open their doors, this local company is willing to decrease their profit some in order to try and build strong customer loyalty and prove to customers, through their selection, prices, and customer service, why the local company is a better choice for their shopping needs.
Whether, ultimately, it works or not remains to be seen but as someone who is always scouting for new ideas and new ways of doing business, especially when you’re smaller than your competitors, the fact that they were proactively trying to create customer loyalty and doing it in a way that was bound to catch consumer’s attention was something I wanted to share with you.
Have you run across any really interesting or innovative marketing ideas lately that you’re hoping to utilize in your business?