How does a failing chain of electronic stores attempt to stop the perpetual decrease of share prices? Simple - they increase the effectiveness of their Point of Sale (place where exchanges take place).
If you sell any retail items, than you need to head over to a Best Buy to examine their Point of Sale (POS) display. A few months back, Best Buy had standard checkout aisles every retail and food market utilizes to increase the speed of customer purchase. The first question I imagine Best Buy asked themselves is why their checkout counter resembled those of food stores? After all, people buy food far more than they visit electronics stores. With this in mind, why does the process of "checking out" have to be speedy at an infrequently visited electronic store?
With all of this in mind, Best Buy seized an amazing opportunity to maximize the potential for customer impulse buying by minimizing customer speed through checkout while increasing the amount of goods available at checkout counter. Now on average days that Best Buy expects to have a medium to low volume of customers, they will open one large checkout aisle that is shaped like a "u" filled with impulse items stacked 6 feet high.
Some of you have major POS issues. For example:
- Your display cases do not allow for maximum product visibility
- Your display is too small to facilitate sufficient items to be viewed. Note: If you only have space for a small case, go to Sam Ash to examine how they maximize their POS display.
Always ensure you are maximizing your POS potential. So-called "impulse items" are another way of saying complementary goods. I won't belabor you any further explanation as to what your complementary items are; rather, I encourage you to identify the geometrical design that comprises your POS area.
- Bring in about 8 friends that demographically resemble your target market.
- Ask them to stand in line behind other people.
- Ask them where they look, what they see, and what draws their attention.
- Ask them where they didn't look and what they didn't see.
- Finally, quantify all of that data into information which should guide your impulse item placement.
A way to retrieve more accurate and precise data is to use a closed circuit camera to study the movements of several of your customers each day. Lowly marketers such as yours truly have spent hours evaluating such film. It's very useful because it provides scientific findings that will increase your sales accordingly.
What you should always be doing is strategically placing items that forces customers to make invisible figure eights with their eyes around your products. With this sort of visual sweep, they will directly and peripherally view your entire display. To accomplish this, stage your most purchased items sporadically in a figure eight pattern. This will ensure every item has an equal chance of being selected.
During the POS process, customers have items and money in hand, and are required to spend a few seconds standing in one place. It's your fault if they don't pickup more.Please never underestimate this feather that can tickle the angry lion's paw... I'm not really sure what I meant by that.Don't compete — DOMINATE.
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Matt Steffen was Listed by Forbes as the #1 Marketing Consultant Who Avoids the B.S.