Customers likely to pay full price must be targeted first.
As restrictions lift and markets reopen, this article talks about the strategies that retailers must adopt. Starting with discounting strategies, companies that can afford to think long-term must re-imagine their business.
Retailers must look at acquiring full-priced customers first. For them, discounts must be kept at bay and targeting brand marketing and messaging must be used. Businesses can then look at slightly price-sensitive customers that would require discounts to reach customers in a more methodical, targeted and surgical way.
To attract mid-price-sensitive-customers, deploy very targeted discounts and coupons. Overall, the author recommends resetting customer expectations with a “clean slate environment” to differentiate a brand from its competitors.
[4 minute read]