The Best Holiday Promotion Ideas for Pawnshops and Retail
This blog post is part of Bravo’s 90 Days of Retail Marketing Guide for Pawnbrokers. To see more content like this and to follow along on our calendar, visit our 90 Days of Retail webpage.
It may only be October, but over half of all consumers have already begun their holiday shopping. And with the rise of the many different shopping experiences now available at people’s fingertips, brick and mortar shops of all sizes are going to have to get creative if they’re going to retain their in-store traffic this holiday season.
While we encourage pawnshops to sell their inventory online using e-commerce websites that integrate with their point of sale, we recognize that developing the in-person relationship between a pawnbroker and their customer is an important part of growing loan balances. We asked Bravo founder and former CEO Steve Mack, who has decades of experience running a nearly 50-store enterprise, to share some promotions that he used to bring customers in.
Here are 4 strategies he recommended:
1. In-store gift cards with minimum purchase
Offer an in-store gift card or discount if customers spend a minimum amount online or in your store. This could be as simple as, “Spend $200 and get a $20 gift card to spend in store.”
This promotion works on two fronts: First, it encourages customers to buy a little more to meet the next reward tier, and second, customers must come into the store to redeem their gift, giving your staff a chance to build a relationship and encourage more sales.
2. Thank you discounts for high-spend customers
Similar to the first option, a great end-of-the-year promotion can be as simple as an appreciative “thank you” gift for your best customers. Use Bravo’s reporting features to find your highest spending customers and bring them back into the store with a gift card.
“Customers love to be recognized,” said Mack. “Giving them a small discount, like $20 or $50 or $100, often led customers to come back and spend much more than that with us. We could give $500 to a customer who would then come back and spend $3000 in store.”
3. VIP private shopping events
Send out an invitation to your favorite shoppers (plus a friend or two) to an exclusive shopping event! Use Mobile Messenger and MobilePawn to make sure they don’t miss their invite. Collaborate with other businesses to provide a well-rounded experience with shopping discounts, free services (complimentary food and drinks or a mini manicure), item auctions and a fun party theme. A little peer pressure can go a long way when it comes to snapping up limited bargain deals.
4. Loan guarantees
Did someone make a high-value purchase recently? Send them a loan guarantee card by email or text if they purchased online, or hand it to them right after their in-store purchase. Especially around the holidays, remind customers that they can exchange the item for a guaranteed percentage of the value on a loan. This encourages your customers to come back into the store and build that relationship with you.
“Inviting your customers to trade in their previous purchases helps ensure they’re coming back to your store and not your competitor’s and gives you another chance to keep that relationship going,” said Mack.
Make this a happy holiday for you... and your customers!
We hope you give these promotions a try and share which strategies work for you with us on Facebook, Twitter and LinkedIn! If you’d like a step-by-step guide to how Bravo makes it easy for pawnbrokers and retailers to manage inventory in-store and online, keep track of customer spending and promote their business, contact us below.
From all of us at Bravo, happy retailing!